Business
Operational Update
Buccaneer Energy Plc announced an operational update for its Fouke area in the Pine Mills field, detailing plans for a secondary recovery waterflood scheme using the Turner #1 and Daniel #1 wells as injection points. This initiative aims to increase reservoir pressure and improve oil recovery, with expected additional waterflood volumes ranging between 667,000 and 1,002,000 barrels, significantly enhancing the 333,851 barrels of oil recovered through primary recovery as of September 2025. The company anticipates a six-month period for regulatory approvals and facility construction, during which Turner #1 will resume production, contributing incrementally to output. Disclaimer*
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n \n \nBuccaneer Energy Plc\n(\"Buccaneer\" or the \"Company\")\n \n15 December 2025\n \nOperational Update\n \nBuccaneer Energy (AIM: BUCE), an international oil & gas exploration and production company with development and production assets in Texas, USA, is pleased to provide an operational update regarding the next phase of development in the Fouke area of the Pine Mills field (32.5% Working Interest).\n \nFollowing recent technical evaluation of the recently drilled Allar #1 well results and the newly acquired offset acreage, the Company intends to implement a secondary recovery (waterflood) scheme using the Turner #1 and Daniel #1 wells as dedicated injection wells. The new offset lease provides the injection locations necessary to initiate this secondary recovery scheme.\n \nHighlights:\n \n\n\n\n\n•\n\n\nThe Turner #1 and Daniel #1 wells, located at the downdip limits of the productive reservoir interval, and are considered optimal positions for water injection.\n \n\n\n\n\n•\n\n\nWater injection will increase reservoir pressure, helping to stabilise and ultimately improve recovery.\n\n\n\n\n•\n\n\nWaterflood 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.\n \n\n\n\n\n•\n\n\nPrimary 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\n \n\n\n\n\n•\n\n\nThe 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.\n\n\n\n\n \n \nWaterflooding has a long history of success in the Pine Mills field and surrounding areas. Primary recovery typically ranges between 5% and 20%, of the original oil in place (\"OOIP\"), averaging around 15% in the region. Under waterflood, recovery efficiencies commonly improve to between 30% and 50% of the OOIP. As a result, remaining recoverable volumes in the Fouke area are expected to increase by two to three times, with current estimates indicating 667,000 to 1,002,000 bbls co...