REG - Buccaneer Energy PLC - Completion of £350,000 Fundraise

Buccaneer EnergyAnnouncement

02/03/2026 15:30

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RNS Number : 9883U  Buccaneer Energy PLC  02 March 2026

 

 

2 March 2026

 

Buccaneer Energy Plc

("Buccaneer" or the "Company")

 

Completion of £350,000 Fundraise

 

Buccaneer 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").

 

The 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").

 

Highlights

 

 ·    £350,000 fundraise completed with strong support from institutional investor

    Premier Miton, alongside Directors, management and existing shareholders

 ·    Proceeds 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")

 ·    Company production is expected to increase to approximately net 160 bopd

    following Acquisition

 ·    The Acquisition increases Buccaneer's working interest and strategic position

    within the proposed Fouke waterflood unit

 ·    Funds 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

 ·    Directors participated in the fundraise, demonstrating alignment with

    shareholders

 ·    The 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

 

Use of Proceeds

 

The 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
Pine Mills field for a cash consideration of $425,000. The well is being
acquired from a private Texas based oil production company.

 

The well is currently producing 25 bopd and will form part of the Fouke water
flood unit. The well was previously owned by a private company and was not
part of the development undertaken together by Buccaneer and its partner in
the Fouke area. The well is located south of the Fouke 2 well and is producing
from the same horizons as the Fouke 1 and 2 wells.

 

 Figure 1: Map of Pine Mills and Carlisle 1

 

Funds will also be used to continue the Company's OOR program in the Pine
Mills field.  A successful pilot program was initiated in the northern
portion of the Field and delivered a 100% uplift in production rates in the
treated area. The funds will support additional OOR treatments in the pilot
area and expand the pilot program across the Pine Mills field, including
treatment on the Carlisle 1 well.

 

Paul Welch, Buccaneer Energy's Chief Executive Officer, said:

 

"I am pleased to announce the successful completion of this fundraise,
supported by both institutional and existing shareholders for the progression
of our major operational program at the Fouke Area in East Texas.

The acquisition of the Carlisle 1 well adds immediate production of
approximately 25 bopd net and strengthens our equity position in the proposed
Fouke area waterflood unit, an important step as we focus on increasing
recovery and production from this area.

Following this acquisition, Buccaneer's net production will increase to
approximately 160 bopd. At current oil prices and with its low onshore
operating costs, Pine Mills generates strong cash margins, and we remain
focused on converting our existing NPV10 $9.6m reserve value into cash flow
and shareholder value.

The funds also allow us to expand our OOR program in the Pine Mills field,
where we have already seen a 100% uplift in production in our pilot area.
Expansion of the pilot program is expected to further increase production
across this mature waterflood asset. Additionally, the OOR knowledge gained in
Pine Mills is directly applicable to the proposed Fouke area flood where we
have the opportunity to expand further its application.

 

I would like to thank Premier Miton, alongside new and existing shareholders
for their continued support. We have ambitious plans for this business, both
organic and inorganic, and we look forward to sharing further updates with all
our stakeholders in due course."

Related Party Transaction

The following Directors of the Company have subscribed for Fundraising Shares
(the "Director's Subscription"):

 

 Director     Subscription amount  Number of Fundraise Shares  Resultant shareholding  Resultant interest in enlarged share capital
 Jim Newman*  £10,370              103,703,704                 493,701,766             2.65%

 Paul Welch   £3,704               37,037,037                  253,268,921             1.36%

 

*including 389,998,062 existing ordinary shares held by Dos Hermanos
International, LLC, of which Mr Newman is a principal.

 

The Director's Subscriptions are related party transactions for the purposes
of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the
Fundraise, being Steve Staley, considers, having consulted with SP Angel
Corporate Finance LLP, the Company's nominated adviser, that the terms of the
Director's Subscription are fair and reasonable in so far as the Company's
shareholders are concerned.

 

Premier Miton, a substantial shareholder in the Company, has subscribed for
616,087,100 Fundraise Shares in the Fundraise. The participation of Premier
Miton in the Fundraise is also a related party transaction for the purpose of
AIM Rule 13 of the AIM Rules for Companies. The Director independent of the
Fundraise, being Steve Staley, considers, having consulted with SP Angel
Corporate Finance LLP, the Company's nominated adviser, that the terms of
Premier Miton's participation is fair and reasonable in so far as the
Company's shareholders are concerned.

