(WO) — Buccaneer Energy is targeting European onshore natural gas opportunities as it looks to use cash flow from its Texas oil operations to build a larger international E&P portfolio.
The company has screened nearly 300 European gas opportunities and narrowed them to a shortlist, CEO Paul Welch said in a recent interview. Buccaneer is targeting an initial European portfolio with an estimated NPV10 of approximately $500 million.
The company plans to pursue a capital-light strategy, securing acreage and advancing technical work before bringing in partners to help fund drilling. Buccaneer has not yet identified specific European assets under consideration.
“Texas has done exactly what we needed it to do, and it is now stable and self-funding,” Welch said. “That gives us the platform to pursue new opportunities.”
Buccaneer said changing European gas market conditions and increased government interest in domestic gas development are creating new opportunities for E&P investment. The company’s European exploration team is led by Roberto Bencini.
In Texas, Buccaneer’s net production has more than doubled since mid-2024, with the assets currently generating approximately $200,000 to $250,000 per month in free cash flow at recent commodity prices.
The company is targeting approximately 250 bopd of Texas production by year-end through continued development of its Fouke waterflood and expansion of its Organic Oil Recovery program.
Buccaneer ultimately aims to grow into a mid-sized E&P company producing approximately 5,000 boed within the next three to five years. The company said European gas development could provide the scale needed to reach that target more quickly than organic growth from its U.S. assets alone.
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