26 September 2025

Buccaneer Energy PLC

Interim Results for the six months ended 30 June 2025

Buccaneer Energy PLC (AIM: BUCE), an international oil & gas exploration and production company with development and production assets in Texas, US, is pleased to announce its unaudited results for the six-month period ended 30 June 2025. A copy of the Interim Results is available on the Company's website, www.buccaneerenergy.co.uk

Financial Highlights:

Operational and Strategic Highlights:

Post-period events:

Chairman's Report

The first six months of 2025 built on the work begun in 2024 to focus on organic growth in our existing East Texas assets at Pine Mills whilst actively identifying and pursuing new opportunities in Texas and nearby states.

The second phase of our workover program on existing Pine Mills wells has yielded increased production volumes and enhanced well reliability. This was funded by a £500,000 placing of new shares in March 2025.

Work on the existing seismic and well databases continued, yielding two attractive new well locations at Pine Mills that we believe share production characteristics similar to those of the Fouke 1 and Fouke 2 wells. These wells would access an area of the field that appears not to have so far been produced and could hold more than 300,000 barrels of oil. With the existing maximum "field allowable rate" of 124 bopd/well gross already granted by the Texas Railroad Commission and the expectation that the reservoir is more than capable of delivering this, we are looking forward to the results of these wells.

In January 2025, our credit facility with WAFD was renewed on favourable terms for an additional three years.  The interest rate on this facility is indexed to the US Federal Funds rate and is anticipated to decrease in the near term.  We have already seen the first 25 basis point decrease and anticipate further cuts in rates during the remainder of 2025. These rate decreases reduce our monthly coupon payments, further lowering our interest payments and providing cash that can be invested into our ongoing operations. The size of the facility will be redetermined after the results of the Fouke area development wells are complete and we anticipate it increasing as a result.

In June 2025, to reflect the new direction of the Company, Nostra Terra Oil & Gas Company plc was renamed Buccaneer Energy plc, its logo changed and its website updated.

Post period-end and staying in Pine Mills, a successful fundraise in August saw £600,000 raised to fund our share of drilling the next two development locations in the Fouke area. At the same time we added OAK Securities as joint broker to the Company. OAK bring extensive experience of both conventional oil & gas and bitcoin mining. By potentially being utilised to power the mining of bitcoin at the wellsite, otherwise unmonetisable gas produced from our operations may be used to improve both the environmental outcome and Buccaneer's revenue stream. In assessing this opportunity, the Company is ensuring it is properly advised by the appointment of bitcoin specialists Appold and equipped with an official custodian and provider of liquidity by entering into agreements with BitGo.

In addition, a number of attractive acquisition opportunities have been, and continue to be, assessed by Buccaneer within our existing core geographic areas.

On behalf of the board of Buccaneer, I would like to thank shareholders for their continued support.

Dr Stephen Staley

Chairman

26 September 2025

Chief Executive Officer's report

Production increased in the first half of the year, resulting from the completion of the workover programs in the Pine Mills field.

Revenue was $888,956 during the first half of the year (30 June 2024: $938,000). Net loss from operations for the period was $944,232 (30 June 2024: $792,000 loss). Average oil sales prices during the period were $63.81 per barrel (30 June 2024: $74.45 per barrel).

Production increases, which started in the 4^th quarter of 2024, continued into the reporting period.  The second phase of the workover program commenced in late December 2024 and was completed during the 1^st quarter of 2025. Average monthly oil production in Pine Mills (excluding the existing Fouke wells) peaked in May 25 at 94 bopd gross, which was an almost doubling of the average rate prior to the workover program start-up.  Post period saw a temporary decrease in production due to significant rain and storm activity in the field area, which deposited twice the precipitation compared to the 30-year average, resulting in localized flooding in the field.  However, once the storms ended in late summer, Pine Mills oil production rebounded, reaching a peak of 185 bopd on 31 August 2025 and is currently averaging approximately 84 bopd during September 2025 to date. The field still has 3 wells down, due to storm activity, accounting for approximately 20-25 bopd, which the Company plans to bring back on to production during the next month.

Production in the Fouke area remained steady during the period, at approximately 100 bopd gross (WI 32.5%, net 33 bopd), while production in West Texas also remained steady at 10 bopd net to the Company's working interest during the period.   

Finally, concurrent with the approval of the next development locations in the Fouke area, the Company has initiated several technical studies on monetizing locally produced gas in the Fouke area.  The results of those studies determined that providing gas/energy to a Bitcoin Mining operation was the best option for this resource.  Post period, evaluations of multiple options for the development of a bitcoin mining operation in the Fouke area are underway with the Company reviewing the optimum commercial strategy, with the target deployment being the late 1^st quarter of 2026.  

The implementation of a successful strategy to monetise this gas is subject to a number of further steps including the drilling result from the new development wells. This includes entering into an agreement with a Bitcoin miner on suitable terms and further assessment of potential sites for a future operation.

Lastly, on 23 September 2025, the location of the next development location in the Fouke area was staked.  This well will be named the Allar #1 (formerly Fouke #3) and is anticipated to be spud in late October 2025, but timing of rig arrival is dependent upon the completion of the drilling activity of the wells on the rig operator's schedule before the Allar #1.

I also wish to sincerely thank our shareholders for their continued support. I look forward to updating you as we continue to grow our company.

Paul Welch

Chief Executive Officer

26 September 2025

Buccaneer Energy plc

Consolidated Income Statement

for the six months ended 30 June 2025

The Group's operating loss arose from continuing operations.

There were no other recognised gains or losses other than those recognised in the income statement above.

Buccaneer Energy plc

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2025

Buccaneer Energy plc

Consolidated Statement of Financial Position as at 30 June 2025