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Hunting hails 'excellent' pilot results as Buccaneer wells double output
(Sharecast News) - Precision engineering group Hunting said on Monday that it had received positive results from a pilot test of its enhanced oil recovery solution from Buccaneer Energy. Hunting said Buccaneer Energy, which utilised the solution at its Pine Mills field in East Texas, had reported a 100% uplift in production within the oil wells, with one well reducing its water cut to zero. Buccaneer Energy now expects to roll out the organic oil recovery technology across other wells within its portfolio.
The FTSE 250-listed for,m said it was "delighted" with the successful pilot treatment, which it stated highlights the impact that its organic oil recovery solution can have on oil production.
Chief executive Jim Johnson said: "This well result supports our confidence in the OOR technology, as a lower cost enhanced oil recovery solution which can be utilised in many oil wells globally."
Reporting by Iain Gilbert at Sharecast.com
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