Buccaneer Energy Plc

("Buccaneer" or the "Company")

28 January 2026

WAFD Bank - Borrowing Base Reserve Update

Reserve Volumes Increase - NPV10 - $9.6m

Buccaneer Energy (AIM: BUCE), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA, is pleased to announce that it has completed a reserve valuation update in connection with its credit facility with WAFD Bank ("WAFD"), formerly Washington Federal Savings and Loan.

The updated valuation confirms an increase in proved reserve volumes and supports the continued strength of the Company's asset base, notwithstanding a more conservative oil price outlook applied by the lender.

Paul Welch, Buccaneer Energy's Chief Executive Officer, said:

"We are encouraged by the outcome of the latest borrowing base review, which demonstrates the underlying strength and resilience of our asset base. Total proved net reserves increased by 6% while forecast cash flows remain broadly stable year on year, despite WAFD's near-term oil price assumption being reduced by $7.45 per barrel, or 14%, to reflect its outlook on global oil markets.

Our onshore Texas assets continue to benefit from low operating costs, enabling the business to perform well in the current pricing environment. "

Highlights

WAFD Senior Facility

Senior Facility & Corporate Valuation

The size of the Facility and Borrowing Base will continue to be reassessed at least twice yearly. The Board anticipates that the Facility and Borrowing Base will continue to expand as the Company's production, cashflows and reserves increase. The current interest rate on the facility is 6.75% and is indexed to the WSJ prime rate. The Facility is not restricted to any geographical region and can expand further with the acquisition or development of other producing assets.

Asset Valuation

WAFD has updated its borrowing base using a report from a third-party engineering firm, APN Energy Consultants LLC ("APN"), effective 1 December 2025. APN prepared the report for the Company to submit to WAFD.

Assets included in the borrowing base are as follows:

Future Net Income attributable to the Company's interest, as determined by WAFD using the price deck listed below, is calculated after deducting estimated future operating and development costs, production and ad valorem taxes, but before Federal income taxes.

 Future revenues were estimated using a WTI oil price forecast supplied by the lender:

For further information, contact:

Technical Glossary

$ - US Dollar

bbl - barrel

Borrowing Base - the amount of money that a lender is willing to loan a company, based on the value of the collateral the company pledges.

Future Net Income or FNI - the  projected Gross Revenues expected to be realised by the Company during the productive life of the asset less the sum of the Operating Costs payable.

Gross - total quantity or amount.

HBP - Held by Production.

Net - quantity or amount associated with Buccaneer's interest.

Net Present Value or NPV - the difference between the present value of cash inflows and the present value of cash outflows over a period of time.

WSJ - Wall Street Journal

WTI - West Texas Intermediate crude oil benchmark price in $/bbl.