ASX RELEASE - 14 March 2014 FUNDING UPDATE

Buccaneer Energy Limited (ASX: BCC) advises that it requested and was granted a voluntary suspension that started on 19 February 2014 to allow the company to progress negotiations with its secured financier regarding the availability and sources of funds to provide a clear path to the repayment of its secured creditor by 30 June 2014.
The company's Directors are not in a position to sign Buccaneer Energy's 31 December 2013
Half Year Financial Statements, and therefore the company is unable to lodge them as per
the ASX Listing Rules. The primary reasons for the delay in signing are the material uncertainty and confidential and incomplete negotiations that impact the ability of the Directors to sign the Directors' Report and Directors' Declaration.
The company is reviewing its financial management and evaluating its strategic alternatives. As previously announced, the Board has appointed Mr John T Young, Jr., Chief Restructuring Officer to lead this process. As soon as the position is resolved with respect to the financial strategy of the Company, the 31 December 2013 Half Year Financial Statements will be completed and lodged.
The company will make further announcements to the ASX as soon as it is able, but no later than 30 April 2014.

For further information please contact:

Ronn Bechler
Managing Director, Market Eye
E: ronn.bechler@marketeye.com.au
P: +61-400 009 774

For information on Buccaneer Energy, please visit the Company's website at www.buccaneerenergy.comor email investorrelations@buccaneerenergy.com .


www.buccaneerenergy.com

Level 9, 25 Bligh Street

SYDNEY NSW 2000, Australia

T: +61 2 9233 2520 F: +61 2 9233 2530

ABN: 63 125 670 733

11200 Westheimer, Suite 900

Houston, TEXAS 77042, USA

T: +1 713 468 1678 F: +1 713 468 3717

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