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Buru, Rey, increase stakes in Canning Basin permits

ASX-listed Buru Energy has completed the acquisition of a further 22.5% interest in two exploration permits in the Canning hydrocarbon Basin near Broome in WA, from Mitsubishi Corporation for $720,000.

This transaction takes Buru’s operating interest in the two permits to 60%.

Permits EP 457 and EP 458 are considered to be prospective for conventional oil in a number of formations with the 2015 Victory-1 well recovering oil from the Laurel Formation.

The permits also contain the potential for an unconventional tight wet gas play in the Laurel.

Other potential trends include the Ungani Dolomite, the Reeves Formation and the deeper carbonate sections such as the Nullara and Pillara formations.

Partner Rey Resources has also increased its stake in the two permits by 15% to 40% by paying $480,000.

Buru is free carrying 6.664% of Rey’s interest until commercial production is achieved.

The company previously flagged that the joint venture will review the overall prospectivity of the permits with future work likely to include the reprocessing of existing 2D seismic data and potentially the acquisition of new seismic data this year.

Any activity in these permits will add to Buru’s busy schedule for 2019, which includes the drilling of two production wells and up to four exploration wells elsewhere in the Canning Basin.

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Buru Energy (BRU)

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Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
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Top 10 Shareholders

Substantial shareholders as published in the annual report.
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Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
159thTap Oil44%-24%
209thBCI Minerals30%-28%
486thBuru Energy-14%-20%
532ndPanoramic Resources-21%-10%
730 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

19/10/18
$2.1m Sold
11/09/17
$7k Issued
11/09/17
$3k Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

35th↑BCI Minerals$73.2m
36th-Tap Oil$70.4m
37th↑Buru Energy$56.2m
38th↑MZI Resources$54.2m
39th↑Panoramic Resources$51.9m
485 listed resources companies ranked by revenue.
Source: Morningstar

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