Buru Energy Limited (AU:BRU) has released an update.
Buru Energy Limited is set to drill the Rafael Shallow oil exploration well in Western Australia’s Canning Basin after signing a Farm-in Agreement with Sabre Energy, who will cover $6 million of drilling costs for a 50% stake in any commercial discovery. The well has a best estimate prospective resource of 19 million barrels of recoverable oil, and drilling is expected to commence in late Q3 2024. An oil discovery could significantly boost Buru’s value and support the funding of its Rafael deep gas and condensate project.
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