ASX RELEASE – 4 JUNE 2012

PRESENTATION The Company hereby provides an updated presentation that will be given on a road show in Melbourne and Sydney in the period 4 – 6 June 2012. The presentation will be given by the President of the Company’s Alaskan operations Mr Jim Watt.

Yours faithfully BUCCANEER ENERGY LIMITED

Mr Dean Gallegos Director

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PRESENTATION UPDATE – JUNE 2012

OPERATING PLATFORM COOK INLET, ALASKA

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Securities Disclaimer This presentation is for informational purposes only and does not constitute an offer or sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

Forward Looking Statements Various statements in this presentation constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward looking statements will be achieved.

Reserves and Values All reserves and valuations are presented for informational purposes and are not guaranteed or warranted by Buccaneer in any way.

Anyone interested in a purchase or transaction involving one of the subject properties is encouraged to obtain independent professional verification and base their purchase decisions on their own analysis and their 3rd party input.

Competent Persons Statement

Information contained in this report pertaining to the Alaskan projects was reviewed by Dr. Vijay Bangia, PhD in Petroleum Engineering from the University of Tulsa, who has over 30 years experience including employment by Shell Oil Company, Union Texas Petroleum, Burlington Resources and Renaissance Alaska. Dr. Bangia has approved the inclusion in this report of the technical matters and information herein in the form and context in which it appears.

DISCLAIMER

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Unique portfolio of developing Alaskan assets Large Reserves – 31.2 MMBOE in 2P reserves Material Working Interests - 100% WI / 80% NRI Proven hydrocarbon basin with significant historical production

Clear pathway to commercialisation Assets located close to existing infrastructure and facilities Attractive Gas Market – Domestic Shortage + Export (LNG) Options Favourable fiscal incentives – Tax rebates + special cash rebates

Unique access to improving Alaskan E&P Industry Early mover advantage with industry activity increasing Secured onshore & offshore rigs in tight market Unrivalled in-country management experience

INVESTMENT OVERVIEW

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COMPANY SNAPSHOT

Capital Structure

Share price A$0.050

Shares outstanding 992,176,566

Market Cap. A$49.6 million

Av. Daily Volume ~4.0 million

Proven Reserves (1P) 18.0 MMBOE

Proven + Probable Reserves (2P)

31.2 MMBOE

Resources (P50) 60.4 MMBOE

Major Shareholders

Top 20 Shareholders 37.4%

Institutional ~20.0%

Management ~7.0%

Options Outstanding 262,414,390

Average Exercise Price $0.102

Expiry Dates Nov 12 – July 16

Share Price Performance

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PEER COMPARISONS

2P Reserves

EV / 2P Reserves

Market Cap

Source: Company filings, as at 1/06/2012 Source: Company filings, as at 1/06/2012

Source: Company filings, as at 1/06/2012

$-

$200.0

$400.0

$600.0

$800.0

$1,000.0

Market Cap - ASX Listed Peers ($m)

Average $14.86

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

Buccaneer Maverick NZOG AWE Tap Red Fork Roc Horizon CUE Cooper Otto

EV/2P boe - ASX Listed Peers ($/boe)

-

25.0

50.0

75.0

100.0

125.0

150.0

Net 2P Reserves - ASX Listed Peers (mmboe)

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OPERATING OVERVIEW & GOALS

CORE FOCUS

Kenai Loop Development

Production & Cash flow

Near term drilling

2P Reserves – 4.8 MMBOE (on 340 of 9,380 acres)

Alaska - Onshore

3 Offshore Development Projects

Commence drilling mid 2012

2P Reserves – 26.4 MMBOE

P50 Resource – 60.4 MMBOE

Alaska - Offshore

Strategic Asset for Cook Inlet (Offshore)

Significant profit centre in 2012/13 FY

Shipyard work and mobilisation completed early 3Q 2012

Endeavour

Jack-Up Rig

Strategic Asset for Cook Inlet (Onshore)

Ensures access in a very tight onshore rig market

Profit centre in 2012 / 2013 FY

Glacier

Drilling Rig

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ALASKA, COOK INLET – RENAISSANCE OF A MATURE BASIN

WHY ALASKA?

