ELIXIR ENERGY LIMITED — Capital/Financing Update 2008

Apr 14, 2008

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ASX RELEASE – 15 APRIL 2008

DRILLING UPDATE ‐ POMPANO PROJECT

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to announce progress of SL 103230 # 1 which was spudded on 24 February 2008.

All reported depths are below the Rotary Table Kelly Bushing on the rig floor in Measured Depth (“MD”) and/or True Vertical Depth (“TVD”) since the well is being directionally drilled to a bottom location approximately 2,342 feet to the southeast of the surface location:

Report Date:

2.00pm 14 April 2008 (US Central Daylight time) 5.00am 15 April 2008 (NSW Daylight time)

Current Depth: 8,980 feet MD / 8,446 feet TVD.

Progress:

The Operator has advised that the dual string completion has been run into the hole and that preparations are underway to perforate the B, E and C Sands.

Buccaneer and its partners have elected to complete this well in the B and E sands, as a dual completion with an alternate‐selective completion in the C Sand.

It is expected that the well will be on production at the end of April 2008.

Hydrocarbon Indications:

The Operator has advised that the B sand, C sand and E sand appear to be commercial. The E sand was the main objective prior to drilling.

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The Participants in this well are as follows:

Participant	Working Interest
Buccaneer Resources*	65.0%
Elixir Petroleum	25.0%
Baron Petroleum+	7.5%
Streamline Exploration+	2.5%

• A wholly owned subsidiary of Buccaneer Energy Limited

• Affiliated with AnaTexas Offshore, Inc. Baron Petroleum and Streamline Exploration are members of Millennium Explorer, LLC., the generator of the Pompano project.

While operations are underway, the Company will issue routine drilling releases every Tuesday or at any such time that material matters require an earlier release.

For further information please contact Dean Gallegos on 0416 220 007 or 02 9233 2520, alternatively visit the Company’s website at www.buccenergy.com.

Yours faithfully BUCCANEER ENERGY LIMITED

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Mr Dean Gallegos Director

About Buccaneer:

Buccaneer Energy’s wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specialises in the development and expansion of behind‐pipe proved and probable reserves and low‐risk exploration plays with growth potential.

Buccaneer’s growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low‐cost, low‐risk development properties that possess significant undeveloped upside.

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