Buccaneer Energy has not had a great start to its new life.
The company raised £500,000 at a discount last month, drilled a well that failed within days, and watched its market cap crater to less than £1 million. Existing shareholders fled. New investors stayed away.
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And yet — the company still owns the same producing oil fields it did before. The same 130 barrels per day of production. The same £8 million in proved reserve value.
The same development opportunities in reservoirs that have produced for 75 years.
The market is now valuing this at <£1 million.