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(Sharecast News) - Buccaneer Energy said in an update on Thursday that construction has begun at the site of its Allar 1 well in the Fouke area of the Pine Mills Field in Texas, marking the start of the company's next phase of development activity in the region.
The AIM-traded oil and gas group said site preparation and civil works were now under way, with drilling of the Allar 1 well, in which Buccaneer holds a 32.5% working interest, expected to begin in late October.
Drilling operations were anticipated to take around two weeks to complete and evaluate.
The well is part of Buccaneer's broader strategy to build on recent operational success in the Fouke area and expand production across the Pine Mills Field.
"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 chief executive Paul Welch.
"With the pad now under construction, we remain on track to spud later this month.
"We look forward to providing further updates on the well in due course."
At 1424 BST, shares in Buccaneer Energy were up 3.4% at 0.02p.
Reporting by Josh White for Sharecast.com.
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