The company said the gas pay was found in the B and E Sands and, at a combined rate, these are expected to produce about 7 million cubic feet per day, plus 30 barrels of high-quality condensate.
Operator AnaTexas is expected to begin production from the sands in the next 10 days.
Buccaneer said the pressure reading from the E Sand of 4820psi bottom-hole pressure (BHP) was higher then the pre-drill estimate and indicates the sand was re-pressurised since it was last drilled in 1982.
The increased BHP in the sand will have a positive impact on recoverable reserves and is also a primary target in the company's anticipated third well, SL 103230-4, Buccaneer added.
The Pompano Project is essentially a redevelopment of the Pompano gas field with new well locations based on modern 3D seismic data.
The project is about 145km southwest of Houston.
Buccaneer Energy, which listed on the Australian Securities Exchange last year, has a 65% stake in the well, Elixir Petroleum 25%, Baron Petroleum (affiliated with AnaTexas) 7.5%, and Streamline Exploration 2.5%.