Highlights

  • Turner #1 and Daniel #1 wells selected as injection points for upcoming waterflood.
  • Waterflood expected to increase recoverable volumes in the Fouke area to 667,000–1,002,000 bbls.
  • Turner #1 well will return to production ahead of waterflood, contributing incremental output.

Buccaneer Energy (LSE:BUCE), an international oil and gas exploration and production company with assets in Texas, USA, has provided an operational update on the next development phase in the Fouke area of the Pine Mills field, where it holds a 32.5% working interest. The company plans to implement a secondary recovery waterflood scheme using the Turner #1 and Daniel #1 wells as dedicated injection points.

The choice of injection sites was guided by recent analysis of the Allar #1 well results and the newly acquired offset acreage. The additional lease offers the locations required to start the waterflood program.

Waterflood to Increase Recovery Efficiency
The Turner #1 and Daniel #1 wells sit at the lower edges of the productive reservoir, making them suitable for water injection, which is intended to raise reservoir pressure and enhance oil recovery.

Waterflood schemes have a long history in the Pine Mills region, with enhanced recovery operations active for over 50 years. In the Fouke area, primary recovery has reached 333,851 barrels of oil (bbls) as of September 2025. Waterflood implementation is projected to increase recoverable volumes to between 667,000 and 1,002,000 bbls.

Primary recovery in the region typically ranges from 5% to 20% of original oil in place (OOIP), averaging around 15%. Waterflooding commonly improves recovery efficiencies to between 30% and 50% of OOIP.

Preparatory Steps Ahead of Waterflood
Prior to commencing waterflood operations, Buccaneer must form a waterflood unit, which includes all leaseholders and royalty owners in the proposed area, as required by the Texas Railroad Commission. The formation of the unit and construction of the necessary waterflood facilities is expected to take up to six months.

Share Price Snapshot
BUCE was trading at GBX 0.01 per share as of 15 December 2025.