Buccaneer Energy Limited (“Buccaneer” or the “Company”) is pleased to advise that it has agreed to issue an additional 197,500,000 shares to domestic and international institutions to raise $7.9 million at $0.04.
The above subscription is additional to the subscription by Meridian Capital International Fund (“Meridian”) to subscribe for 386,300,000 shares to raise $15,452,000. Pursuant to that agreement Meridian will now be allocated an additional 49,400,000 shares at $0.04 per share to raise an additional $1,940,000.
The above transactions takes the total raised from the placement of the rights issue shortfall to $25,260,000. All issues have been completed at $0.04 per share, a 14.3% premium to the closing price on Thursday 28 June 2013 which demonstrates strong support for the Company’s development strategy.
The securing of this funding is a major milestone for the Company and it is anticipated substantial value will be unlocked over the coming 12 months. Buccaneer is now looking forward to developing the Company’s assets which currently have NPV10 of Proven 1P reserves of US$343.0 million for 17.3 million barrels of oil equivalent (“MMBOE”) of the Company’s Proven Reserves.
This is expected to increase substantially on receipt of the final Reserve report from Netherland, Sewell and Associates at the deep oil rights at North Cook Inlet which has estimated Proven 1P reserves of 9.8 MMBOE and Proven and Probable (2P) Reserves of 38.5 MMBOE.
This increases the Company’s total Proven (1P) Reserves to 27.1 MMBOE and Proven & Probable (2P) Reserves to 71.4 MMBOE, all of which are independent certified.
BUCCANEER ENERGY LIMITED
Mr Dean Gallegos