Business
Completion of £350,000 Fundraise
Buccaneer Energy PLC has successfully raised £350,000 through a subscription and placing of 3,500,000,000 ordinary shares at 0.01p each, with support from Premier Miton, Directors, Management, and existing shareholders. These funds will be used to acquire the Carlisle 1 well for $425,000, adding approximately 25 barrels of oil per day to net production, bringing the total to around 160 bopd, and to expand the Organic Oil Recovery program which previously achieved a 100% production uplift. Directors participated in the fundraise, subscribing for shares and demonstrating alignment with shareholders, and all fundraise shares carry one warrant at 0.0125p. Disclaimer*
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n \n \n2 March 2026\n \nBuccaneer Energy Plc\n(\"Buccaneer\" or the \"Company\")\n \nCompletion of £350,000 Fundraise\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 a new cornerstone investor, institutional investor Premier Miton, alongside Directors and Management, existing shareholders and other new investors, to complete the acquisition of an adjacent producing asset and to expand the application of Organic Oil Recovery (\"OOR\") in the Pine Mills area (the \"Field\").\n \nThe Company has raised £350,000 (before expenses), c.US$472,500, through a subscription and placing of 3,500,000,000 ordinary shares (the \"Fundraise Shares\") at a price of 0.01p per share (the \"Placing Price\") (the \"Fundraise\").\n \nHighlights\n \n\n\n\n\n·\n \n\n\n£350,000 fundraise completed with strong support from institutional investor Premier Miton, alongside Directors, management and existing shareholders\n \n\n\n\n\n·\n \n\n\nProceeds will be used for the acquisition of 100% working interest in the Carlisle 1 well for a consideration of $425,000 that will add immediate net production of approximately 25 barrels of oil per day (bopd) (\"Acquisition\")\n \n\n\n\n\n·\n \n\n\nCompany production is expected to increase to approximately net 160 bopd following Acquisition\n \n\n\n\n\n·\n \n\n\nThe Acquisition increases Buccaneer's working interest and strategic position within the proposed Fouke waterflood unit\n \n\n\n\n\n·\n \n\n\nFunds raised will also allow expansion of OOR programme, a service provided by Hunting Plc following the successful pilot delivering a 100% production uplift in the treated area\n \n\n\n\n\n·\n \n\n\nDirectors participated in the fundraise, demonstrating alignment with shareholders\n \n\n\n\n\n·\n \n\n\nThe Fundraise Shares each have an attaching grant of warrants on a one for one basis, exercisable at 0.0125p per ordinary share and expiring in two years\n \n\n\n\n\n \nUse of Proceeds\n \nThe proceeds of the Fundraise will be used towards the funding of the Company's 100% WI acquisition of the Carlisle 1 well in the Fouke area of the Pin...