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NEWS BULLETIN

July 05, 2013 --- Vol. 18, No. 45July 2013

Buccaneer looking to farm-out offshore plays

Just days after a shake-up on its board of directors, Buccaneer Energy Ltd. plans to farm out three of its offshore prospects, the Australian independent announced this morning.

Under the terms of a letter of intent, the as-yet-unnamed partner would shoulder the cost of six wells at the three prospects in return for a 49 percent working interest in the fields.

The partner — currently described only as “a US-based public company” — would drill two wells each at the Buccaneer-operated Southern Cross and North West Cook Inlet units, and at the ConocoPhillips-operated North Cook Inlet unit, a legacy natural gas field where Buccaneer recently farmed-in the rights to explore and develop deep oil deposits.

The deal would also give the partner an option to pay for two wells at the Buccaneer-operated West Eagle prospect in return for a 49 percent working interest in the onshore natural gas prospect located in the southern Kenai Peninsula, just northeast of Homer.

The full eight-well program would cost as much as $200 million, Buccaneer said.

The deal must be executed by Sept. 15 or the letter of intent expires, Buccaneer said.

—Eric Lidji

See story in July 14 issue, available online Friday, July 12 at 11 a.m. at www.PetroleumNews.com

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