Buccaneer Energy Plc (LSE:BUCE), formerly known as Nostra Terra, said it is pressing ahead with organic growth in East Texas while pursuing new strategic opportunities to boost production and value creation.
In its update covering the six months ended June 30, the company highlighted that its recent workover program at the Pine Mills field led to higher production volumes and improved well reliability. Ongoing analysis of seismic and well data has also identified two promising drilling targets in the area.
Chief Executive Paul Welch noted that the first of these wells, Allar-1 (previously called Fouke-3), is expected to spud by late October.
Alongside drilling, the company is advancing plans for an on-site Bitcoin mining initiative designed to monetize surplus gas by powering crypto mining equipment — turning what Buccaneer describes as “otherwise unmonetisable” gas into a revenue stream.
Financially, Buccaneer reported a first-half loss of $944,000 on revenues of $889,000. Total production rose to 13,930 barrels net, compared with 13,203 barrels a year earlier.
To support further development, the company raised £600,000 through a placing and subscription, earmarked for drilling two new development wells in Fouke.
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