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SP Angel Issues Updated Research Note
Buccaneer Energy PLC has noted an updated research note from SP Angel Corporate Finance LLP, which reiterates a BUY recommendation and a 0.05p target price, forecasting over 350% upside based on a risked net asset value. The research highlights the company's current production of approximately 150 barrels of oil per day, with a target of 200 barrels per day by year-end 2026, and identifies the Fouke waterflood as a key growth catalyst. SP Angel also noted Buccaneer's April cash generation of approximately US$250,000 as evidence of improving operational performance and an independently estimated US$10 million NPV10 proved reserves value at US$60/bbl oil. Disclaimer*
About this update from Buccaneer Energy Plc
8 June 2026 Buccaneer Energy Plc ("Buccaneer" or the "Company") SP Angel Issues Updated Research Note Reiterates BUY Rating and 0.05p Target Price Buccaneer Energy (AIM: BUCE), the US-focused oil and gas production and development company, is pleased to note the publication of updated research by SP Angel Corporate Finance LLP following the Company's recent operational progress at Pine Mills, Texas. The research reiterates a BUY recommendation and a 12-month target price of 0.05p per share, representing significant upside to the current share price. SP Angel's updated valuation reflects recent developments including the Carlisle-1 acquisition, progress at the Organic Oil Recovery ("OOR") programme and the planned Fouke waterflood development. Highlights • SP Angel reiterates BUY recommendation and 0.05p per share target price • Research estimates over 350% upside to Risked NAV based valuation • Research forecasts are based on the Company's reported current production of approximately 150 bopd (net before royalties) with target of c.200 bopd by year-end 2026 • Fouke waterflood identified as the key near-term growth catalyst • Carlisle-1 acquisition highlighted as a strategic bolt-on acquisition delivering strong returns • The Company's stated April cash generation of approximately US$250,000 noted as evidence of improving operational performance • SP Angel highlighted the independently estimated.US$10 million NPV10 proved reserves value at US$60/bbl oil • Delivery of production and cash flow growth expected to support a market re-rating over time The note discusses Buccaneer's strategy of increasing production through low-cost optimisation initiatives, enhanced recovery projects and development of the Fouke area waterflood, while using operating cash flow to support future growth opportunities. SP Angel notes that higher and more stable production volumes should assist in narrowing the discount between the Company's market valuation and the value attributed to its producing reserve base. Paul Welch, Buccaneer Energy's Chief Executive Officer, said: "It is encouraging to see SP Angel recognise the progress made over the past two years as we have rebuilt Buccaneer into a growing, cash-generative business. Buccaneer today is a very different company to the one we inherit...
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