Shares of Buccaneer Energy PLC surged Monday after the company announced a successful pilot program using an enhanced oil recovery solution developed by Hunting PLC, resulting in a doubling of production at its Pine Mills field in East Texas.
Buccaneer Energy, which focuses on exploration in Texas and was formerly known as Nostra Terra Oil & Gas, reported that output in the treated area increased from an average of 15 barrels of oil per day to 30 barrels per day following the treatment. The positive results signal a potential pathway to increased cash flow from the company’s underlying reserves.
The Organic Oil Recovery (OOR) process involves injecting a nutrient mix into the reservoir to stimulate naturally occurring microorganisms. These microbes alter surface properties, reducing tension between the rock and the reservoir oil, thereby improving the mobility of residual oil in mature water injection systems, according to the company.
The pilot project was conducted in the northern part of the Pine Mills field, within the Battery 3 area, Buccaneer Energy stated. Based on these encouraging results, the company plans to treat additional wells in the Battery 3 area as part of a follow-up program scheduled for March.
Buccaneer is also collaborating with its service provider to extend the program across the entire Pine Mills field during the second quarter of 2026. “We see this program as a concrete step towards converting the value of our underlying reserves into cash flow and look forward to updating our shareholders on the progress of this initiative across the field,” said Paul Welch, CEO of Buccaneer Energy.
Hunting PLC, a London-based supplier of equipment to the oil and gas industry, also expressed enthusiasm about the pilot results. The company noted the potential impact of its solution on oil production. Hunting highlighted the success in a stock exchange announcement.
“This well result reinforces our confidence in OOR technology, a low-cost enhanced oil recovery solution applicable to many oil wells globally,” said Jim Johnson, CEO of Hunting. Hunting also noted the 100% uplift in production within the oil wells, with one well reducing its water cut.
As of Monday morning in London, Buccaneer Energy shares were up 11% at 0.01 penny, while Hunting shares gained 5.6% to 507.50 pence. Buccaneer Energy’s success with the pilot program underscores the growing interest in organic oil recovery techniques as a means of maximizing production from existing fields.
