Buccaneer Energy provides update on Allar #1 well and next drilling plans

Buccaneer Energy Plc announced that the Allar #1 well, in which it holds a 32.5% working interest, was drilled to a total depth of 5,767 feet but did not encounter a commercial hydrocarbon accumulation in the 2nd sub-Clarksville unit.

The well will now be plugged and abandoned, and the drilling rig will move to the Fouke #4 well, the company’s next target in the Pine Mills Field.

While the result was disappointing, Buccaneer said the subsurface data collected from Allar #1 will inform future drilling activity and help de-risk upcoming exploration at Fouke #4.

The company added that it continues to generate revenue from its producing wells within the Pine Mills Field, supporting ongoing exploration and development plans.

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.”