Beam Communications Holdings Ltd

Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to advise that its subsidiary Kenai Offshore Ventures, LLC ("KOV") has executed a binding Purchase Agreement with Transocean Offshore Resources Limited, a subsidiary of Switzerland-based Transocean Limited, to acquire the GSF Adriatic XI offshore jack-up rig ("Rig"). The total purchase price is US$68.5 million.

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that the second well at its 100% owned Kenai Loop project spud on Saturday 27 August 2011 (Sydney). The well is currently at 3,050 feet and preparing to set surface casing.

Buccaneer Energy Limited (ASX:BCC) has a 65.0% working interest in the SL 103229 and SL 103230 wells located in the Pompano field in the Gulf of Mexico. Both wells were drilled and placed onto production in early 2008 and have produced a total of 6.33 BCF of gas to date.

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that it has executed a gas sales contract with Alaska Pipeline Company ("APC"), APC and ENSTAR Natural Gas Company are both wholly owned subsidiaries of SEMCO Energy, Inc. and regulated in the State of Alaska., and regulated entities in Alaska. ENSTAR is the largest gas utility in Alaska, supplying approximately 100% of residential and 95% of the commercial users in South Central Alaska.

Buccaneer Energy Limited (ASX:BCC) is pleased to announce an initial Proven and Probable Reserve of 38.3 BCF (4.8 MMBOE) at 100% owned Kenai Loop. These booked Reserves substantially exceed the Company's pre drill assessment of approximately 5.0 - 10.0 BCF.

Buccaneer Energy Limited (ASX:BCC) is pleased to announce the placement of approximately 194 million ordinary shares to raise A$13.5 million from institutional and professional investors.

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that it has received all the surface permits required to drill and produce from a second drilling pad location. This second location is approximately 1.25 miles north east of the Kenai Loop # 1 well location.

Buccaneer Energy Limited (ASX:BCC) is pleased to provide the following additional results from a technical review of the logs and data from its 100% owned Kenai Loop # 1 well.

Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to advise that the board of the Alaskan Industrial Development and Export Authority ("AIDEA") voted unanimously at its board meeting on 25 May (US time) / 26 May 2011 (Australian time) to invest up to US$30.0 million, as a joint owner, in the acquisition of a jack-up rig.

Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to provide the final flow testing results from its 100% owned Kenai Loop # 1 well. A flow test over 4 different choke sizes, a 4 point test, has been successfully completed. This test includes the measurement of pressures which allows for the calculation of the AOFP. The AOFP estimates the well's flow rate without a choke.