Buccaneer Energy Limited provide the following update on the progress of the Cosmo # 1 well in which the Company has a 25% working interest:

Time: 9.00am (Sydney) 25 June 2013 / 3.00pm (Anchorage) 24 June 2013.

Depth: 5,600' Total Vertical Depth ("TVD")

Activity: Originally planned to drill to 6,000' TVD before setting casing; however, drilling ceased at 5,600' TVD due to encountering oil / condensate shows in the Lower Tyonek formation ~400' higher than expected. Preparing to run wire line logs, take pressure tests and side wall cores in gas sections as described below.

Primary Zones of Interest

Three primary gas zones totalling 175' have been penetrated while drilling. The Logging While Drilling ("LWD") equipment indicated good resistivity, permeability and porosity characteristics. These results need to be confirmed with wire line logs and flow testing, if warranted.

Tags: Buccaneer Energy Ltd.