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EPIC: BRU
Market: ASX
52-week High/Low: A$0.33 / A$0.15
Sector: Energy
Market Cap: A$125.29M

Buru Energy Ltd's (ASX:BRU) petroleum assets and tenements are located onshore in the Canning Basin in the southwest Kimberley region of Western Australia.

Buru Energy Ltd

www.buruenergy.com

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Buru Energy Ltd Snapshot

Buru Energy Limited is an ASX listed Australian oil and gas exploration and production company solely focused on exploring and developing the petroleum resources of the Canning Basin, in the southwest Kimberley region of Western Australia.

Buru Energy was founded in 2008 and is headquartered in Perth, with a regional office in Broome.  Buru Energy holds interests in an extensive portfolio of petroleum exploration permits covering approximately 82,909 km2 in the Canning Superbasin.  Buru Energy is the largest acreage holder in the Canning Superbasin and is operator of the majority of its exploration permits.

Together with its joint venture partners, Buru Energy is actively exploring the Canning Superbasin for oil and gas. Buru Energy is committed to delivering value to its shareholders, Traditional Owners, the community and our employees through responsible, safe, innovative and cost effective exploration, development and production of our assets. We will do this through integrity in our actions and decisions and by actively participating in and supporting the communities within which we operate.

Buru Energy respects the Traditional Owners in the areas in which it operates, their culture, law and leadership and will always strive to demonstrate that respect in all aspects of our business and considers that the manner in which it conducts its business is as important as the goals it achieves.

Canning Superbasin

The onshore Canning Superbasin where Buru Energy’s permits are situated lies in the south west Kimberley region of Western Australia some 2,300 kms north of Perth.  The area is low relief and dominated by the Kimberley rangelands with large cattle grazing properties occupying most of the area.

The Canning Superbasin is the largest sedimentary basin in Western Australia and covers an area of some 530,000 sq kms.  It is one of the few remaining areas in onshore Australia that is under explored for petroleum and it has geological similarities with highly productive Palaeozoic aged basins worldwide. The exploration economics of the Canning Basin have been enhanced by sustained high oil prices and increased demand and prices for domestic gas in Western Australia.

Buru Energy’s portfolio of production and exploration projects includes, amongst a number of other high value opportunities, a significant conventional oil discovery at the Ungani oil field and the tight wet gas resources of the Laurel Formation, where a potentially world scale gas and hydrocarbon liquids resource has been identified.

In addition to its annual exploration and appraisal drilling programs, Buru Energy undertakes substantial annual seismic and other geophysical surveys which mature and provide potential targets for the exploration and appraisal drilling programs.



Oil


Buru Energy’s conventional oil discovery at Ungani in 2011 was the first onshore oil discovery in Western Australia in 10 years.

The Ungani oil field was discovered with the drilling of Ungani-1 to a depth of 2324m in October 2011.  The field is located in Exploration Permit EP 391 in the onshore Canning Superbasin, approximately 150 kilometres east of Broome.  Ungani-2 was drilled in November/December 2011 to appraise the nature and commercial significance of the oil column encountered in Ungani-1.  The well was drilled directionally (from the same pad) to a total depth of 2205m.  Early production testing from Ungani-1 and Ungani-2 established strong flows of light sweet crude in mid 2012.

3D seismic was acquired over the field in September/October 2013 to provide better structural definition of the field, followed by a third well (Ungani-3) to test the eastern extent of the field. An extended Ungani reservoir testing phase commenced in December 2013 under an Extended Production Test protocol to provide further information on reservoir performance and extent. Crude oil is exported by road train to Wyndham Port where it is loaded onto a crude carrier ship for sale into SE Asian refineries.

Reservoir models and development plans are being updated with information derived from the 3D seismic survey, the Ungani-3 well and ongoing production tests. This information will guide further development of the field. Development plans under consideration include drilling of additional production wells, upgrade of field  and oil transportation facilities and establishment of a more cost effective oil export route through Broome Port.


Gas

The Canning Superbasin has the potential to become the largest onshore natural gas resource in Australia.

Buru Energy is at an early exploratory stage of evaluation of a large tight wet gas resource in the Canning Superbasin that potentially offers long term energy security to Western Australia, significant contribution to Australia’s GDP and socio-economic opportunity and employment for people and businesses in the local and regional community.


(click here for more information on Gas)


Hydraulic Fracturing




Exploration

Buru Energy’s growth strategy and exploration program is focused on securing, exploring and developing high-potential and high-value oil and gas assets.

Buru Energy’s assets include a significant portfolio of oil and gas exploration targets in the Canning Superbasin. Our exploration program has identified potentially world class gas accumulations in the Laurel Formation and a highly significant oil discovery at Ungani.

