REG - Buccaneer Energy PLC - Results of Allar #1

Buccaneer EnergyAnnouncement

10/11/2025 07:00

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RNS Number : 8435G  Buccaneer Energy PLC  10 November 2025

 

 

Buccaneer Energy Plc

("Buccaneer" or the "Company")

 

10 November 2025

 

Results of Allar #1

 

Buccaneer Energy (AIM: BUCE), an international oil & gas exploration and
production company with development and production assets in Texas, USA,
announces that the Allar #1 well (32.5% WI) (the "well") in the Fouke area of
the Pine Mills Field has been drilled to a total depth of 5,767 feet and
encountered a shaly oil sand sequence in the 2(nd) sub-Clarksville unit at a
depth of 5,616 ft which did not contain a commercial hydrocarbon accumulation.

 

The well was drilled safely, within the anticipated timeline, and will now be
plugged and abandoned. Following the completion of this process, the drilling
rig will be released and is expected to return to the Pine Mills Field to
drill the Fouke #4 well.

 

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

"The results of this well are disappointing; however, the geologic targets and
most importantly the bounding fault, came in on prognosis.  The sand section
thinning as it approached the fault was a phenomenon not observed in previous
offset wells in the Fouke area and provides valuable subsurface data that will
be incorporated into the geological model for the field and future drilling
plans.

The bounding fault follows a northwest trajectory, which permits the Fouke #4
well to be located at a similar distance from the fault as Fouke #1;
potentially within a thicker sand section of the sub-Clarksville. Although
Allar #1 was considered a low-risk development well, subsurface outcomes can
vary even within proven structures, and the data gathered here will directly
inform and de-risk the upcoming Fouke #4 location.

The Company continues to generate revenue from existing wells in the Fouke
area and wider Pine Mills field as we continue our strategy to increase
production and optimise value from the Pine Mills Field. I look forward to
updating everyone on the results of these efforts as we progress with the
drilling of Fouke #4 and assess options for a potential sidetrack of Allar #1
as the next phase of the programme."

Qualified Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas
Companies", the information contained within the announcement has been
reviewed and signed off by Paul Welch, Chief Executive Officer and Director,
who has over 35 years of international oil and gas industry experience and is
a Member of the SPE.

 

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

 

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