Under Explored Basin (USGS) 600 MMBOE & 16 TCF gas Last major oil discovery 1991 Last major gas discovery 1979

Majors Out / Independents In Apache started leasing June 10 Hilcorp made acquisitions in July 11

& April 12

Severe Local Gas Shortage Not connected to Lower 48 Utilities warning of brownouts Premium Gas Prices $6.00 MCF Floor Negotiated directly with end users 200% - 300% premium to Lower 48

Excellent Fiscal & Commodity Environment Strong Fiscal Incentives Special Cash Rebates

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INDUSTRY ACTIVITY IS INCREASING

Submitted $9m out of $11m in bids and

secured 95 additional leases – June 2011

Spent $60m for installation of additional

compression modules

Conducting year round 3D Seismic

operations in large offshore areas

Acquired 100% interest in LNG plant,

currently running at ~25% capacity

Purchased 3 tracts formerly in the

Cosmopolitan unit in June 2011

Acquiring Pioneer’s 2 leases in the

Cosmopolitan prospect

Acquired Chevrons Cook Inlet Assets

including fields, storage facilities, pipeline

AOGCCC Approved Gas injection up to

20mmcfd into Beluga sand

Completed and tested Kenai Loop 1 well,

signed supply contract with Enstar and

ConocoPhillips LNG Facility

Committed to building a pipeline with

production expected in 2013

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LNG Process, LNG Alaska, Donlin Creek LLC; Environmental Impact Assessment, and Buccaneer Alaska Analysis

Resources of Alaska (PRa); Cook Inlet Gas Study, Alaska Pipeline Company; Buyers 10 Year Annual Demand

SEVERE LOCAL GAS SHORTAGE

TOTAL SOUTH CENTRAL ALASKA SUPPLY & DEMAND POSITION ENSTAR GAS UTILITY DEMAND

• LNG facility ~50 MMCFD versus 225 MMCFD capacity

• Significant gas discoveries needed to feed LNG facility

• Donlin Creek mine demand 250 MMCFD from 2017

• Market to remain tight in foreseeable future

• ENSTAR supplies 100% of residential and 90% commercial gas

• Actively looking to contract additional supply

• Gas storage injection commenced April 2012

• Currently injecting 43 MMCFD versus 150 MMCFD capacity

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COOK INLET - EXCELLENT FISCAL & COMMODITY ENVIRONMENT

STRONG INCENTIVE ENVIRONMENT

Tax & Gas Prices Severance Tax (Oil) < 1.0% US$6.00 MCF Floor / US $10.00 MCF Cap Negotiated directly with utilities & end users

Alaska’s Clear and Equitable Shares (ACES) Cash Rebates Up to 65% of seismic, drilling costs rebated to

Buccaneer Up to 45% of facilities-related CAPEX (platforms,

flow-lines and pipelines) rebated to Buccaneer Cash Rebate - not repayable Not contingent on success

Jack-Up Rig Special Cash Rebates First Well 100% up to $25.0 million Second Well 90% up to $22.5 million Third Well 80% up to $20.0 million 50% repayable over 10 years

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MAJOR PROJECTS AND RESERVES

WI 1P 2P 3P P50

Kenai Loop 100% 3.9 4.8 6.5 TBC

Southern Cross Unit 100% 6.3 12.7 24.1 14.7

Cosmopolitan 25% 7.8 13.8 23.1 -

NW Cook Inlet Unit 100% - - - 45.9

Total 18.0 31.2 53.7 60.4

NET CERTIFIED RESERVES AND RESOURCES

114.3

4.8

1.7

12.7

11.4

14.7

13.8

9.3

45.9

31.2

22.4

60.4 114.1

0

20

40

60

80

100

120

140

2P Reserves 3P Reserves P50 Resources Total

MM

BO

E

Buccaneer Net Certified Reserves and Resources

Kenai Loop Southern Cross Unit Cosmopolitan NW Cook Inlet Unit

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100% working interest / 80.0% Net Royalty Interest (NRI) – 9,308 acres

Ralph E Davis 2P Reserves 38.3 BCF (4.8 MMBOE) – on initial 340 acres

Adjacent to Marathons Cannery Loop (178 BCF) & Kenai Field (2.3 TCF)

3D seismic program over 25 sq miles to be completed in March 2012

Next well spud in June 2012 – additional 3 wells in 2012

Production & Enstar Gas Sales Contract

Currently producing at 5.1 MMCFD on 5/64” choke = US$8.5 M free cash flow per annum

Selling gas to both ENSTAR and ConocoPhillips LNG Facility

Deliverability to ENSTAR of 5 - 15 MMCFD. Commenced early April 12 - annual net weighted price of $6.24 MCF

High formation pressures – expect to increase production rate

Two wells drilled On Production 3-D Seismic Commence contract gas

sales

Drilling 3 - 4 wells

2011 January 2012 March 2012 April 2012 June – Dec 2012

KENAI LOOP – ONSHORE DEVELOPED ACREAGE

HIGHLIGHTS

Development Plan

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SOUTHERN CROSS UNIT – 1st OFFSHORE WELL

100% working interest – 80.0% NRI

Netherland Sewell booked reserves & resource

2P Reserves – 12.7 MMBOE (78% oil) + P50

Resource – 14.7 MMBOE (75% oil)

