Buccaneer Energy Plc (AIM:BUCE) has acquired a 32.5% working interest in additional acreage in the Fouke area, in the Pine Mills field.
The parcels sit directly west of the Allar #1 location and provide access for a potential sidetrack of the well, the company noted.
The newly acquired acreage includes the shut-in Turner #1 and Daniel #1 wells. Buccaneer said Turner #1 is being prepared for a return to production, while Daniel #1 may serve as an injector in future waterflood planning.
Discussions with the Texas Railroad Commission on an enhanced recovery unit are underway, it added.
Chief executive Paul Welch described picking up the acreage as "an important step" as it unlocks the possibility of an optimal sidetrack of the Allar #1 well.
"With this acreage now secured and Fouke #4 progressing toward spud, we are well-positioned to continue building production and value across Pine Mills. I look forward to updating investors as we progress these various workstreams," Welch said.