Buru Energy Limited (ASX:BRU) has welcomed lifting of the Hydraulic Fracture Stimulation (fraccing) Moratorium on the company’s current titles in the Canning Basin of northwest WA.
The company stated that lifting of the moratorium by the WA State Government over existing petroleum titles in the state was a welcome step forward.
This comes after an Independent Scientific Inquiry last year confirmed that the activity was low risk if properly regulated.
“We look forward to being able to demonstrate that the gas resources of the Canning Basin can be safely and efficiently extracted for the benefit of all stakeholders,” Buru said in a statement.
The company is of the view that current WA regulations provide a framework where fraccing can be undertaken safely and without any significant environmental impacts.
This was borne out prior to the moratorium when the company undertook a number of fracs on three wells in the Canning Basin, all with no incidents, no detectable impact on the environment, and fully compliant with legislation.
As it has always done, Buru looks forward to working with Government to implement in an appropriate and workable manner the Independent Scientific Inquiry’s recommendations for further regulation of the industry.
‘Frac free zone’ clarified
The WA Government decision also clarifies the delineation of the Dampier Peninsula as a ‘frac free zone’.
Buru has worked constructively with Government to ensure the boundaries of this zone are appropriate in relation to its existing petroleum titles and to provide certainty for the community.
“Consequently, we have agreed with Government that Broome township and water supply areas in our existing petroleum titles will form part of the Dampier Peninsula fraccing exclusion zone,” Buru said.
The company has a long history of working constructively and pro-actively in helping protect areas.
This resulted in the company being responsible for the exclusion of Roebuck Bay, south of Broome, from its petroleum titles in 2011 in association with the Yawuru Native Title Holders.