Buccaneer Energy Limited (ASX:BCC) Received All Permits For Kenai Loop 2 Well

Sydney, June 22, 2011 AEST (ABN Newswire) - 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.

The drilling pad from which the Kenai Loop # 1 well was drilled has existing surface permits in place to drill and produce multiple wells. This drilling site has the capacity to drill up to 6 directional wells with different bottom-hole locations.

The Company is in the process of incorporating the results from the Kenai Loop # 1 well into its geological model so as to determine the final bottom-hole location of Kenai Loop # 2 well.

It is anticipated that Kenai Loop # 2 will spud in the third quarter of 2011, subject to rig availability.

Contact

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