The Perth-based oil and gas junior is currently under contract to provide Alcoa with 500,000 terajoules of gas from its discoveries in the Canning Superbasin in the Kimberley.
Mr Riley said in a statement today the company firmly believed there was greater value to be unlocked from the Canning Superbasin.
“Eric’s further personal investment of over $5 million in cash and Tom’s personal investment of almost $500,000 in cash highlights their ongoing commitment to the company and their belief in the upside of the company’s assets,” he said.
“The shares to be issued on the exercise of these options align Eric and Tom’s interests completely with those of the shareholders and the board – and the ongoing creation of shareholder value.”
Buru shares lost 8.5 cents to $1.12 at close today.