Buccaneer Energy Plc (AIM:BUCE, FRA:LMU1), in its annual results, told investors it is targeting a material increase in production in 2026 through its Fouke waterflood and wider Organic Oil Recovery programme, after weaker oil prices and lower volumes dragged annual revenue and earnings lower.
Revenue for the year to 31 December 2025 fell 26% to US$1.51 million from US$2.04 million, with the average realised oil price dropping to US$61.76 per barrel from US$72.24. Net production declined to 24,127 BOE from 28,112 BOE.
The AIM-listed Texas oil and gas group reported a loss of US$2.18 million, compared with US$1.51 million a year earlier. Gross profit before depreciation, depletion and amortisation fell to US$267,000 from US$824,000.
Operationally, Buccaneer said its Pine Mills field production peaked at 186 barrels of oil per day, up from 50 bopd at the time of the management change, though spring flooding forced several areas to be shut in for almost a month.
After the year-end, the company acquired a 100% working interest in the Carlisle-1 well in the Fouke area, which it plans to include in the waterflood. Buccaneer said this should lift its working interest in the project from 32.5% to more than 50%, allowing it to become operator, with start-up anticipated in the late third quarter of 2026 subject to regulatory approval.