Buccaneer Energy Limited advise that Sunday, 4 August 2013 (Sydney), a 73' section of the sand at approximately 5,500' measured depth (MD) was perforated and flow tested in the Cosmo # 1 well in which the Company has a 25% working interest.

The well has successfully tested gas at a maximum rate of 7.2 million cubic feet per day ("MMCFD") on a 30/64" choke with a flowing tubing pressure ("FTP") of 1,318 psi and no water.

A four-point test was carried out to estimate the absolute open flow potential ("AOFP") of the reservoir. Once the pressure data is recovered from down-hole testing equipment and the AOFP finalised a further release will be made.

At this time, the preparations are underway to test the second gas zone at 4,300' MD with a 60' interval of perforations.

Tags: Buccaneer Energy Ltd.