REG - Buccaneer Energy PLC - Interim Results for six months ended 30 June 2025
26/09/2025 07:00
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RNS Number : 8999A Buccaneer Energy PLC 26 September 2025
26 September 2025
Buccaneer Energy PLC
Interim Results for the six months ended 30 June 2025
Buccaneer Energy PLC (AIM: BUCE), an international oil & gas exploration
and production company with development and production assets in Texas, US, is
pleased to announce its unaudited results for the six-month period ended 30
June 2025. A copy of the Interim Results is available on the Company's
website, www.buccaneerenergy.co.uk
Financial Highlights:
• $888,956 Revenue for the period (30 June 2024: $938,000)
• $276,000 profit before Capex and non-cash items (depletion, depreciation,
amortisation and interest) (30 June 2024: $230,000)
• $944,232 loss for the period (30 June 2024: $792,000 loss)
Operational and Strategic Highlights:
• 13,930 barrels oil total production net for the period (30 June 2024: 13,203
barrels oil)
• Completion of Phase 2 Workover program in Pine Mills
• Approval of next development drilling location in the Fouke area (Allar #1)
Post-period events:
• Staking of the Allar #1 development drilling location in the Fouke area
(Formerly Fouke #3)
• Entered into a contract with BitGo for the storage and trading of Bitcoin and
appointed Applod Inc as a Bitcoin and Blockchain adviser.
• On 19 August 2025, the Company raised £600,000 (before expenses) through a
placing and subscription of 4,000,000,000 new ordinary shares with proceeds to
be used to fund the drilling of two development locations in the Fouke area
Chairman's Report
The first six months of 2025 built on the work begun in 2024 to focus on
organic growth in our existing East Texas assets at Pine Mills whilst actively
identifying and pursuing new opportunities in Texas and nearby states.
The second phase of our workover program on existing Pine Mills wells has
yielded increased production volumes and enhanced well reliability. This was
funded by a £500,000 placing of new shares in March 2025.
Work on the existing seismic and well databases continued, yielding two
attractive new well locations at Pine Mills that we believe share production
characteristics similar to those of the Fouke 1 and Fouke 2 wells. These wells
would access an area of the field that appears not to have so far been
produced and could hold more than 300,000 barrels of oil. With the existing
maximum "field allowable rate" of 124 bopd/well gross already granted by the
Texas Railroad Commission and the expectation that the reservoir is more than
capable of delivering this, we are looking forward to the results of these
wells.
In January 2025, our credit facility with WAFD was renewed on favourable terms
for an additional three years. The interest rate on this facility is indexed
to the US Federal Funds rate and is anticipated to decrease in the near
term. We have already seen the first 25 basis point decrease and anticipate
further cuts in rates during the remainder of 2025. These rate decreases
reduce our monthly coupon payments, further lowering our interest payments and
providing cash that can be invested into our ongoing operations. The size of
the facility will be redetermined after the results of the Fouke area
development wells are complete and we anticipate it increasing as a result.
In June 2025, to reflect the new direction of the Company, Nostra Terra Oil
& Gas Company plc was renamed Buccaneer Energy plc, its logo changed and
its website updated.
Post period-end and staying in Pine Mills, a successful fundraise in August
saw £600,000 raised to fund our share of drilling the next two development
locations in the Fouke area. At the same time we added OAK Securities as joint
broker to the Company. OAK bring extensive experience of both conventional oil
& gas and bitcoin mining. By potentially being utilised to power the
mining of bitcoin at the wellsite, otherwise unmonetisable gas produced from
our operations may be used to improve both the environmental outcome and
Buccaneer's revenue stream. In assessing this opportunity, the Company is
ensuring it is properly advised by the appointment of bitcoin specialists
Appold and equipped with an official custodian and provider of liquidity by
entering into agreements with BitGo.
In addition, a number of attractive acquisition opportunities have been, and
continue to be, assessed by Buccaneer within our existing core geographic
areas.
