Buccaneer Energy Plc Chief Executive Officer Paul Welch talked with Proactive at the One2One Investor Forum about the company’s progress in transforming its onshore Texas operations and its plans to diversify into Bitcoin mining.
Welch explained that Buccaneer Energy has spent the past year cutting costs, restoring production from inactive wells, and positioning itself for growth through new drilling. “We’ve essentially taken all the wells that can produce and brought them back onstream, doubling field production,” Welch said, noting that the company’s focus now turns to drilling new wells and launching a Bitcoin mining project.
He highlighted that Buccaneer’s Pine Mills field in East Texas has shown strong productivity, with recent wells delivering between 120 and 140 barrels a day. The company plans to drill additional wells over the coming weeks to build on these results.
Welch added that the upcoming Bitcoin mining initiative will allow Buccaneer to monetize gas that cannot be transported or sold locally, creating a new revenue stream while improving environmental performance. “It’s a real win-win for us,” he commented.
Buccaneer Energy aims to increase production and free cash flow substantially in the next six months as it executes its drilling and Bitcoin plans.
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