Buru Energy has an extensive and highly prospective exploration portfolio including conventional oil and gas prospects that are well defined on both 2D and 3D seismic.
The portfolio covers a range of prospect sizes and play types from proven Ungani lookalikes to other high potential play types for oil and gas, including the world class Rafael conventional oil prospect.
In December 2020, Buru announced it had entered into a farm out transaction with Origin Energy for a Canning Basin wide exploration program whereby Origin will earn a 50% interest in the EP129, EP391, EP428, EP431 & EP436 permits as well as a 40% interest in the EP457 and EP458 permits held with Rey Resources.
The Origin farm in includes a commitment to drilling the Rafael 1 and Kurrajong 1 wells as soon as practicable in 2021 after the end of the current northern Australian wet season. Origin will provide individual carry amounts totaling $16 million for these well costs, and will provide an additional $1 million payment to Buru in recognition of past costs.
The Origin farm in also includes the acquisition of extensive regional and prospect level seismic programs, with Origin carrying the first $6 million of this seismic acquisition expenditure.
Buru will remain as operator of all exploration permits. Further details are included in the two ASX Announcements below, released on 21 December 2020.
Farm out of EP129, EP391, EP428, EP431 & EP436
Farm out of EP457 & EP458