One of the main priorities of Buru Energy’s exploration program is exploring for Ungani look-a-likes along the Ungani oil trend. We also actively explore for “sweet spots” in the large unconventional Laurel Formation tight gas play.  We use a variety of exploration techniques including high performance airborne methods, 2D seismic surveys and 3D seismic surveys and have recently completed the fourth 3D seismic survey in the basin.

Buru Energy has drilled over 12 wells in the basin and has progressively refined its drilling techniques to reduce costs and ensure its drilling practices accord with world class requirements.


Health and Safety


Safety is a key cultural driver for Buru Energy and we are committed to protecting the health and safety of our employees, contractors and the members of the local communities in which we operate.

Our safety approach and policy is focused on delivering an “Incident Free Operation” and we believe that all incidents, injuries and occupational illnesses are preventable. Buru Energy recognises that it will only achieve its goal of incident free operations through effective leadership, behavioural based safety programs, and ensuring appropriate controls are identified and implemented.


Schedule of tenements

Permit Type Ownership
L6* Production Licence 100%
L8 Production Licence 100%
L17 Production Licence 100%
L20 Production Licence 50%
L21 Production Licence 50%
PL7 Onshore Pipeline Licence 100%
PL109 Onshore Pipeline Licence 100%
EP129* Exploration Permit 100%
EP371 Exploration Permit 50%
EP390^ Exploration Permit 25%
EP391 Exploration Permit 50%
EP428 Exploration Permit 50%
EP431 Exploration Permit 50%
EP436 Exploration Permit 50%
EP438^ Exploration Permit 25%
EP457 Exploration Permit 37.5%
EP458 Exploration Permit 37.5%
EP471^ Exploration Permit 25%
EP472# Exploration Permit 50%
EP473^ Exploration Permit 25%
EP476# Exploration Permit 50%
EP477# Exploration Permit 50%
EP478**# Exploration Permit 100%
L10-7*** Application – Exploration Permit 100%
L10-8*** Application – Exploration Permit 100%
L11-1*** Application – Exploration Permit 100%
L11-2*** Application – Exploration Permit 100%
* Excluding Backreef Area. ** Subject to Trident Energy farm-in right to earn a 17.5% interest.  Mitsubishi is entitled to an interest equal to Buru’s interest. *** Subject to native title negotiations. ^ Subject to Apache farm-in as announced on 4 November 2013. # Subject to Apache option as announced on 4 November 2013.



Last updated 21st September 2015.

Mr Eric Streitberg
Executive Chairman
BSc (App Geoph)

Mr Streitberg has more than 40 years of experience in petroleum geology and geophysics, oil and gas exploration and oil and gas company management. He was a founding shareholder and held the position of Managing Director of ARC Energy Limited from 1997 until August 2008, during which time ARC Energy Limited was transformed from a junior oil and gas exploration company into a mid-size Australian oil and gas producer.  He was also the founding shareholder and Managing Director of Discovery Petroleum which was a key participant in the renaissance of the Perth Basin as a significant gas producer until the takeover of that company in 1996.  Prior to that he held various senior international exploration roles with Occidental Petroleum and BP.  He was a founding shareholder and Non-executive Director of Adelphi Energy Limited from 2005 until its takeover in 2010.  He is a founding shareholder of Buru Energy and has been a Director since its listing in October 2008.

He is a Fellow of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors, a member of the Society of Exploration Geophysicists, Petroleum Exploration Society of Australia and the American Association of Petroleum Geologists.

Mr Streitberg is a Director and past Chair  of the Australian Petroleum Production and Exploration Association and has also chaired the APPEA Exploration and Environment Committees.  He is the immediate past Chair of the Marine Parks and Reserves Authority of Western Australia.

Mr Streitberg is a Certified Petroleum Geologist and Geophysicist and holds a Bachelor of Science (App. Geoph.) from the University of Queensland.


Ms Eve Howell

Independent Non-Executive Director

Ms Howell has over 40 years of experience in the oil and gas industry in a number of technical and managerial roles, primarily with Amoco Corporation, Apache Energy Ltd and Woodside Energy Ltd. She is a director of ASX-listed Downer EDI Limited and Mermaid Marine Australia Ltd.

In the private sector, Ms Howell is Non-executive Chairman of EMR Resources Pty Ltd and on the Senior Advisory Panel of Miro Advisors Ltd. She has previously served on a number of boards including Tangiers Petroleum (as Executive Chairman), the Fremantle Port Authority, the Australian Petroleum Production and Exploration Association, and as a board member and President of the Australian Mines and Metals Association.  She is a member of the Australian Institute of Company Directors.

