Highlights

  • Buccaneer Energy raises GBP 500,000 (approx. USD 675,000) through subscription and placing.
  • Funds to support Fouke area Bitcoin mining and gas monetisation strategy in Texas.
  • Company introduces Bitcoin Treasury Policy to manage and utilise digital assets.

Buccaneer Energy Plc (LSE:BUCE), an international oil and gas exploration and production company with assets in Texas, USA, announced the completion of a GBP 500,000 (approx. USD 675,000) fundraise. The proceeds were secured through a subscription and placing of 2,961,185,383 ordinary shares at a price of 0.017p per share.

Additionally, certain suppliers have opted to receive shares as payment for services, resulting in the issue of 250,000,000 ordinary shares. The newly issued Fundraise Shares and Supplier Shares are expected to be admitted to trading on AIM on or around 6 November 2025.

Use of Proceeds and Gas Monetisation Strategy

The company plans to use the proceeds to fund its 100% working interest share in a Bitcoin mining operation within the Fouke area of East Texas. Buccaneer is seeking a partnership with a dedicated Bitcoin mining operator. However, should such a partnership not materialise, the company intends to proceed with establishing its own mining operation.

The decision aligns with Buccaneer’s gas monetisation strategy. With rising associated gas production in the Fouke area, the company identified Bitcoin mining as the most commercially viable alternative to gas flaring. The generated gas volumes, while not sufficient for a pipeline, can efficiently power local Bitcoin mining operations.

Appold has been appointed as adviser to guide the implementation of governance, custody, trading, and risk management frameworks for the digital asset operations.

Bitcoin Treasury Policy and Oversight

Buccaneer, with Appold’s advisory support, has also introduced a Bitcoin Treasury Policy aimed at managing and optimising digital asset holdings. The company plans to hold Bitcoin as a reserve asset while generating yield through low-risk lending and liquidity strategies.

The policy will be overseen by a Digital Asset Oversight Committee chaired by Non-Executive Director Jim Newman, alongside CEO Paul Welch, Non-Executive Chair Stephen Staley, and a representative from Appold. The company will use BitGo for digital asset custody services.

Management Commentary

Paul Welch, Chief Executive Officer of Buccaneer Energy, said:

“I am pleased to announce that we have completed a $675,000 fundraise for the progression of our major operational program at the Fouke Area in East Texas. We have identified two additional development locations in the Fouke area; these locations are within the same reservoir section that the successful Fouke 1 and 2 wells have previously developed, and we look forward to progressing the drilling of these wells... We will also set up a Bitcoin Treasury function, in conjunction with our partner Appold, to handle, store, and ultimately sell the Bitcoin revenue generated from this operation.”

Admission and Share Capital

Following admission, Buccaneer’s enlarged issued ordinary share capital will total 14,735,531,999 shares. No ordinary shares are held in treasury.

Director subscriptions and related party transactions were conducted at the same placing price, with independent verification from the company’s nominated adviser, SP Angel Corporate Finance LLP, confirming the terms to be fair and reasonable for shareholders.

Share Performance

BUCE’s shares traded at GBX 0.024per share on 03 November 2025, down by 0.42% from its previous close of GBX 0.024.