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Buccaneer Energy PLC on Tuesday said it has raised £600,000 through a subscription and placing of new shares. The Texas-focused exploration company, previously known as Nostra Terra Oil & Gas Co, said the funds were generated through the subscription and placing of 4.00 billion new shares at 0.015 pence each. The proceeds of the fundraising will be used to fund its Buccaneer’s share of the drilling of two development locations in the Fouke area. Bucanneer’s working interest is 33%, with well plans for September and December. Wells in the Fouke area produced water free at the field allowable rate of 124 barrels of oil per day. It is expected that the next two development locations will produce at similar rates, Buccaneer said. ‘The associated gas produced in the Fouke area has been increasing over time and with volumes provided by the two additional development wells the company has been evaluating potential local solutions for reducing gas flaring and monetising the produced gas,’ the firm said. It said it has been considering options to use the gas for powering bitcoin mining. Buccaneer said it has appointed Appold as its strategic advisor on the potential future bitcoin strategy. ‘While some initial discussions with bitcoin mining operators have taken place, there can be no certainty that the company will successfully partner with a bitcoin mining operator to generate a return from its gas production, the timeframe of such a partnership or the eventual return from such a partnership,’ it said. Chief Executive Officer Paul Welch said: ‘This gas has restricted production in Fouke 2 and delayed the drilling of the remaining development wells. ‘The gas volumes, however, were determined to be too small to develop a dedicated offtake pipeline but are sufficient to dedicate to a power project that can use the gas offtake to mine for bitcoin, which is a preferred option to flaring the gas. This allows us to accelerate the development of these locations.’ Shares in Buccaneer Energy were down 7.7% at 0.016p in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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