Buccaneer Energy Ltd. (fka BCGFQ)

[Bobwins]

The share count is a negative but the undervaluation for the proved and probable reserves is extreme on a per share basis. Next catalyst is the drilling of their third onshore ngas well. Spud should be any day. First well tested 10million mcfpd! Producing 5mmcfpd. Second well was a dry hole due to using old 2D seismic, which didn't detect an existing fault that cutoff the gas that the company expected to find.

New 3D is guiding the company's new well.

Share structure is undoubtedly part of the reason for the undervaluation but is fairly common for Aussie stocks.

We'll see what happens to share price as the year unfolds. By the end of this year, we should have answers to whether they can repeat their Onshore gas well, which is an excellent well. We will also have the first results from the jackup rig. The Cosmopolitan project is the basis of a big portion of their P&P reserves. They need that JV to close on the property. They need their partner to raise the needed funds to close the deal. They are currently conducting their PP raise.

Lots of balls in the air but if they can execute, Buccaneer could be a big winner.