Buccaneer Energy Limited provides the following update on the West Eagle #1 well.

WEST EAGLE #1

The well reached a depth of 3,700 feet, with the primary targeted sand packages encountered as expected. Having reached this depth, Buccaneer then analysed the data available to it, and while the analysis confirmed that the sands encountered exhibited excellent reservoir qualities, there were no indications of the presence of hydrocarbons in the targeted zones.

Failure of the primary objective has significantly increased the risks associated with the deeper objectives. Accordingly, the decision has been made to not drill any deeper at this location and plug and abandon the well.

Tags: Buccaneer Energy Ltd.