Fundraise and Proposed WRAP Retail Offer
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014, WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
12 November 2026
Buccaneer Energy plc
("Buccaneer" or the "Company")
Fundraise for £510,000 and Proposed WRAP Retail Offer
Strategy Update
Buccaneer Energy plc (AIM: BUCE), the oil and gas company with producing assets in Texas that is building a European onshore gas portfolio, announces that it has received firm commitments to raise £510,000 (approximately US$678,300) before expenses, comprising a placing to raise £422,650 (the “Placing”) and a direct subscription with the Company to raise £87,350 (the “Subscription”), through the issue of, in aggregate, 5,100,000,000 new ordinary shares (the “New Ordinary Shares”) at a price of 0.01 pence per share (the “Issue Price”). The Issue Price represents a premium of approximately 5.26 percent to the closing mid-market price of 0.0095 pence per ordinary share on 11 November 2026, being the last practicable date prior to this announcement. The Placing and the Subscription together are referred to as the “Fundraise”.
Each New Ordinary Share will carry one warrant to subscribe for one new ordinary share at an exercise price of 0.01 pence, exercisable for 2 years from Admission (as defined below) (the "Warrants"). The Warrants are subject to a share performance-based acceleration provision. Further details are set out below.
WRAP Retail Offer To provide existing shareholders and potentially other retail investors the opportunity to participate on the same terms, the Company intends to launch a retail offer to raise up to a further £100,000 at the Issue Price (the “Retail Offer"). A separate announcement will be made shortly with full details of the Retail Offer.
Highlights
- Firm commitments of £510,000 at 0.01 pence per share, including participation from Premier Miton Group and Gledhow Investments plc
- Proposed Retail Offer for existing shareholders to participate on the same terms as the Placing and Subscription investors, including Warrant participation
- US portfolio to be positioned for potential divestment, with production at its highest possible level, to take advantage of elevated oil prices, strong margins on US production and strong demand for producing US onshore assets
- European onshore gas programme progressing ahead of the Board’s expectations, with the internal NPV10 estimate for the shortlisted projects upgraded to approximately US$645 million (previously c.US$500 million)
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Net proceeds from the Fundraise to be utilised, inter alia, to:
- replace four electric submersible pumps (ESPs) and complete workovers at Pine Mills, so that every well is on full production potential ahead of the mid-December reserve-based valuation for the Company's Washington Federal Bank facility;
- provide funding for the Fouke waterflood project, where recent technical work indicates greater volume potential, supporting the Board’s aim to increase the Company’s interest in the project; and
- provide funding towards the European onshore gas programme to acquire data, progress applications, begin Technical Report work and establish in-country presence
Paul Welch, Chief Executive Officer of Buccaneer, commented:
“We had not planned to return to the market at this stage, and I want to be clear with shareholders why we have. With oil prices elevated and strong demand for US oil assets, now is an opportune time to make sure our Texas portfolio is presented at its best. With our lender’s reserve valuation due in December 2026, we want the field performing at its full potential when it is assessed, so that we can maximise the value attached to it ahead of any further strategic decisions.
Unfortunately, two pumps at Pine Mills have reached the end of their life, and the extreme spring weather took a heavy toll on others. We expect that replacing them now will bring every well back to steady-state production and ensure the full potential value of our Texas assets is reflected while oil prices are strong.
At the same time, our European gas programme is moving faster than we expected, and this funding lets us keep that momentum as we progress applications and build our presence in country. We also intend for the Fundraise to be accompanied by a Retail Offer so that existing shareholders and potentially other retail investors can take part on the same terms as other investors.”
Background to the Fundraise and Use of Proceeds
Texas
Oil prices have remained elevated and the Company continues to realise strong margins on its US production. Demand for producing US onshore assets is correspondingly strong, and the Board believes this may present an attractive opportunity to position the US portfolio for potential divestment, with production at its highest possible level.
To achieve this, the Company is bringing forward the replacement of four electric submersible pumps (ESPs) at the Pine Mills field. Two have reached the end of their operating life, and repeated power interruptions during severe spring weather has caused the others to wear prematurely, leading to fluctuating production, with some units lasting less than half their typical four-year life.
The Company’s revolving credit facility with Washington Federal Bank (“WAFD Bank”) is subject to semi-annual reserve-based valuations, the next of which is expected in mid-December 2026.
Following the ESP replacements, the Board’s priority is to return Pine Mills to full production before the WAFD evaluation, ensuring the full potential value of the US portfolio is reflected ahead of any potential divestment process.
Proceeds from the Fundraise will also fund costs associated with the Fouke waterflood, where recent technical work indicates that the recoverable volume is greater than originally anticipated, making an increased equity interest in the project more attractive to the Company.
