News Articles for Roc Oil

Buru Energy's coffers are poised to swell by $4 million through the sale of a 72,500-barrel batch of Ungani oil to global giant BP. With the batch now lifted to ship, Buru is also set to assume full ownership of the Kimberley region oilfield, with joint venture partner Roc Oil to hand over its 50 per cent interest and approvals expected next month.

Businesses are being urged to stock up inventories as the prospect of more freight disruptions looms over WA coming into the wet season up north and fire season down south.

Buru Energy and ROC Oil will review operations at their Ungani oilfield in WA's Kimberley after consultation with Main Roads WA over heavy vehicle traffic access impeded by weather damage.

Buru Energy has been buoyed by the return to operations at its Ungani oilfield, which was closed last summer as a result of the widespread devastation wreaked by Tropical Cyclone Ellie. Turning the oil tap back on means the company's first revenue of the year from its sole producing asset will soon roll into its coffers, with its first oil shipment slotted for Q3.

Buru Energy is looking to end the year on a high following a flurry of activity across its WA-based oil and gas portfolio over the past few months including a successful November crude oil lift of 73,000 barrels which added $3.8 million to its bottom line. The deal marks the company's third and final delivery for the year for a total exported volume of roughly 220,000 barrels.

ASX-listed producer Buru Energy has chalked up a quarter to remember, tabling its highest revenues in recent memory after banking $5.7 million from its onshore operations in WA's Canning and Carnarvon basins. The company's strong cash and debt-free financial position was bolstered through the sale of about 76,000 barrels of oil and fits within its strategy of optimising fluid production whilst unlocking its gas resources.

Helped by rising oil prices, Buru Energy has tabled its record price for an oil shipment yet, bringing in about $5.7 million from its 50 per cent share in 76,000 barrels of crude from its joint venture Ungani oilfield near Broome in WA. The shipment by a tanker through Wyndham port raked in $1 million above the company's previous high in February.

Buru Energy shares fell 10 per cent today after it revealed the state's border closures had slowed exploration work, compounded by drilling problems.

ASX-listed Buru Energy has increased oil production by 20 per cent at its Ungani oil field in the Canning Basin east of Broome in Western Australia after successfully installing an electric submersible pump in the Ungani-5 oil production well. Average oil production rates were previously around 800 barrels per day but have now stabilised at above 1,000 barrels of oil per day.

Buru Energy and its new farm-in partner, the giant Origin Energy, are gearing up to roll out a fresh oil exploration drilling campaign in WA's revered Canning Basin during this year's Top End dry season. Buru is chasing as much as 97 million barrels of oil across two prospects, including the highly anticipated Rafael-1 test well that sits east and along strike from the company's producing Ungani oil field.

West Perth-based Buru Energy has sold a 50 per cent share in its Ungani oilfield to Chinese-backed Roc Oil for $64 million, as part of a broader deal the company hopes will unlock its assets in the Canning Basin.

A joint venture between Cottesloe-based Triangle Energy Global and Royal Energy has taken full ownership of the Cliff Head offshore oil project in the Perth Basin after buying out previous stakeholder Roc Oil for $US3.75 million ($A5 million).

Oil and gas company AWE has found a new buyer for its majority stake in the Cliff Head offshore oil project, after Elixir Petroleum was unable to complete a previously announced deal.

Oil and gas company AWE has sold its stake in the Cliff Head offshore oil project to Elixir Petroleum, for an upfront payment of $1 million.

Perth-based oil and gas company Tap Oil has launched a strategic review process that includes the possible sale of the business, after one of its substantial shareholders proposed a board shake-up.

Collapsed engineering firm Forge Group's old premises in West Perth have firmed as a likely landing spot for automotive parts buying group Capricorn Society, which is looking to consolidate its office requirements into one location.

It is not that Perth dealmakers are joining the dole queues, they have just had a little more time on their hands recently.

West Perth-based gas explorer Westralian Gas and Power Ltd will allow Sydney-based ROC Oil to explore and drill two wells in the Vlaming Sub-basin, between Rottnest and Mandurah, in a deal worth $37 million.