Buccaneer Energy Plc (AIM: BUCE) plans to move into secondary recovery at the Fouke area of the Pine Mills field in Texas, where it holds a 32.5% interest, by introducing a proven waterflood scheme.
The programme will use the Turner #1 and Daniel #1 wells as injection points, following positive technical evaluation of the Allar #1 well and newly acquired nearby acreage.
Primary production at Fouke has totalled 333,851 barrels to date. Under waterflood operations, incremental recoverable volumes are estimated at between 667,000 and 1,002,000 barrels, consistent with recovery rates of around 30–50% of oil originally in place.
During the expected six-month period required for regulatory approvals and facility preparation, the Turner #1 well will be brought back into production. Further development is planned thereafter, including drilling at Fouke #4 and a sidetrack of the Allar #1 well.
Highlights:
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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. |
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Water injection will increase reservoir pressure, helping to stabilise and ultimately improve recovery. |
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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. |
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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 |
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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. |
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.”