On behalf of the board of Buccaneer, I would like to thank shareholders for
their continued support.
Dr Stephen Staley
Chairman
26 September 2025
Chief Executive Officer's report
Production increased in the first half of the year, resulting from the
completion of the workover programs in the Pine Mills field.
Revenue was $888,956 during the first half of the year (30 June 2024:
$938,000). Net loss from operations for the period was $944,232 (30 June 2024:
$792,000 loss). Average oil sales prices during the period were $63.81 per
barrel (30 June 2024: $74.45 per barrel).
Production increases, which started in the 4(th) quarter of 2024, continued
into the reporting period. The second phase of the workover program
commenced in late December 2024 and was completed during the 1(st) quarter of
2025. Average monthly oil production in Pine Mills (excluding the existing
Fouke wells) peaked in May 25 at 94 bopd gross, which was an almost doubling
of the average rate prior to the workover program start-up. Post period saw
a temporary decrease in production due to significant rain and storm activity
in the field area, which deposited twice the precipitation compared to the
30-year average, resulting in localized flooding in the field. However, once
the storms ended in late summer, Pine Mills oil production rebounded, reaching
a peak of 185 bopd on 31 August 2025 and is currently averaging approximately
84 bopd during September 2025 to date. The field still has 3 wells down, due
to storm activity, accounting for approximately 20-25 bopd, which the Company
plans to bring back on to production during the next month.
Production in the Fouke area remained steady during the period, at
approximately 100 bopd gross (WI 32.5%, net 33 bopd), while production in West
Texas also remained steady at 10 bopd net to the Company's working interest
during the period.
Finally, concurrent with the approval of the next development locations in the
Fouke area, the Company has initiated several technical studies on monetizing
locally produced gas in the Fouke area. The results of those studies
determined that providing gas/energy to a Bitcoin Mining operation was the
best option for this resource. Post period, evaluations of multiple options
for the development of a bitcoin mining operation in the Fouke area are
underway with the Company reviewing the optimum commercial strategy, with the
target deployment being the late 1(st) quarter of 2026.
The implementation of a successful strategy to monetise this gas is subject to
a number of further steps including the drilling result from the new
development wells. This includes entering into an agreement with a Bitcoin
miner on suitable terms and further assessment of potential sites for a future
operation.
Lastly, on 23 September 2025, the location of the next development location in
the Fouke area was staked. This well will be named the Allar #1 (formerly
Fouke #3) and is anticipated to be spud in late October 2025, but timing of
rig arrival is dependent upon the completion of the drilling activity of the
wells on the rig operator's schedule before the Allar #1.
I also wish to sincerely thank our shareholders for their continued support. I
look forward to updating you as we continue to grow our company.
Paul Welch
Chief Executive Officer
26 September 2025
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
Oak Securities (Joint Broker) Tel: +44 (0) 20 3973 3678
Robert Bell / Nick Price
Celicourt Communications Tel: +44 (0) 20 7770 6424
Email:
BucEng@celicourt.uk
(PR/IR)
Mark Antelme / Jimmy Lea
Buccaneer Energy plc
Consolidated Income Statement
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Year to
30 June 30 June 31 December 2024
2025 2024
Note $'000 $'000 $'000
Revenue 889 938 2,038
Cost of sales
Production Costs (1,046) (708) (1,213)
Depletion, depreciation, amortisation (216) (290) (681)
Total cost of sales (1,262) (998) (1,894)
GROSS (LOSS)/PROFIT (373) (60) 144
Share based payment (9) (20) (41)
Administrative expenses (445) (532) (1,177)
Foreign exchange (loss)/gain 52 (7) (26)
OPERATING (LOSS)/PROFIT (775) (619) (1100)
Finance costs (184) (179) (409)
Other income 14 6 - -
(LOSS)/PROFIT BEFORE TAX (945) (792) (1,509)
Income tax - - -
(LOSS)/PROFIT FOR THE PERIOD (945) (792) (1,509)
Attributed to:
Owners of the company (945) (792) (472)
Earnings per share expressed in cents per share:
Continued Operations
Basic (cents per share) 3 (0.02) (0.08) (0.08)
Diluted (cents per share) 3 (0.02) (0.08) (0.08)
The Group's operating loss arose from continuing operations.
