Buccaneer Energy Limited (ASX:BCC) Kenai Loop Spud And Progress

Sydney, April 18, 2011 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to announce the Kenai Loop #1 well spud at approximately 3.00pm Friday 15 April 2011. This is a milestone for the Company as it is the first well drilled by the Company in Alaska and comes just over 12 months since the initial acquisition of leases in Alaska was finalised.

At 8.00am Monday 18 April drilling operations for the well had been successful in reaching 3075 feet, the designed surface casing point, preparations are being made to log this surface interval. On completion of logging surface casing will be set before commencement of drilling the next interval.

The next interval includes the Beluga Formation, one of several target objectives for the well. The Total Depth ("TD") of the Kenai Loop #1 well is 10,500 feet. The well is currently on schedule and expected to take approximately another 20 days to reach TD.

A weekly drilling update will be made each Wednesday commencing 27 April 2011.

Contact

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