Buccaneer Energy’s Allar 1 well yields no commercial oil or gas

Buccaneer Energy has announced that its Allar 1 well, drilled successful the Fouke country of the Pine Mills Field successful Texas, US, did not find an accumulation of commercialized hydrocarbons.

The Australia-based lipid and state institution completed drilling astatine the well, reaching a full extent of 5,767ft.

This good encountered a shaly lipid soil series successful the 2nd sub-Clarksville portion astatine a extent of 5,616ft, which did not incorporate commercialized hydrocarbon reserves.

Buccaneer Energy plans to plug and wantonness the good and merchandise the drilling rig to instrumentality to the Pine Mills Field to drill the Fouke 4 well.

The drilling of Allar 1 was portion of the company’s broader strategy to summation accumulation and make its assets successful the Pine Mills Field.

Buccaneer Energy CEO Paul Welch said: “The results of this good are disappointing; however, the geologic targets and astir importantly the bounding responsibility came successful connected prognosis.

“The soil conception thinning arsenic it approached the responsibility was a improvement not observed successful erstwhile offset wells successful the Fouke country and provides invaluable subsurface information that volition beryllium incorporated into the geological exemplary for the tract and aboriginal drilling plans.

“The bounding responsibility follows a north-west trajectory, which permits the Fouke 4 good to beryllium located astatine a akin region from the responsibility arsenic Fouke 1; perchance wrong a thicker soil conception of the sub-Clarksville.”

Buccaneer holds a 32.5% moving involvement successful the Allar 1 well, which was antecedently known arsenic Fouke 3.

The institution started drilling the good aft completing the drilling pad construction, with the full process, including evaluation, taking up to 2 weeks.

Alongside drilling, Buccaneer has raised astir £500,000 ($675,000) done a subscription and placement of astir 3 cardinal shares astatine a placing terms of 0.017p per share.

Certain suppliers person chosen to judge shares arsenic outgo for services, resulting successful the issuance of an further 250 cardinal mean shares.

The institution intends to usage the proceeds to money its stock of a Bitcoin mining cognition successful the Fouke country and is seeking a suitable spouse for the project.

If the institution does not unafraid a suitable partner, it volition proceed with the set-up of a company-owned Bitcoin mining operation.

Welch added: “Although Allar 1 was considered a low-risk improvement well, subsurface outcomes tin alteration adjacent wrong proven structures, and the information gathered present volition straight pass and de-risk the upcoming Fouke 4 location.

“The institution continues to make gross from existing wells successful the Fouke country and wider Pine Mills tract arsenic we proceed our strategy to summation accumulation and optimise worth from the Pine Mills Field.