Multiple pay sands and on Structure twin

historical well that tested gas – not developed

Deeper Tyonek and Hemlock oil potential –

90’ Drill Stem Test in 1960’s well

Chevron’s Baker Platform ~ 1.5 mile south

Operating Costs < US$10.00 / BOE

SOUTHERN CROSS UNIT

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98.0% Working Interest – 79.0% NRI

Netherland Sewell P50 Resource 45.9 MMBOE

Adjoins ConocoPhillips field that has produced 1.8 TCF (225 MMBOE)

Well drilled < 1 mile from lease boundary produced 88 BCF 11 MMBOE) (Phillips # A-13)

Deeper oil opportunity 5 previous wells tested oil in Lower Tyonek & Hemlock – never produced !

Shell well most northerly, tested at 2,270 BOPD from Lower Tyonek ~1 mile from lease boundary

NORTH WEST COOK INLET

NORTH WEST COOK INLET

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PSA executed with USA based Pioneer Natural Resources

25.0% Working Interest – 20.0% NRI & Operator

Development project with successful drilling, long term production tests & 3D seismic

Shallow gas (3,000 – 4,000 feet) & deeper oil development (6,000 – 8,000 feet)

Endeavour jack-up availability reduces development costs and risks

Ice free during winter so provides Endeavour jack-up with incremental drilling opportunities

Proven Reserves of 7.8 MMBOE (net to Buccaneer 25.0% WI)

Proven & Probable reserves of 13.8 MMBOE (net to Buccaneer 25.0% WI)

COSMOPOLITAN

COSMOPOLITAN

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WEST EAGLE

WEST EAGLE

100% working interest – 80.0% NRI

Largest acreage position ~ 50,000 acres

230 miles of 2D seismic reprocessed

Large seismic anomaly identified

Well planned for 3Q/4Q 2012

3D seismic over winter 4Q 2012

A large-untested faulted ridge

Hilcorp and Apache leasing offset acreage and

along trend

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Offshore

No high capability jack-up in Cook Inlet since 1994

Cost of leasing a jack-up for 3 years the same as purchase

Significant pent up demand from existing players

1 drilling season = 2 – 3 wells

Apache & Hilcorp’s entry in basin will mean steady stream of work

No P& A work done for over 20 years = more work

Arctic drilling in Federal waters requires standby rig = more work

Our rig can cantilever over all 15 Cook Inlet platforms

Onshore

Extremely tight rig environment

Apache & Hilcorp’s entry in basin will mean steady stream of work

At least 2 other independents need the rig to drill assets in the next 12 months

RIG ACQUISITIONS

UNLOCKING THE COOK INLET

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50/50 JV with Ezion Holdings (Singapore listed)

Senior Debt Facility $56.0 million (OCBC – Singapore)

AIDEA (semi-gov. investment corporation) owns 100% Preferred Equity – US$24.0 million

5-year bare boat charter executed between Buccaneer and Kenai Offshore Ventures

JACK – UP RIG ACQUISITION

Keppel Fels shipyard work & mobilisation to be completed in 2Q/3Q 2012.

Cosmo drilling extends drilling season from 240 days to 300 - 340 days per year. Incremental revenue will be 100% Buccaneer.

Expected to be a profit centre in first 12 months of operation

Taking enquiries from 3rd parties to use rig within Cook Inlet

KENAI OFFSHORE VENTURES - OWNERSHIP & PARTNERS

STATUS

Endeavour Jack-Up Rig For

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GLACIER RIG ACQUISITION

Glacier Rig

Enabling asset – highest capability rig in south Alaska

Extremely tight rig environment

Ensures Buccaneer can drill onshore drilling program

Acquired from Marathon Oil Company

3 year bare rig agreement with the purchaser - Buccaneer has exclusively use

Buccaneer can lease to 3rd parties at a premium to charter cost - multiple enquiries from 3rd parties

Option to acquire after 6 months at purchaser’s cost

Component of charter fees credited towards option exercise

Drilled Buccaneer’s 2 Kenai Loop wells in 2011

Contract crew manages fixed overheads

Specifically designed and built for operations close to residential and commercial areas

TRANSACTION DETAILS

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THE FUTURE

1H2012 2H2012 1H2013 2H2013 1H2014 2H2014

Kenai Loop – Gas 3D Seismic

Drilling up to 3 wells Production

Production

Southern Cross – Gas/Oil Drilling Pipeline Facilities

North West Cook Inlet – Gas/Oil

Drilling Drilling Pipeline Facilities

Cosmopolitan – Gas/Oil Drilling Drilling Commence Production

West Eagle – Gas/Oil Drilling Commence Production

DEVELOPMENT PIPELINE

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CONCLUSION

WHY BUCCANEER?

