Buccaneer Energy CEO Paul Welch joined Steve Darling from Proactive to confirm the company has closed a £350,000 fundraise to finance an adjacent producing-well acquisition in East Texas and accelerate its Organic Oil Recovery (OOR) programme.
The raise included participation from institutional investor Premier Miton Group plc, alongside directors, management, and existing shareholders.
Welch said proceeds will fund the acquisition of a 100% working interest in the Carlisle 1 well in the Fouke area of the Pine Mills field for US$425,000. The well is expected to add approximately 25 barrels of oil per day (bopd) net to Buccaneer’s production. Following completion, the company anticipates total net output will increase to roughly 160 bopd, strengthening its position within the proposed Fouke waterflood unit.
Buccaneer also plans to expand its OOR programme across Pine Mills, with services delivered by Hunting PLC. A pilot treatment in the field previously generated a 100% uplift in production within the treated zone, supporting management’s confidence in broader implementation.
The combined acquisition and recovery strategy is aimed at delivering near-term production growth while enhancing the company’s longer-term development potential in East Texas.
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