Buccaneer Energy acquires additional acreage in Pine Mills field, US

BUCE.L 0.00%

Australia-based oil and gas company Buccaneer Energy has acquired a 32.5% interest in leasehold acreage in the Fouke area of the Pine Mills field, Texas, US.

The newly acquired acreage is located directly west of the company's Allar 1 well.

This acreage allows the company to pursue new production strategies including potential sidetrack drilling and enhanced recovery plans.

Buccaneer said that the acquisition provides an opportunity to consider a westward sidetrack of Allar 1 away from the bounding fault.

Buccaneer Energy CEO Paul Welch said: “The addition of this acreage is an important step for Buccaneer as we look to further our development of the Fouke area by unlocking the opportunity to pursue an optimal sidetrack for the Allar 1 well.

“The company will now progress preparatory work including reviewing the well plan, cost estimates and timing in conjunction with its partner.

“The Turner 1 well provides near-term production potential, while Daniel 1 offers longer-term development optionality.”

Buccaneer’s acquisition also includes shut-in wells at the Turner #1 and the Daniel #1 wells, with a 32.5% working interest in each of them.

The company aims to bring Turner 1 to production soon, while Daniel 1 is retained as a potential injector well for future waterflood development.

Buccaneer is currently in discussions with the Texas Railroad Commission about the formation of an enhanced recovery unit in the Fouke area.

The company stated that the Fouke 4 well is on track to spud in late December 2025.

Welch added: “With this acreage now secured and Fouke #4 progressing toward spud, we are well positioned to continue building production and value across Pine Mills.

“I look forward to updating investors as we progress these various workstreams.”

Buccaneer Energy is an international oil and gas exploration and production company with development and production assets in Texas, US.

Earlier this month, the company reported that its Allar 1 well, which was also drilled in the Fouke area of the Pine Mills field, did not encounter commercial hydrocarbons.

The well reached a total depth of 5,767ft, encountering a shaly oil sand sequence in the second sub-Clarksville unit at a depth of 5,616ft.

"Buccaneer Energy acquires additional acreage in Pine Mills field, US" was originally created and published by Offshore Technology, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.