Production and near term drilling - Kenai Loop Field

High working interests (100%)

31.2 MMBOE 2P Reserves underpinning low-risk valuation

Assets

Premium Gas price environment + LNG options

Focus on development projects nearby to infrastructure

Significant government incentives in place

Market

Proven strong management team with invaluable in-country relationships and technical expertise

Access to rigs will hold the Cook Inlet development key

Benefiting from increasing industry activity

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ADDITIONAL INFORMATION

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BOARD AND MANAGEMENT

Engineer, initially with Texaco and later 17 year career with Union Texas Petroleum

Held various operational and management roles including project manager, VP and GM across Indonesia, North Sea and Alaska

Over 10 years Alaskan experience

James S. Watt CEO & President (US Based)

Frank Culberson Non-Executive Director (US based) Engineer, over 30 years’ energy experience

Mark R. Landt EVP-Land & Admin. Key land acquisition experience with 15 years experience in Alasksa

Allen Huckabay EVP Exploration Geologist with 25 years of direct experience in Alaska

Clint Wainwright Jr EVP Operations & Business Development Engineer, 34 years’ operational experience

Andy Rike Director Operations Engineer, 31 years experience in engineering and management

Gary Rinehart Chief Exploration Manager Geologist, 35 + years of exploration and production experience

Other Board & Management Personnel

20 years mining experience and currently Chairman of CRL Energy, Director of Solid Energy (NZ)

Awarded Order of Australia (AM) for services to the mining industry in 2000 and awarded AusIMM President’s Award for contributions to the development of the Australian mining supply sector in 2000

Alan Broome Chairman (Australia Based)

Engineer with 30+ year operations experience with Texaco, Seaflo Systems & Sedco Hamilton

Former President roles within Grant Prideco, R&B Falcon and VP Reading & Bates Development Co.

Co-founder & former director of Texaco’s cooperative deepwater technology development vehicle DeepSTAR

Curtis Burton MD & CEO (US Based)

18 years experience in Australian and International capital markets including corporate advisory for developing companies

Expertise in raising both debt and equity capital, planning and supervision of exploration budgets, shareholder relations, corporate governance and compliance under regulatory framework

Dean Gallegos Finance Director (Australia Based)

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KENAI LOOP – ONSHORE DEVELOPED ACREAGE

Flow Tested

10.0 MMCFD on 20/64” Choke

AOFP 33.2 MMCFD

Zones Tested

2 of 26 Zones

0.1

1

10

100

Jan-88 Jan-90 Jan-92 Jan-94

MC

F/D

(‘0

00

)

Cannery Loop #4 (24 BCF) - Marathon

24

Kenai Loop #1 - Buccaneer

0.1

1

10

100

Jan-89 Jan-92 Jan-95 Jan-98 Jan-01

MC

F/D

(‘0

00

)

Cannery Loop #1 (36 BCF) - Marathon

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*Gas to Oil ratio of 8:1

KENAI LOOP – RALPH E DAVIS RESERVES

KENAI LOOP – ONSHORE DEVELOPED ACREAGE

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SOUTHERN CROSS UNIT – NETHERLAND SEWELL RESERVES & RESOURCES 100% Working Interest – 80.0% Net Royalty Interest

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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NORTH WEST COOK INLET – NETHERLAND SEWELL RESERVES & RESOURCES

100% Working Interest – 80.0% Net Royalty Interest

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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COSMOPOLITAN – RALPH E DAVIS RESERVES • 25.0% Working Interest – 20.0% Net Royalty Interest

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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Source: Petrotechnical Resources of Alaska (PRI); Cook Inlet Gas Study and Buccaneer Alaska Analysis

CURRENT GAS UTILITY & ELECTRIC UTILITY DEMAND

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US$20 Million facility expires 17 January 2013

No equity kickers (options) & no conversion ability

Funds next Kenai Loop well

Leads into larger project finance facility

FUNDING FACILITIES – RICHMOND HILL

PROJECT FINANCE FACILITY

US$30.0 million revolver expires December 2013

80-90% drawdown against ACES Receivable

50% of capex requirements on Alaskan projects

Fixed Coupon / No equity kickers (options)

Secured by Alaskan State Government Receivable

REVOLVING CREDIT FACILITY

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KENAI LOOP – CLOSE TO INFRASTRUCTURE !

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Buccaneer Energy Limited www.buccenergy.com For More Information Contact:

Dean Gallegos Level 9, 25 Bligh Street

Sydney NSW 2000 + 61 416-220007

Curtis Burton

952 Echo Lane • Suite 420 Houston, TX 77024

+ 1-713-468-1678

CONTACT DETAILS

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