A buoyancy assist tool and a fluid barrier in a casing string define a buoyancy chamber therebetween. The buoyancy assist tool has a housing connected in the casing string with a retaining sleeve detachably connected in the housing. The retaining sleeve is movable from a first to a second position in the housing. A flapper disk is positioned in the housing and covers an upper end of the retaining sleeve in the first position of the retaining sleeve. In the second position of the retaining sleeve the flapper disk is in a retracted position out of the flow path through the housing.