There were no other recognised gains or losses other than those recognised in
the income statement above.
Buccaneer Energy plc
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Year to
30 June 30 June 31 December 2024
2025 2024
$'000 $'000 $'000
(LOSS)/PROFIT FOR THE PERIOD (945) (792) (1,509)
Other comprehensive income:
Currency translation differences - - -
Total comprehensive income for the period (945) (792) (1,509)
Total comprehensive income attributable to:
Owners of the company (945) (792) (1,509)
Buccaneer Energy plc
Consolidated Statement of Financial Position as at 30 June 2025
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December 2024
2025 2024
Note $'000 $'000 $'000
ASSETS
Non-current assets
Intangible assets 2,449 2,259 2,517
Property, plant and equipment 1,289 1,062 1,196
- oil and gas assets
3,738 3,321 3,713
Current assets
Trade and other receivables 418 687 103
Deposits and prepayments 52 11 376
Cash and cash equivalents 60 52 106
530 750 585
LIABILITIES
Current liabilities
Trade and other payables 1,240 1,176 922
Borrowings 17 85 49
1,257 1,261 971
NET CURRENT LIABILITIES (727) (511) (386)
Non-current liabilities
Decommissioning liabilities 453 405 428
Borrowings 4,247 4,319 4,247
4,700 4,724 4,675
NET LIABILITIES (1,689) (1,914) (1,348)
EQUITY AND RESERVES
Share capital 4 9,246 8,492 8,971
Share premium 23,222 22,130 22,902
Translation reserve (676) (676) (676)
Share option reserve 532 491 523
Retained losses (34,013) (32,351) (33,068)
(1,689) (1,914) (1,348)
Buccaneer Energy plc
Consolidated cash flow statement
For the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to 30 June 2025 Six months to Year to
30 June 2024 31 December 2024
$'000 $'000 $'000
Cash flows from operating activities
Operating income (loss) for the period
(945) (792) (1,509)
Adjustments for:
Depreciation of property, plant and equipment 97 142 383
Amortisation of intangible assets 93 125 253
Depletion 25 23 46
(Profit)/Loss on disposal of Fixed Assets - 11 11
(Profit)/Loss on disposal of Intangibles 4 65 72
Foreign exchange loss (gain) 1 7 26
Share based payment 9 20 41
Other Income - (6) -
Operating cash flows before movements in working capital (716) (405) (678)
(Increase) /decrease in receivables 8 (139) 122
Increase/(decrease) in payables 318 251 (424)
Increase/(decrease) in deposits and prepayments - 17 (24)
Interest paid 184 179 409
Net cash (used)/generated by operations (206) (97) (595)
Cash flows from investing activities
Purchase of intangible assets (29) (25) (348)
Purchase of plant and equipment (190) (76) (106)
Disposals - 56 40
Net cash from investing activities (219) (45) (414)
Cash flows from financing activities
Proceeds from issued share capital 595 372 1630
Net borrowing (32) (25) (133)
Finance costs (184) (179) (409)
Net cash from financing activities 379 168 1088
Increase/(decrease) in cash and cash equivalents (46) 26 80
Cash and cash equivalents at the beginning of the period 26 26
106
Cash and cash equivalents at the end of the period 60 52 106
Buccaneer Energy plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
Share Deferred shares Share Share option reserve Translation reserve Retained losses Total
capital premium
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2025 673 8,298 22,902 523 (676) (33,068) (1,348)
Loss for the period - - - - - (945) (945)
Shares issued, net of expenses 275 - 320 - - - 595
Share based payments - - - 9 - - 9
As at 30 June 2025 948 8,298 23,222 532 (676) (34,013) (1,689)
Share Deferred shares Share Share option reserve Translation reserve Retained losses Total
capital premium
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2024 1,593 6,549 22,115 464 (676) (31,559) (1,514)
Loss for the period - - - - - (792) (792)
Shares issued net of expenses 350 - 22 - - - 372
Cost of warrants issued - - (7) 7 - - -
Share based payments - - - 20 - - -
As at 30 June 2024 1,943 6,549 22,130 491 (676) (32,351) (1,914)
