| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.04M | 2.82M | 4.02M | 2.28M | 1.02M |
| Gross Profit | 144.00K | 791.00K | 806.00K | 170.66K | -395.00K |
| EBITDA | -418.00K | 513.00K | 192.00K | -494.00K | -783.00K |
| Net Income | -1.51M | -472.00K | -546.00K | -1.09M | -1.30M |
Balance Sheet | |||||
| Total Assets | 4.30M | 4.22M | 4.29M | 3.34M | 3.26M |
| Cash, Cash Equivalents and Short-Term Investments | 106.00K | 26.00K | 132.00K | 45.00K | 72.00K |
| Total Debt | 4.30M | 4.43M | 3.98M | 2.98M | 3.02M |
| Total Liabilities | 5.65M | 5.74M | 5.37M | 4.23M | 3.86M |
| Stockholders Equity | -1.35M | -1.51M | -1.08M | -886.00K | -599.00K |
Cash Flow | |||||
| Free Cash Flow | -1.05M | -158.00K | -973.00K | -576.00K | -1.50M |
| Operating Cash Flow | -595.00K | 506.00K | 1.06M | -70.00K | -859.00K |
| Investing Cash Flow | -414.00K | -620.00K | -1.96M | -470.00K | -545.00K |
| Financing Cash Flow | 1.09M | 8.00K | 982.00K | 513.00K | 1.24M |
Buccaneer Energy has announced plans to implement a secondary recovery waterflood scheme in the Fouke area of the Pine Mills field, using Turner #1 and Daniel #1 wells as injection points. This initiative is expected to significantly increase recoverable oil volumes, potentially tripling them, and enhance production efficiency. The company anticipates forming a waterflood unit and constructing necessary facilities within six months, during which Turner #1 will resume production to contribute to current output.
Buccaneer Energy has acquired a 32.5% interest in additional leasehold acreage in the Fouke area of the Pine Mills field, enhancing its potential for new production and sidetrack opportunities. This acquisition includes the Turner #1 and Daniel #1 wells, with plans for near-term production and future development. The company is in discussions with the Texas Railroad Commission regarding an enhanced recovery plan and is on track to begin drilling the Fouke #4 well by late December 2025. This strategic move positions Buccaneer Energy to increase its production and value in the Pine Mills area.
Buccaneer Energy announced the results of the Allar #1 well in the Pine Mills Field, revealing that the well did not contain a commercial hydrocarbon accumulation and will be plugged and abandoned. Despite this setback, the company gained valuable geological data that will inform future drilling plans, particularly for the upcoming Fouke #4 well. The company remains committed to its strategy of increasing production and optimizing value from the Pine Mills Field.
Buccaneer Energy has successfully raised £500,000 to fund a Bitcoin mining operation as part of its Fouke area development program in Texas. The company plans to use the associated gas from its wells to power the Bitcoin mining operation, aiming to reduce gas flaring and monetize the gas. Buccaneer is also establishing a Bitcoin Treasury function to manage and generate yield from Bitcoin, highlighting its strategic shift towards integrating digital assets into its business model. This move is expected to enhance the company’s operational capabilities and potentially increase its financial performance, although it carries inherent risks due to the volatility and regulatory uncertainties associated with digital assets.
Buccaneer Energy has announced the spud of the Allar #1 well in the Pine Mills Field, Texas, with a 32.5% working interest. This move is part of the company’s strategy to increase production and enhance cash flow from its existing assets, with results expected to be shared after the drilling and evaluation period.
Buccaneer Energy announced its participation in the Proactive One2One Investor Forum in London, where CEO Paul Welch will present the company’s latest developments. This engagement is part of Buccaneer’s strategy to enhance its visibility and investor relations, potentially impacting its market positioning positively.