Buccaneer Energy Limited (ASX:BCC) Appointment of Placement Agent

Sydney, Nov 18, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to announce that it's wholly owned subsidiary Kenai Offshore Ventures, LLC ("Kenai Offshore") has appointed Key Banc Capital Markets, Inc ("KBCM") to advise on the placement of up to US$60.0 million in Recovery Zone Facility Bond ("RZFBs").

The issue of RZFBs by Kenai Offshore will be used as part of the funding requirements to acquire a Mobile Offshore Drilling Unit ("MODU") i.e. jack-up rig. It is the intention that Kenai Offshore will operate the MODU in the Cook Inlet as a commercial stand alone venture, contracting drilling services to third party lease operators in the Cook Inlet.

KBCM were chosen as placement agent due to their extensive experience financing mining and oil / gas related projects within Alaska. KBCM is a well known and respected underwriter and placement agent within Alaska and the Company looks forward to working with them to successfully complete the RZFB issue.

Contact

Dean Gallegos Mob: +61-416-220-007 Tel: +61-2-9233-2520 http://www.buccenergy.com