European Onshore Gas
The Company's European onshore gas programme is progressing ahead of the Board's expectations. Having reviewed close to 300 opportunities, the Company is advancing applications across its shortlisted projects, which together represent c.250 bcf of P50 prospective resource potential, as previously announced.
Following recent internal technical work, the Company has upgraded its estimate of the combined NPV10 of these projects to approximately US$645 million (previously c.US$500 million). This is on a 100% project, success-case basis, using a flat gas price of US$11/mcf, which is well below current European prices.
Proceeds from the Fundraise will be used to acquire technical data, advance licence applications and permits, commence independent Technical Report work, and establish in-country presence, including local operating entities, so that the Company can move promptly to the next stages. The Board will update shareholders on discrete milestones as appropriate.
Details of the Fundraise
The New Ordinary Shares will be issued under the Company's existing share authorities. The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares.
The Fundraise is conditional on, among other things, admission of the New Ordinary Shares to trading on AIM ("Admission"). An application will be made for the New Ordinary Shares to be admitted to trading on AIM and Admission is expected to take place at 8.00 a.m. on or around 19 November 2026.
Steve Staley, Chairman, Paul Welch, CEO, and Jim Newman, Non-executive Director, have subscribed for a total of 163,500,000 new Ordinary Shares, in the Subscription on the same terms as other participants in the Fundraise. The Subscription is expected to complete at the same time as the Placing.
Details of the Warrants
Subject to Admission of the New Ordinary Shares, each participant in the Placing and Subscription will receive one warrant for every New Ordinary Share subscribed. Accordingly, in aggregate, Warrants over 5,100,000,000 new Ordinary Shares are expected to be issued as part of the Fundraise. The Warrants will be assignable and exercisable at a price of 0.01 pence per new Ordinary Share for a period of two years from Admission but will not be listed or quoted on any stock exchange.
The Warrants are subject to an accelerated exercise provision whereby, if the five-day volume-weighted average price of an Ordinary Share is at or above 0.02 pence on each of fifteen consecutive trading days, the Company may serve notice on Warrant holders, who will then have 30 business days to exercise their Warrants (the “Accelerated Exercise Period”), failing which they will lapse. If only part of the Warrants are exercised, any unexercised part of the Warrants will lapse on expiry of the Accelerated Exercise Period. The price payable per Ordinary Share upon the exercise of any Warrants during the Accelerated Exercise Period will be 0.02p.
Substantial Shareholder Participation
Premier Miton Group (“Premier Miton”), a substantial shareholder of the Company for the purpose of the AIM Rules for Companies, has subscribed for 750,000,000 New Ordinary Shares under the Placing at the Issue Price. Accordingly, on Admission, Premier Miton will hold 4,809,907,275 Ordinary Shares which will represent approximately 17.0 percent. of the enlarged issued share capital on Admission.
Total Voting Rights
Following Admission and before any shares are issued under the Retail Offer, the Company's issued share capital will comprise 28,265,532,000 ordinary shares of 0.01p each, each with one voting right. The Company holds no shares in treasury. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
For further information, please contact:
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Buccaneer Energy plc Paul Welch, CEO
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Email: |
Investor_relations@buccaneerenergy.co.uk |
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Allenby Capital Limited (Nominated Adviser and Joint Broker) Jeremy Porter / Alex Brearley
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Tel: |
+44 (0) 20 3328 5656 |
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SP Angel Corporate Finance LLP (Joint Broker) Stuart Gledhill / Richard Hail / Adam Cowl
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Tel: |
+44 (0) 20 3470 0470 |
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Celicourt Communications (PR/IR) Mark Antelme / Kathleen Beams |
Tel: |
+44 (0) 20 7770 6424 |
Qualified Person
In accordance with the AIM Note for Mining and Oil & Gas Companies, the technical information in this announcement relating to the Company's European onshore gas projects, including the NPV10 estimate, has been reviewed and approved by Paul Welch, CEO, who has over 35 years of relevant experience in the oil and gas industry, holds a master’s degree in petroleum engineering and is a member of the Society of Petroleum Engineers. The NPV10 estimate is an internal estimate prepared by the Company in accordance with the SPE Petroleum Resources Management System (2018) and has not been independently verified.
Glossary:
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BCF: |
Billion Cubic Feet |
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NPV10: |
Estimated net present value using a discount rate of 10%
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Prospective Resources: |
Quantities of petroleum that are estimated to exist originally in naturally occurring reservoirs, as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen in-place are defined in the same manner
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P50 resource: |
Reflects a volume estimate that, assuming the accumulation is developed, there is a 50% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a median or best case estimate of resource
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