Buccaneer Energy shares rise over 15% as CEO says production has more than doubled since 2024
ProactiveFri, September 11, 2026 at 12:00 PM GMT+3 1 min read
Buccaneer Energy Plc (AIM:BUCE, FRA:LMU1) shares rose over 15% to 0.011p in early Friday trade after chief executive Paul Welch told the SmallCapPix platform that net production has more than doubled since mid-2024.
The AIM-listed oil and gas exploration and production company holds assets in Texas and is building a European onshore gas strategy.
Welch told the interviewer the Texas business now generates positive free cash flow of between $200,000 and $250,000 a month at recent prices, equivalent to roughly 10% of Buccaneer's current market capitalisation.
He described Texas as the platform rather than the destination, positioning it as a stable, cash-generative base to fund the company's next phase of growth.
Production is targeted to reach approximately 250 barrels of oil per day by year end, supported by the ongoing Fouke waterflood and an expanding organic oil recovery programme.
Turning to Europe, Welch pointed to transformed regional gas dynamics, including the end of Russian pipeline supply and disrupted Middle Eastern liquefied natural gas flows, which have pushed European prices to a significant multiple of US levels.
He said Buccaneer's exploration team has screened close to 300 European gas opportunities down to a focused shortlist, targeting an initial portfolio with a net present value of approximately $500 million.
The Board's ambition is to grow the company into a mid-sized explorer and producer, reaching approximately 5,000 barrels of oil equivalent per day within three to five years.
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