IN BRIEF: Buccaneer Energy to raise funds to back European push
Buccaneer Energy PLC - Texas-focused exploration company, previously known as Nostra Terra Oil & Gas - Announces an expansion into European onshore gas, a technical partnership, and a placing, subscription and fee conversion to raise £425,000 to fund initial technical and commercial work programme in the region. The fund raise is priced at 0.01 pence per share and consists of £125,000 from the placing, £194,000 from the subscription and £141,000 from the fee conversion. A European technical partnership is established with Orion Resources Ltd, led by geologist Roberto Bencini. More than 300 European onshore gas opportunities are being screened, with an initial shortlist now being progressed. Initially targetting a portfolio of up to three low-cost entry projects, with around USD28 million annual cash flow. Buccaneer is targeting growth into becoming a mid-sized exploration and production company producing 5,000 barrels of oil equivalent per day over the next three to five years. Buccaneer's Texas operations continue to increase reserves and generate positive net cash flow at current oil prices. Average net production is currently around 135 bopd and June is expected to have generated USD200,000 positive net cash flow. "This marks the beginning of an exciting new chapter for Buccaneer. The financial benefits of the capital raise will allow us to pursue opportunities in the European gas market that we believe have the potential to deliver significant returns," says Chief Executive Paul Welch.
Current stock price: 0.011 pence, closed up 14% in London on Wednesday
12-month change: down 46%
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