Buru Energy Limited (ASX:BRU) is an ASX listed oil and gas company headquartered in Perth, WA. The Company is focused on exploring and developing the petroleum resources of the Canning Basin, with an intensive development and exploration drilling campaign currently underway. It holds interests in an extensive portfolio of petroleum exploration permits covering approximately gross 22,000 square km, net 13,074 sq km in the Canning Basin.
Buru Energy has a 50% operating interest (Roc Oil 50%) in the Ungani Oilfield, located ~90 km east of Broome and is currently producing ~1,200 bopd.
Buru’s dominant acreage position in the onshore Canning Basin, backed up by its production from the Ungani Oilfield, strong cashflow and large underexplored resources, provide a platform for significant value creation for its shareholders.
Country of Operation: Oil & Gas
Market Cap: $105.9m AUD
Project Status: Exploration | Development | Production
Plans and Latest Developments
Buru is currently undertaking an intensive drilling campaign at its Canning Basin production and exploration licences and permits. These wells include a mixture of horizontal development wells at its Ungani Oilfield and a series of high impact exploration wells to test various play types. The drilling program is expected to run for the remainder of 2019.
Why should investors invest in you?
Buru’s 2019 current market cap of approx AU$110 million reflects its current cash position in excess of $60 million. With its strong operating cash flow from its Ungani Field, this puts the Company in a position to fully fund its high impact 2019 exploration drilling program and maintain a strong balance sheet for further value adding activities beyond that program. This mix of production, significant exploration prospects and a strong balance sheet makes Buru unique in the junior Australian oil and gas sector.
Board of Directors/Management/Major Shareholders:
Buru’s Board is chaired by Eric Streitberg in an executive chairman role, with Eve Howell and Rob Willes as NED’s. The management of the Company consists of experienced technical, financial and commercial personnel with extensive backgrounds in the oil and gas industry and the Canning Basin.
Buru’s major shareholders are a mixture of high net worth individuals, financial institutions as well as management.
Buru Energy (ASX:BRU) will be showcasing their latest plans and developments at this years Energy Mines and Money. Register for your complimentary investor pass now.