Buccaneer Energy (AIM:BUCE), the AIM-listed international oil and gas exploration and production company, said current average net production at its Pine Mills field in East Texas has reached approximately 135 barrels of oil per day (bopd).
That compares with roughly 54 bopd when the current management team took over in mid-2024, following a period of underinvestment and cash-flow misallocation.
In May, the Pine Mills and Fouke assets generated approximately $250,000 in positive net cash flow at realised prices exceeding $100 per barrel.
General and administrative costs are now running comfortably within cash generated from production, allowing Buccaneer to service interest on its legacy debt and begin paying it down.
The Carlisle-1 well, acquired for $425,000 earlier this year, has added approximately 25 bopd and generated $65,000 of free cash flow in May alone, implying payback in just over six months.
The acquisition also lifted Buccaneer's working interest in the proposed Fouke waterflood unit above 50%, giving it operational control of the programme, which remains on track to start late in the third quarter.
A separate Organic Oil Recovery pilot with Hunting has cut one treated well's water cut from 90% to effectively zero, sustained over four months, reducing power costs tied to water handling.
Management expects the combined initiatives to lift average net production toward 250 bopd in the near term.
"That is the platform we have built. It has taken two years of discipline to get here, and it now enables us to think bigger," said Paul Welch, Chief Executive Officer.
