Buccaneer Energy Plc (AIM:BUCE), formerly Nostra Terra, told investors that it has continued to build and focus on organic growth in East Texas, whilst actively identifying and pursuing new opportunities.
The company this morning reported on the six months ended 30 June, highlighting that the latest workover program on the Pine Mills wells yielded increased production volumes and enhanced well reliability.
Work continues, meanwhile, on existing seismic and well databases to identify two attractive new well locations at Pine Mills.
Chief executive Paul Welch said he expected that the first well, Allar-1 (previously referred to as Fouke-3), would spud by late October.
Also, the firm is exploring an on-site Bitcoin mining solution to better monetise gas volumes (using the fuel to run power generation for crypto mining machines). It promises to unlock value from what Buccaneer refers to as 'otherwise unmonetisable' gas.
In terms of financials, the company reported a first-half loss of $944,000, with $889,000 of revenue in the six months.
Total production rose to 13,930 barrels net, up from 13,203 barrels a year earlier.
Buccaneer raised £600,000 through a placing and subscription to fund drilling of two development wells in Fouke.