Buccaneer Energy Plc

("Buccaneer" or the "Company")

24 June 2026

Reserve Volumes Increase 18% - NPV10 Up 27% to US$11.7m

WAFD Bank - Borrowing Base Reserve Update

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 forecast cash flow, supporting the continued strength of the Company's asset base, notwithstanding the lender's more conservative oil price outlook.

Highlights

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 18% while forecast cash flow increased by 27% using WAFD's near-term oil price assumption of $70 per barrel, to reflect its outlook on global oil markets.

Our onshore Texas asset base has increased with the acquisition of the Carlisle-1 well in March of this year.  This strategic acquisition has increased our equity position in the Fouke enhanced recovery area, increasing our proved undeveloped asset base by 68%.  This project is anticipated to be onstream in the 4^th quarter of 2026 and is expected to lead to a further increase in the lending base.

Our onshore position continues to benefit from low operating costs, enabling the business to perform well in the current pricing environment while retaining meaningful upside as production, cash flow and reserves continue to grow."

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. All reserve estimates have been prepared using standard petroleum engineering practices and conform to the guidelines contained within the Petroleum Resources Management System (PRMS).

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 use a WTI oil price forecast supplied by the lender (WAFD) and dated Strip pricing:

Qualified Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information

contained within the announcement has been reviewed and signed off by Paul Welch, Chief Executive Officer and Director, who has over 40 years of international oil and gas industry experience and is a Member of the SPE

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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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.

PRMS - a standard which has been approved by the Society of Petroleum Engineers (SPE), the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEC), the Society of Petrophysicists and Well Log Analysts (SPWLA), and the European Association of Geoscientists & Engineers (EAGE) in 2018. The PRMS is available in its entirety for review online at www.spe.org.

WSJ - Wall Street Journal

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