Buccaneer currently produces ~150b/d and targets growth to ~200b/d by YE26, primarily from the proposed Fouke waterflood that starts up in 3Q26.Delivery of higher and more stable output should help to close the discount between the market valuation and the estimated $10m NPV10 at $60/bbl of the Pine Mills proved reserves, with upside from infill drilling and M&A.We update for FY25 results and reiterate our Buy rating and 12-month target price of 0.05p/sh, which is based on our updated Risked NAV ....
