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 inks farm-in agreement to “reinvigorate” Ungani Oilfield assets

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Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has entered into a farm-in agreement (FIA) with Sabre Energy Pty Ltd for the Ungani Oilfield production and exploration assets, aiming to “reinvigorate” the field with the new development deal.

The FIA concerns Petroleum Production Licences L 20 and L 21 in Western Australia’s onshore Canning Basin,and will see a structured transition of operatorship from Buru to Sabre over time in exchange for offering Sabre the opportunity to acquire a 70% interest in the assets.

Buru will retain a 30% working interest and enjoy a $6 million farm-in carry from Sabre, starting with $1 million to restart production from the Ungani Oilfield and a further $5 million towards drilling the high potential Mars exploration well about 9 kilometres north of the Ungani Production Facility.

Buru estimates the gross, unrisked Prospective Resources for the Mars prospect to range between 0.74 million stock tank barrels of oil (MMstb) and 6.2 MMstb, with a Best Estimate of 2.8 MMstb and a 40% geological chance of success.

Read the full article on Proactive Investors