Business
Completion of Fundraise
Buccaneer Energy PLC successfully completed a £600,000 (approximately US$800,000) fundraise on August 19, 2025, issuing 4,000,000,000 new ordinary shares at £0.00015 per share. The funds will be used to drill two development locations in the Fouke area, Texas, where the company holds a 32.5% working interest. Wells in this area previously produced 124 barrels of oil per day, and similar rates are anticipated. The company is also exploring gas monetization strategies, including using associated gas to power Bitcoin mining, with Appold acting as a strategic advisor. A further 400,000,000 ordinary shares were issued to Oak Securities for fees, and 260,000,000 warrants were issued, exercisable at the placing price within two years. Following the fundraise, the enlarged issued ordinary share capital will be 11,349,346,617 Ordinary Shares. Directors Paul Welch and Steve Staley subscribed for £15,000 and £10,000 respectively, resulting in shareholdings of 216,231,884 and 91,500,001 shares, representing 1.91% and 0.81% of the enlarged share capital. Premier Miton, a substantial shareholder, subscribed for 732,800,000 Fundraise Shares. Oak Securities was appointed as a joint corporate br...
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n \n \nBuccaneer Energy Plc\n(\"Buccaneer Energy\", \"BUC\" or \"the Company\")\n \n19 August 2025\n \nCompletion of £600,000 Fundraise\n \nFurther value to be generated from Fouke Area by drilling two additional development locations.\n \nBuccaneer Energy (AIM: BUCE), the international oil & gas exploration and production company with development and production assets in Texas, USA, is pleased to announce a successful fundraise supported by institutional investors, Directors and Management, existing shareholders and new investors.\n \nThe Company has raised £600,000 (before expenses), c.US$800,000, through a subscription and placing of 4,000,000,000 new ordinary shares (the \"Fundraise Shares\") at a price of 0.015p per share (the \"Placing Price\") (the \"Fundraise\").\n \nUse of Proceeds\n \nThe proceeds of the fundraising will be used to fund the Company's share of the drilling of two development locations in the Fouke area. The Company's working interest is 32.5%, with well plans for September and December 2025. The Fouke area is an isolated fault block in the southwestern section of the Pine Mills field that was discovered in 2021 at original reservoir conditions. Wells in this area produced water free at the field allowable rate of 124 barrels of oil per day. It is anticipated that the next two development locations will produce at similar rates.\n \nGas Monetisation Strategy\n \nThe associated gas produced in the Fouke area has been increasing over time and with volumes provided by the two additional development wells the Company has been evaluating potential local solutions for reducing gas flaring and monetising the produced gas.\n \nAs part of its evaluation of the monetisation of gas production, Buccaneer has been considering options for utilising the gas for powering bitcoin mining which has become increasingly common in the onshore Texas basins since 2022. To aid with this evaluation and future implementation the Company is pleased to announce the appointment of Appold, an award-winning independent blockchain and digital asset advisory firm, as the Company's strategic advisor regarding a potential future Bitcoin strategy (https://www.appold.com/).\n \nAppold will act as advisor on the implementation of governance, custody, tra...