REG - Buccaneer Energy PLC - Drilling Rig Selected for Allar #1

Buccaneer EnergyAnnouncement

15/10/2025 07:00

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RNS Number : 3780D  Buccaneer Energy PLC  15 October 2025

 

 

Buccaneer Energy Plc

("Buccaneer" or the "Company")

 

15 October 2025

 

Drilling Rig Selected for Allar #1

 

Buccaneer Energy (AIM: BUCE), an international oil & gas exploration and
production company with development and production assets in Texas, USA, is
pleased to announce that a drilling rig has been selected to drill the first
of two potential development locations in the Fouke area of the Pine Mills
Field.

 

The well, formerly known as Fouke 3, will be called the Allar 1 (WI: 32.5%)
and is tentatively planned to spud during the last week of October.  This
spud date is dependent upon completion of the drilling pad construction, which
is expected to commence in the next few days. The well is anticipated to take
up to 2 weeks to drill and evaluate once spud.

 

 Image 1: Sewell Drilling Rig 4

 

The drilling of the Allar 1 well, alongside Buccaneer's plans to monetise
associated gas produced in the Fouke area to power Bitcoin Mining operations,
forms a key part of the Company's strategy to maximise value and increase
production across its interests in the Pine Mills Field.

 

 

 Image 2: Allar # 1 Location

 

Paul Welch, Buccaneer Energy's Chief Executive Officer, said:

"We are excited to have secured a drilling rig for the Allar 1 well, which we
believe will be another successful location in the Fouke area of Pine Mills.
The Allar 1 is located north of the Fouke 1, and if it comes in as expected,
will be produced at the field allowable rate of 124 bopd gross, similar to the
initial rates of Fouke 1 and 2.  If successful, the associated gas volumes
produced from this well, along with those from Fouke 1 and 2 are intended to
be used as the initial volumes for a potential Bitcoin Mining facility located
in the field.  I look forward to updating everyone on the results of this
well in due course."

For further information, contact:

 

 Buccaneer Energy plc                         Email:   Investor_relations@buccaneerenergy.co.uk

 Paul Welch, CEO

 SP Angel Corporate Finance LLP               Tel:     +44 (0) 20 3470 0470

 (NOMAD/Joint Broker)

 Stuart Gledhill / Richard Hail / Adam Cowl

 Oak Securities (Joint Broker)                Tel:     +44 (0) 20 3973 3678

 Robert Bell / Nick Price

 Celicourt Communications                     Tel:     +44 (0) 20 7770 6424

Email:
BucEng@celicourt.uk
 (PR/IR)

 Mark Antelme / Jimmy Lea

 

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