New Standard Energy has sold off its stake in Perth-based oil and gas play Buru Energy.

New Standard announced today that it had sold 10 million Buru shares at $2.74 per share, to raise $27.4 million.

"The share sale proceeds will increase the company's cash position to in excess of $65 million and provides the company with a strong cash position to progress and expand its oil and gas activities," New Standard said in a statement.

At close of trade today, Buru shares were up 1.4 per cent, trading at $2.82, while New Standard shares had shed 9.2 per cent, to finish at 34.5 cents.