Warrants and Fundraise Shares

 

In connection with the Fundraise, 210,000,000 broker warrants (exercisable at
the Placing Price with a two-year expiry) and 150,000,000 new ordinary shares
have been granted to the brokers ("Broker Shares"). A new cornerstone
investor, Clive Roberts (the "Cornerstone Investor"), has subscribed for
1,200,000,000 Fundraise Shares at the Placing Price (the "Cornerstone
Investment Amount"). The Company has agreed to pay the Cornerstone Investor an
arrangement fee of £12,000 (the "Arrangement Fee"). To help the Company
conserve its cash resources, the Cornerstone Investor has agreed to accept new
ordinary shares in settlement of the Arrangement Fee. As a result, the Company
will issue and allot 120,000,000 new ordinary shares to the Cornerstone
Investor ("Arrangement Fee Shares").

As part of the arrangement, the Company will pay the Cornerstone Investor a
cash fee of £6,000, which the Cornerstone Investor has irrevocably agreed to
use as subscription monies to subscribe for 60,000,000 new ordinary shares
("Additional Arrangement Fee Shares").

 

Application for Admission and Total Voting Rights

 

An application will be made to the London Stock Exchange for the 3,500,000,000
Fundraise Shares, 150,000,000 Broker Shares, and 120,000,000 Arrangement Fee
Shares to be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective on or around 9 March 2026. A further
application will be made to the London Stock Exchange for the 60,000,000
Additional Arrangement Fee Shares to be admitted to trading on AIM, which is
expected to become effective on or around 10 March 2026.

 

In accordance with the FCA's Disclosure Guidance and Transparency Rules, the
Company confirms that on issue of the Fundraise and Supplier Shares and
following Admission, the Company's enlarged issued ordinary share capital will
comprise 18,505,531,999 Ordinary Shares.

 

The Company does not hold any Ordinary Shares in Treasury. Therefore,
following Admission, the above figure may be used by shareholders in the
Company as the denominator for the calculations to determine if they are
required to notify their interest in, or a change to their interest in the
Company, under the FCA's Disclosure Guidance and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

 

For further information, contact:

 

 Buccaneer Energy plc                         Email:   Investor_relations@buccaneerenergy.co.uk

 Paul Welch, CEO

 SP Angel Corporate Finance LLP               Tel:     +44 (0) 20 3470 0470

 (NOMAD/Joint Broker)

 Stuart Gledhill / Richard Hail / Adam Cowl

 Celicourt Communications                     Tel:     +44 (0) 20 7770 6424

Email:
BucEng@celicourt.uk
 (PR/IR)

 Mark Antelme / Charles Denley-Myerson

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         1)    Paul Welch

                                                                   2)    Jim Newman
 2    Reason for the notification
 a)   Position/status                                              1)    CEO

                                                                   2)    Independent Director
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Buccaneer Energy plc
 b)   LEI                                                          213800JO9A4LO19YJ129

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument   Ordinary shares of £0.0001 each

      Identification code

                                                                   GB00BZ76F335

 b)   Nature of the transaction                                    Fundraise of ordinary shares
 c)   Price(s) and volume(s)                                       PDMR        Price      No. of shares
                                                                   Paul Welch  £0.00010   37,037,037
                                                                   Jim Newman  £0.00010   100,703,704
 d)   Aggregated information                                        N/A, single transaction

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      2 March 2026
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

 N/A, single transaction

e)

Date of the transaction

2 March 2026

f)

Place of the transaction

Outside a trading venue

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         1)    Paul Welch

                                                                   2)    Jim Newman
 2    Reason for the notification
 a)   Position/status                                              1)    CEO

                                                                   2)    Independent Director
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Buccaneer Energy plc
 b)   LEI                                                          213800JO9A4LO19YJ129

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument   Ordinary shares of £0.0001 each

      Identification code

                                                                   GB00BZ76F335

 b)   Nature of the transaction                                    Grant of warrants
 c)   Price(s) and volume(s)                                       PDMR        Price       No. of Warrants
                                                                   Paul Welch  £0.000125   37,037,037
                                                                   Jim Newman  £0.000125   100,703,704
 d)   Aggregated information                                        N/A, single transaction

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      2 March 2026
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

 N/A, single transaction

e)

Date of the transaction

2 March 2026

f)

Place of the transaction

Outside a trading venue

 

Additional AIM Disclosures

 Parties
 Buyer               Buccaneer Energy, Dallas, TX
 Seller              Strand Energy, Houston, TX
 Description         Carlisle-1 - Wood County, TX USA
 12 Month Profit     $478,275.30
 Value               $425,000.00
 Full Consideration  $425,000.00

 

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