Buccaneer Energy Plc (AIM:BUCE, FRA:LMU1) started the week higher, climbing on AIM, after the small-cap told investors it is targeting net production of around 250 barrels of oil per day in the near-term after more than doubling output from its East Texas operations since mid-2024.
Current average production stands at approximately 135 bopd, compared with 54 bopd when the present management team assumed control. Pine Mills and Fouke generated around US$250,000 of positive net cash flow in May, helped by realised oil prices above US$100 per barrel.
The company said operating and administrative costs are now covered by its production base, allowing it to service and begin paying down legacy debt. Its US$425,000 acquisition of Carlisle-1 added roughly 25 bopd and produced US$65,000 of free cash flow in May, implying payback in just over six months.
Carlisle-1 also lifted Buccaneer’s interest in the proposed Fouke waterflood unit above 50%, giving it operational control ahead of the programme’s planned start in late third-quarter 2026. Separately, an oil-recovery pilot conducted with Hunting PLC (LSE:HTG) reduced one well’s water cut from 90% to effectively zero, with the improvement sustained for four months.
The group intends to expand the recovery programme progressively without material upfront capital expenditure, while continuing to assess larger opportunities in Texas and international energy markets.
In London, Buccaneer shares moved up 10.5% on Monday, rising to 0.011p.
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