Buru confirms Forrest stake

Buru Energy has confirmed Andrew Forrest has taken a small stake in the company, after the oil and gas responded to a price query today.

In a statement to the ASX, Buru said an entity associated with Mr Forrest held 4.18 per cent of its shares as at March 31.

It said analysis of its register indicated that the Forrest Family Investments acted as trustee for the Peepingee Trust, which owned the shares.

The ASX highlighted that Buru’s shares rose from 24.5 cents on Thursday to 36 cents each today.

Buru said the rise might be attributable to an article from the Australian Financial Review article, which said Mr Forrest took a stake in the company that did not need to be declared to the ASX.

Shareholdings do not have to be declared to the ASX until they exceed 5 per cent.

Buru produces oil from a field that is located approximately 90 kilometres east of Broome, and holds gas exploration assets in the onshore Canning Basin.

It was placed into a trading halt at 2pmAEST at 33 cents each.