The four leases - ADL 391899, 391902, 391903 and 391904 – cover about 58 square kilometres and adjoin the existing Cosmopolitan project, which Buccaneer operates with a 25% stake.
The company believes the leases could have the potential to contain new reserves associated with the Cosmopolitan geological structure.
It did not disclose the financial terms of the agreement.
In addition, Buccaneer has offered BlueCrest Energy, which holds the remaining 75% interest in the existing Cosmopolitan project, the ability to acquire a 75% stake in the new leases.
