Net production has more than doubled since mid-2024. The business now generates positive free cash flow of c.$200,000 to $250,000 per month at recent prices, roughly 10% of the Company's current market capitalisation

Texas operations continue to generate positive net cash flow, helping to support the Company's next phase of growth

Further organic upside remains in-field, with production targeted towards approximately 250 bopd by year end through the ongoing Fouke waterflood and an expanding Organic Oil Recovery programme

The Board views Texas as the platform, not the destination: a stable, cash-generative base

Europe's gas market has been transformed. The end of Russian pipeline supply, disrupted Middle Eastern LNG flows, and limited regional storage have driven European gas prices to a significant multiple of US levels

Host governments are increasingly encouraging domestic gas development, reopening opportunities that had been off-limits for a decade or more

Our European exploration team, led by Roberto Bencini, has screened close to 300 European gas opportunities down to a focused shortlist

The Company is targeting an initial portfolio with an NPV10 of c.$500 million, to be developed through a capital-light strategy: securing acreage, advancing technical work, then bringing in partner capital to fund drilling

The Board's ambition is to grow Buccaneer into a mid-sized E&P company producing approximately 5,000 boepd in the next three to five years, delivering scale that organic US growth alone could not achieve at pace