Buccaneer Energy updates on Allar #1 well

Buccaneer Energy Plc (AIM:BUCE) said its Allar #1 well in the Fouke area of the Pine Mills Field, Texas, had reached a total depth of 5,767 feet but did not encounter commercial hydrocarbons. The well intersected a shaly oil sand sequence in the second sub-Clarksville unit at 5,616 feet. Drilled safely and on schedule, the well will now be plugged and abandoned. Buccaneer, which holds a 32.5% working interest, said the rig would next move within the Pine Mills Field to drill the Fouke #4 well.