Buru Energy

Buru recognises the Traditional Owners of the land on which we operate, and we acknowledge their ongoing cultural and spiritual connections to the lands, waters, skies and communities. We pay our respects to their Elders past, present and emerging.

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Welcome to Buru Energy

Buru Energy executes high-impact Rafael shallow oil exploration well funding agreement

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Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has inked a farm-in deal with Sabre Energy Pty Ltd to fund drilling of the high-impact Rafael Shallow oil target in licence EP 428, part of Western Australia’s onshore Canning Basin.

Sabre will full carry Buru for $6 million in drilling and testing costs to earn a 50% interest in a commercial discovery and subsequent production licence, with Buru maintaining a 50% interest and control over operations on-site.

Should the two companies identify a commercial discovery, Sabre will pay an additional $1.5 million to Buru based on previous exploration expenditure.

Buru has assessed the Rafael Shallow target to have prospective resource volumes of recoverable oil between 3.2 million stock tank barrels (MMstb) and 79 MMstb, with a best estimate of 19 million barrels.

Read the full article over on Proactive Investors.

Proactive Investors - Buru Energy executes high-impact Rafael shallow oil exploration well funding agreement