Buccaneer Energy Plc (AIM:BUCE) shares shot up in Wednesday's trade after announcing it has selected a drilling rig for the Allar 1 well in the Fouke area of the Pine Mills Field, Texas.
The well, previously named Fouke 3, is scheduled to spud in the last week of October, pending completion of drilling pad construction.
The Allar 1 well will target a location north of the previously drilled Fouke 1, with drilling and evaluation expected to take up to two weeks.
“We are excited to have secured a drilling rig for the Allar 1 well, which we believe will be another successful location in the Fouke area of Pine Mills,” said chief executive Paul Welch.
If successful, Allar 1 is expected to produce at a field allowable rate of 124 barrels of oil per day.
Buccaneer also plans to use the associated gas output from this and nearby wells to support a potential Bitcoin mining facility located in the field.
In London, Buccaneer Energy shares were up 13.9% changing hands at 0.025p.