Buccaneer Energy Plc (AIM:BUCE) has raised £600,000 through a placing and subscription, with proceeds set to support development and commercialisation efforts in East Texas.
The funds will be used to support the company’s 32.5% working interest in
Two new development wells are planned at the firm's 32.5% owned Fouke area, with drilling slated for September and December.
“I am pleased to announce that we have completed a £600,000 fundraise for the progression of our major operational program at the Fouke Area in East Texas," said chief executive Paul Welch, who participated in the raise personally, investing £15,000.
"We have identified two additional development locations that are within the same reservoir section as the successful Fouke 1 and 2 wells.”
He added that the expected gas volumes, whilst not sufficient for pipeline offtake, could support a power project that would enable a Bitcoin mining operation to monetise the gas.
To this end, Buccaneer has appointed Appold as its strategic adviser for digital asset initiatives, and the AIM-quoted firm said it is considering a partnership with a bitcoin miner to monetise associated gas from production.
Today's equity raise sees some 4 billion new shares being issued at 0.015p each.