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WAFD Bank – Borrowing Base Reserve Update
Buccaneer Energy Plc has announced an update to its borrowing base reserve valuation with WAFD Bank, confirming a 6% increase in total net proved reserves, resulting in an NPV10 of $9.6 million, despite the lender applying a more conservative oil price outlook with a 14% reduction in near-term price assumptions. The company's borrowing base under the WAFD senior facility remains confirmed at $4.25 million, supported by the resilience and low operating costs of its onshore Texas assets. Disclaimer*
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n\n \nBuccaneer Energy Plc\n(\"Buccaneer\" or the \"Company\")\n28 January 2026\n \nWAFD Bank - Borrowing Base Reserve Update\nReserve Volumes Increase - NPV10 - $9.6m\n \nBuccaneer Energy (AIM: BUCE), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA, is pleased to announce that it has completed a reserve valuation update in connection with its credit facility with WAFD Bank (\"WAFD\"), formerly Washington Federal Savings and Loan.\n \nThe updated valuation confirms an increase in proved reserve volumes and supports the continued strength of the Company's asset base, notwithstanding a more conservative oil price outlook applied by the lender.\n \nPaul Welch, Buccaneer Energy's Chief Executive Officer, said:\n \n\"We are encouraged by the outcome of the latest borrowing base review, which demonstrates the underlying strength and resilience of our asset base. Total proved net reserves increased by 6% while forecast cash flows remain broadly stable year on year, despite WAFD's near-term oil price assumption being reduced by $7.45 per barrel, or 14%, to reflect its outlook on global oil markets.\n \nOur onshore Texas assets continue to benefit from low operating costs, enabling the business to perform well in the current pricing environment. \"\n \nHighlights\n\n\n\n\n•\n\n\nTotal net proved reserves increased by 6%, based on the latest independent reserve review\n\n\n\n\n•\n\n\nNPV10 of US$9.6 million, reflecting stable underlying cash flows\n\n\n\n\n•\n\n\nBorrowing Base confirmed at US$4.25 million under the WAFD senior facility\n\n\n\n\n•\n\n\nConservative lender price deck applied; near-term oil price assumptions reduced by 14%\n\n\n\n\n•\n\n\nTexas asset base continues to demonstrate low operating costs and resilience\n\n\n\n\n \n\n\n\n\nWAFD Bank Valuation (WAFD Pricing)\n\n\n \n\n\nBuccaneer Valuation - $60 Flat\n\n\n\n\n•\n\n\nFuture Net Income: $21,478,370\n\n\n\n\n\nFuture Net Income: $21,321,860\n\n\n\n\n•\n\n\nNPV9: $9,279,920\n\n\n\n\n\nNPV10: $9,561,740\n\n\n\n\n &nb...