Ms Howell began her exploration career in the UK and since 1981 has worked for several Australian based companies including Apache, during a time when the company developed significant oil production from the Carnarvon Basin and became the second largest domestic gas supplier. She held various senior positions in Apache in Australia including Business Development Manager and Managing Director. Between 2006 and 2011, Ms Howell was a Woodside Executive Committee member, with her positions including Executive Vice President of the North West Shelf.

Ms Howell holds a Bachelor of Science (with Honours in Geology and Mathematics) from the University of London and an MBA from Edinburgh Business School.


Mr Robert Willes
Independent Non-Executive Director

Mr Willes has over 25 years of extensive international experience in the oil and gas and energy industries. He is the Managing Director of Challenger Energy Ltd (ASX:CEL) and has previously served on a number of boards including the Australian Petroleum Production and Exploration Association (APPEA), North West Shelf Gas Pty Ltd, North West Shelf Liaison Co. Pty Ltd, North West Shelf Australia LNG Pty Ltd, North West Shelf Shipping Services Co. Pty Ltd, Carbon Reduction Ventures Pty Ltd and Perth Centre for Photography.

His early career with BP involved several positions in petroleum product supply, trading and marketing, and as a lead negotiator for numerous gas transactions in Europe.  He subsequently joined BP’s Group Mergers and Acquisitions team, where he led the divestments of Burmah Castrol’s Chemicals Division and Great Yarmouth Power Ltd, and advised the Corporation on a number of acquisition opportunities.

In Australia, Robert was BP’s General Manager of the North West Shelf LNG Project.  Robert also had overall accountability for BP’s interests in the Browse LNG and Greater Gorgon LNG Projects, and for Business Development activities in Asia Pacific.

More recently, Robert was CEO of Eureka Energy Limited, and was instrumental in managing the recommended A$107million on-market takeover by Aurora Oil and Gas Limited.

He is currently Managing Director of Challenger Energy Ltd, an ASX-listed oil and gas explorer with exposure to the emerging world-scale shale gas province in South Africa’s Karoo Basin.

Robert is a Graduate of the Australian Institute of Company Directors and member of the Association of International Petroleum Negotiators.  He holds an Honours Degree in Geography from Durham University in the UK, and has completed Executive Education Programmes at Harvard Business School in the USA and Cambridge University in the UK.


Mr Shane McDermott
Head of Finance and Company Secretary

Mr McDermott, CA, AGIA, BComm (Accounting and Finance) has an accounting and auditing background having worked at a large international accounting practice for five years at its Perth office before joining Buru Energy in 2009.  He is a member of the Institute of Chartered Accountants Australia and an Associate of the Governance Institute of Australia.  He acted as Buru Energy’s Joint Company Secretary from 1 December 2011 to 1 November 2012 and was the Assistant Company Secretary for two years prior to that appointment.



Last updated 21st September 2015.

If you have a question about your shareholding please contact Link Market Services:

Postal
Link Market Services Limited
Locked Bag A14
SYDNEY SOUTH NSW 123

Perth Office
Level 4, Central Park
152 St Georges Terrace
PERTH WA 6000

Phone: 1800 810 859 (within Australia)
Phone: +61 2 8280 7736 (outside of Australia)
Fax: +61 2 9287 0303
Email: [email protected]

Investor relations
Email: [email protected]

Media
Paul Armstrong/ Nicholas Read
Read Corporate

Phone: + 61 8 9388 1474
Phone: +61 421 619 084

Careers
Email: [email protected]

Perth office
Level 2, 88 William Street
Perth WA 6000

PO Box 7794
Cloisters Square WA 6850

Phone: 1800 337 330
Email: [email protected]
Emergency: 1800 219 070

Broome office
5 Dawn Way
Bilingurr WA 6725

P.O. Box 2836
Broome WA 6725

Phone: +61 8 9194 4000

Directors
Mr Eric Streitberg – Executive Chairman
Ms Eve Howell – Independent Non-Executive Director
Mr Robert Willes – Independent Non-Executive Director

Company Secretary

Mr Shane McDermott

Registered and Principal Office
Level 2
88 William Street
PERTH WA 6000

Telephone
: +61 (08) 9215 1800
Facsimile: +61 (08) 9215 1899
Freecall:  1800 337 330

Share Registry

Link Market Services Limited
Locked Bag A14
SYDNEY SOUTH NSW 1235

Telephone
1800 810 859 (Within Australia)
+61 (02) 8280 7211 (Outside Australia)

Perth Address
Level 4, Central Park
152 St Georges Terrace
PERTH  WA  6000

Email: [email protected]
Website: www.linkmarketservices.com.au

Auditors
KPMG
235 St George’s Terrace
PERTH WA 6000

Stock Exchange
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

ASX Code

BRU

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