8 June 2026

Buccaneer Energy Plc

("Buccaneer" or the "Company")

SP Angel Issues Updated Research Note

Reiterates BUY Rating and 0.05p Target Price

Buccaneer Energy (AIM: BUCE), the US-focused oil and gas production and development company, is pleased to note the publication of updated research by SP Angel Corporate Finance LLP following the Company's recent operational progress at Pine Mills, Texas.

The research reiterates a BUY recommendation and a 12-month target price of 0.05p per share, representing significant upside to the current share price. SP Angel's updated valuation reflects recent developments including the Carlisle-1 acquisition, progress at the Organic Oil Recovery ("OOR") programme and the planned Fouke waterflood development. 

Highlights

The note discusses Buccaneer's strategy of increasing production through low-cost optimisation initiatives, enhanced recovery projects and development of the Fouke area waterflood, while using operating cash flow to support future growth opportunities. SP Angel notes that higher and more stable production volumes should assist in narrowing the discount between the Company's market valuation and the value attributed to its producing reserve base.

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

"It is encouraging to see SP Angel recognise the progress made over the past two years as we have rebuilt Buccaneer into a growing, cash-generative business.

Buccaneer today is a very different company to the one we inherited. We are generating meaningful cash flow, have a growing production base and continue to benefit from low operating costs and a supportive oil price environment.

With the Fouke waterflood progressing, continued optimisation opportunities across Pine Mills, and a strong operational platform in place, we believe we have multiple catalysts capable of driving further production growth and helping close the gap between our market valuation and the underlying value of the business."

The full research note is available below:

www.buccaneerenergy.co.uk/analyst-reports/

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**ENDS**

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