Buccaneer Energy PLC has confirmed the selection of a drilling rig for the Allar 1 well in the Fouke area of the Pine Mills Field, where the company holds a 32.5% working interest.
Drilling is scheduled to commence in the final week of October, subject to completion of drilling pad construction, and is expected to take up to two weeks to drill and evaluate.
If successful, Allar 1 is anticipated to produce at a field allowable rate of approximately 124 barrels of oil per day (bopd) gross, consistent with the initial production rates achieved from Fouke 1 and Fouke 2.
Buccaneer Energy also plans to utilise associated gas volumes from Allar 1, together with production from Fouke 1 and 2, to supply a potential Bitcoin mining facility, aimed at generating additional revenue streams through the use of on-site energy resources.
Image 1: Sewell Drilling Rig 4
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.”
