Business
Successful Organic Oil Recovery Pilot Project
Buccaneer Energy PLC has successfully completed an Organic Oil Recovery pilot project in its Pine Mills field, East Texas, which increased average production from 15 barrels of oil per day to approximately 30 barrels of oil per day, a 100% rise, and reduced water cut from 80% to 0% in one treated well, all at a modest cost comparable to a routine workover. Based on these encouraging results, the company plans to treat remaining wells in the Battery 3 area in March and expand the program across the Pine Mills field in the second quarter of 2026, aiming to convert reserve value into cash flow. Disclaimer*
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n\n \nBuccaneer Energy Plc\n(\"Buccaneer\" or the \"Company\")\n16 February 2026\n \nSuccessful Organic Oil Recovery Pilot Project\n \n \nBuccaneer Energy (AIM: BUCE), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA, is pleased to announce the successful completion of an Organic Oil Recovery (\"OOR\") pilot project (the \"Pilot Project\" or \"Pilot\") in its Pine Mills field in East Texas.\n \nHighlights\n\n\n\n\n•\n\n\nPilot implemented in the Northern section of Pine Mills (Battery 3 area)\n\n\n\n\n\n\n\n•\n\n\nTreatment applied to one injector and two of four producing wells in mid-January 2026\n\n\n\n\n•\n\n\nProduction in the area increased by 100% after treatment\n\n\n\n\n•\n\n\nAverage production in the Pilot area increased from 15 bopd to approximately 30 bopd during the post-treatment period and has continued at these levels\n\n\n\n\n•\n\n\nWater cut decreased from 80% to 0% in one of the treated wells\n\n\n\n\n•\n\n\nCost of the program was modest and comparable to a routine field workover\n\n\n\n\n\n\n\n•\n\n\nFollow-up treatment of the remaining two producing wells in this area is being planned\n\n\n\n\n \nThe Pilot Project was implemented in the northern section of the Pine Mills field within the Battery 3 area. This is a section of the field where the Company recently returned the water injector to service during its 2-Phase workover program. The injector had been previously shut in for over two years.\n \nOOR is a process that involves injecting a nutrient mixture into the reservoir to stimulate the growth of naturally occurring microorganisms. These microbes grow rapidly and alter their surface properties from hydrophilic (attracted to water) to hydrophobic (repelled by water). These property changes reduce the interfacial tension between the rock face and the reservoir oil, improving the mobility of residual oil within mature waterflood systems. One treated producer experienced a significant reduction in water cut immediately following treatment.\n \nThe Pilot Project involved treating the water injection well and two of the four producing wells in the Battery 3 area. Prior to treatment, production from the area averaged 15 bopd (Jan 1-15, 2026); after treatment, it average...