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Buru Energy Ltd

Buru Energy accelerating exploration efforts following Roc Oil transactions

Buru Energy (ASX:BRU) executive chairman Eric Streitberg speaks to Proactive Investors about the Australia-focused oil and gas company's recent deal with Roc Oil (ASX:ROC) to sell half of its 100% ownership in the Ungani Oilfield for $64 million, and enter a Joint Venture on three of its most advanced exploration permits for a carry of $20 million. Buru Energy retains operatorship.

"The lifeblood of any company like ours is finding more oil and producing more oil, and that of course requires capital. So this seemed like a good time to bring in a partner who had a big balance sheet and was able to help us move the project forward more quickly than we would have been able to do with our internal resources," says Streitberg.

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Price: 0.18 AUD

Market: ASX
Market Cap: $77.77 m
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Buru Energy preparing to mobilise to drill the Adoxa 1 exploration well

Buru Energy Ltd (ASX:BRU) executive chairman Eric Streitberg talks to Proactive Investors about overcoming challenges with a drilling rig and some of the geology on the Ungani Oilfield onshore WA, to move forward positively.   Streitberg says while they had some issues, the joint...

on 11/7/19

2 min read