Highlights:

  • Buccaneer acquires 32.5% working interest in Fouke area acreage west of Allar #1 well.
  • Turner #1 well targeted for near-term production; Daniel #1 retained for future injector use.     
  • Fouke #4 well remains on schedule to spud in late December 2025.

Buccaneer Energy Plc (LSE:BUCE), an oil and gas exploration and production company with assets in Texas, USA, has acquired a 32.5% interest in offsetting leasehold acreage in the Fouke area of the Pine Mills field. The developments.new acreage is located directly west of the Allar #1 location, providing additional operational flexibility for the company's existing and planned

Sidetrack Opportunity and Well Development

The acquisition enables a potential westward sidetrack of the Allar #1 well away from the bounding fault. This option is part of the company’s broader planning for the Fouke area and provides an additional avenue for production evaluation in the field.

Turner #1 and Daniel #1 Wells

The Turner #1 and Daniel #1 wells are included in the transaction, with Buccaneer holding a 32.5% working interest in each. Turner #1 is planned for near-term return to production, while Daniel #1 is retained as a potential injector for future waterflood development, contributing to longer-term operational planning.

Enhanced Recovery Plans

Discussions are ongoing with the Texas Railroad Commission regarding the formation of an enhanced recovery unit in the Fouke area. These discussions aim to evaluate development methods for the existing and newly acquired acreage.

Upcoming Fouke #4 Well

The Fouke #4 well remains on track to spud in late December 2025. This well is part of Buccaneer’s ongoing development program in the Fouke area, complementing the existing operational assets and the recently acquired acreage.

Operational Map

A map illustrating the new acreage position highlights the Allar #1 location, the Fouke wells, and the area now accessible for a potential sidetrack. The map provides a visual representation of how the new leasehold acreage integrates with the company’s current operations in the Pine Mills field.

Share Price Snapshot
BUCE was trading at GBX 0.01per share as of 27 November 2025.