AIM-listed Buccaneer Energy, an international oil & gas exploration and production company with development and production assets in Texas, USA, has signed a contract with BitGo, the digital asset infrastructure company. BitGo will serve as the Buccaneers' official custodian through its regulated entity BitGo Trust Company, Inc. The partnership will also include trading support through BitGo's OTC platform, offering seamless access to liquidity.
As noted in the Company's announcement on 19 August 2025, as part of the future Fouke area development in Pine Mills, the Company proposes to monetise its expected gas production from the development wells by partnering with a Bitcoin miner to power a Bitcoin mining operation. In preparation for the potential future receipt of revenues in Bitcoin from this activity, the Company is establishing procedures and processes to handle, store, and trade in Bitcoin. The contract with BitGo is an important step in this process.
The implementation of a successful strategy to monetise this gas is subject to a number of further steps including the drilling result from the new development wells. This includes entering into an agreement with a Bitcoin miner on suitable terms and further assessment of potential sites for a future operation.
Paul Welch, Buccaneer Energy's Chief Executive Officer, said:
'We are delighted to conclude this agreement with BitGo ahead of our planned participation in a Bitcoin mining operation, as we believe they are the best partner to work with in this business. This is just one of many things we are doing in preparation for drilling at Fouke, with the next action being the staking of the next development location, scheduled for the end of this week. We look forward to updating the market as we progress.'
Source: Buccaneer Energy
