The company is in voluntary suspension of its securities on the ASX as it works through its finances, citing material uncertainty and confidential and incomplete negotiations as primary reasons for the board's inability to sign the director's report and declaration.

Buccaneer is in negotiations with its secured financier over the availability and sources of funds to provide a path to repayment of its Meridian debt facility, due June 30.

Also a result of the review was the company announcement at the beginning of the week that it had suspended CEO and founder Curtis Burton with pay while it worked with newly appointed chief restructuring officer John Young.

Burton has since filed a lawsuit with the Harris County District Court, claiming about $US2.4 million ($A2.7 million) in compensation and benefits.