Buru Energy Ltd (BRNGF)

[Ebenezer3]

Australia: Buru to acquire Origin’s Canning Basin Joint Venture interests

15 Mar 2023
Highlights

Origin Energy, via its wholly owned subsidiary Origin Energy West Pty Ltd, to assign its interests in its joint venture exploration permits in the Canning Basin (including the Rafael conventional gas and condensate discovery), to a wholly owned subsidiary of Buru Energy for a future, capped reimbursement of costs linked to gas production success.
As part of the agreement, Origin will provide Buru with up to $4 million of the required funding for the Rafael 3D seismic survey which is planned to be acquired in the 2023 operating season.
Buru resumes its position as the dominant net acreage holder and operator in the Canning Basin, with ownership of a net 22,500 sq kms of permits including 100% of EP 129, EP 391, EP 428, EP 431 and EP 436; and 60% of the EP 457 and EP 458 permits it shares with Rey Resources.
Origin’s exit from the Canning Basin provides Buru and its shareholders with the autonomy and flexibility to aggressively pursue the commercialisation of its assets in the basin, focused on the Rafael conventional gas and condensate discovery that has been independently assessed to have the potential to hold recoverable volumes of over one TCF of gas and 20 million barrels of condensate, and including the Basin’s Carbon Capture and Storage (CCS) and natural hydrogen potential.
Photo - see caption
Buru Energy has provided the following update in relation to its operated Canning Basin permits EP 129, 391, 428, 431, 436, 457 and 458.