Share Deferred shares Share Share option reserve Translation reserve Retained losses Total
capital premium
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2024 1,593 6,549 22,115 464 (676) (31,559) (1,514)
Loss for the year - - - - - (1,509)- (1,509)
Total comprehensive loss for the year - - - - - (1,509) (1,509)
Shares issued, net of expenses 829 - 787 - - - 1,616
Division of shares (1,749) 1,749 - - - - -
Share based payments - - - 59 - - 59
As at 31 December 2024 673 8,298 22,902 523 (676) (33,068) (1,348)
Buccaneer Energy plc
Notes to the interim report
For the six months ended 30 June 2025
1. General Information
Buccaneer Energy plc (formerly Nostra Terra Oil and Gas Company) is a company
incorporated in England and Wales and quoted on the AIM market of the of the
London Stock Exchange (ticker: BUCE). The principal activity of the group is
disclosed as described in the report Chairman's statement and Chief Executive
Officer's Report.
2. Basis of preparation
The consolidated interim financial information for the six months ended 30 June 2025 has been prepared in accordance with the measurement and recognition principles of UK adopted international accounting standards and accounting policies that are consistent with the Group's Annual report and Accounts for the year ended 31 December 2024 and that are expected to be applied in the Group's Annual Report and Accounts for the year ended 31 December 2025. They do not include all of the information required for the full financial statements and should be read in conjunction with the 2024 Annual Report and Accounts which were prepared in accordance with UK adopted international accounting standards.
The comparative financial information for the year ended 31 December 2024 in this interim report does not constitute statutory accounts for that period under section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors contained a "material uncertainty related to going concern" paragraph but the auditor's report did not contain any statement under section 498 of the Companies Act 2006.
3. Earnings/(loss) per share
The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue during the period. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The group had two classes of dilutive potential ordinary shares, being those share options granted to employees and suppliers where the exercise price is less than the average market price of the group's ordinary shares during the year, and warrants granted to directors and one former adviser.
Unaudited Unaudited Audited
Six months to Six months to Year to 31 December 2024
30 June 2025 30 June 2024
(Loss)/earnings per ordinary shareholders ($000) (945) (792) (1,509)
Weighted average number of ordinary shares 6,196,838,256 1,006,410,644 1,925,182,923
Basic (cents per share) 0.02 0.08 (0.08)
Diluted (cents per share) 0.02 0.08 (0.08)
4. Share Capital
On 4 March 2025, the Company raised £500,000 (before expenses) through a subscription and placing of 2,173,913,043 new ordinary shares at a price of 0.023p per share.
The issued share capital as at 30 June 2025 was 6,949,346,617 ordinary shares of 0.01p each (31 December 2024: 4,775,433,574; 30 June 2024: 1,021,520,534 of 0.1p each).
5. Other events
On 19 August 2025, the Company raised £600,000 (before expenses) through a placing and subscription of 4,000,000,000 new ordinary shares at a price of 0.015p per share.
6. On September 2, 2024, the Company terminated a 6-month consulting agreement that it had entered into with its former CEO, Matthew Blaine Lofgran, following his resignation on 19 May 2024. The Board of Directors terminated this agreement due to several material breaches of its terms by Mr. Lofgran. Mr. Lofgran is disputing this termination and has filed a case with the County Court in London on June 16, 2025, for damages totaling £68,343.16. The Company believes that his case is without merit and plans to defend its position vigorously.
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