Buccaneer Energy Plc (AIM:BUCE) CEO Paul Welch talked with Proactive's Stephen Gunnion about the company’s strategic progress in East Texas, focusing on its recent acreage acquisition and plans for the Allar #1, Turner #1, and Fouke #4 wells.
Welch highlighted that the newly acquired lease provides operational flexibility, allowing Buccaneer to sidetrack the Allar #1 well and support future enhanced oil recovery through waterflooding. He stated, “It provides us a lot of optionality... Do we start the waterflood now? Do we drill additional infill locations now?”
Buccaneer plans to drill a 600-foot sidetrack at Allar #1, with expected costs of $125,000 to $150,000 gross, and net costs to the company around $50,000. Turner #1 could be brought back online within a month, potentially adding 10–30 barrels per day, depending on the outcome of minor surface infrastructure upgrades.
Welch confirmed that discussions are advancing with the Texas Railroad Commission on forming an Enhanced Recovery Unit for Pine Mills, with plans to initiate the process in Q1 2026. He noted that implementing a waterflood could double recovery from 15–20% to around 50%.
If all wells perform at their upper estimates, Buccaneer could achieve around 280 barrels per day gross, with about 90 barrels net to the company, supporting continued growth through 2026.
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