Buccaneer Energy Plc (AIM:BUCE) has confirmed that construction has begun for the Allar-1 well, in the Fouke area of Pine Mills Field, Texas.
Allar-1 is the first of two planned development wells. And, today, Buccaneer confirm that drilling is due to start in late October, and is expected to take around two weeks.
The well, in which Buccaneer holds a 32.5% working interest, is designed to build on the company’s recent operational success in the region and forms part of its wider strategy to increase production and unlock further value across Pine Mills.
“We are pleased to have begun construction at the Allar #1 location - an important milestone in what we expect to be another productive phase of activity in the Fouke area,” said Paul Welch, chief executive.
“With the pad now under construction, we remain on track to spud later this month.”