REG - Buccaneer Energy PLC - Operational Update

Buccaneer EnergyAnnouncement

15/12/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251215:nRSO4749La&default-theme=true

RNS Number : 4749L  Buccaneer Energy PLC  15 December 2025

 

 

Buccaneer Energy Plc

("Buccaneer" or the "Company")

 

15 December 2025

 

Operational Update

 

Buccaneer Energy (AIM: BUCE), an international oil & gas exploration and
production company with development and production assets in Texas, USA, is
pleased to provide an operational update regarding the next phase of
development in the Fouke area of the Pine Mills field (32.5% Working
Interest).

 

Following recent technical evaluation of the recently drilled Allar #1 well
results and the newly acquired offset acreage, the Company intends to
implement a secondary recovery (waterflood) scheme using the Turner #1 and
Daniel #1 wells as dedicated injection wells. The new offset lease provides
the injection locations necessary to initiate this secondary recovery scheme.

 

Highlights:

 

 •    The Turner #1 and Daniel #1 wells, located at the downdip limits of the
      productive reservoir interval, and are considered optimal positions for water
      injection.

 •    Water injection will increase reservoir pressure, helping to stabilise and
      ultimately improve recovery.
 •    Waterflood schemes have a long and successful history in the Pine Mills
      region, where an enhanced recovery waterflood, scheme has been active for more
      than 50 years.

 •    Primary recovery in the Fouke area totals 333,851 barrels of oil ("bbls") as
      of September 2025, with expected additional waterflood recoverable volumes to
      range between 667,000 and 1,002,000 barrels

 •    The Turner #1 will be returned to production ahead of waterflood initiation,
      adding incremental production during the preparation phase.  Drilling of the
      Fouke #4 and the sidetrack of the Allar #1will follow the successful
      commissioning of the waterflood system.

 

 

Waterflooding has a long history of success in the Pine Mills field and
surrounding areas. Primary recovery typically ranges between 5% and 20%, of
the original oil in place ("OOIP"), averaging around 15% in the region. Under
waterflood, recovery efficiencies commonly improve to between 30% and 50% of
the OOIP. As a result, remaining recoverable volumes in the Fouke area are
expected to increase by two to three times, with current estimates indicating
667,000 to 1,002,000 bbls could ultimately be recovered.

 

Before a waterflood can commence, the relevant regulator, the Texas Railroad
Commission, requires the formation of a "waterflood unit" comprising all
leaseholders and royalty owners within the proposed area. The Company
anticipates that forming the unit and constructing the required waterflood
facilities will take up to six months. During this period, Buccaneer plans to
reinstate production from Turner #1, which is expected to deliver a modest
contribution to current field output while preparatory engineering and
regulatory work progresses.

 

Further updates will be provided as the Company advances the development of
the Fouke waterflood project.

 

 

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

 

"The decision to initiate a waterflood in the Fouke area marks a key step
forward in maximising long-term value from our Pine Mills assets.
Waterflooding has a proven track record in these reservoirs, and we believe
the Turner #1 and Daniel #1 wells provide ideal injection points to support a
highly effective recovery scheme.

 

We are confident that this programme will materially increase recoverable
reserves and enhance the field's production profile. We look forward to
updating investors as we progress the regulatory and technical workstreams
required for implementation."

 

 

Market Abuse Regulation (MAR) Disclosure

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

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 / Charles Denley-Myerson

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEAAALFFXSFFA



            Copyright 2019 Regulatory News Service, all rights reserved