Buru Energy Limited (AU:BRU) has released an update.
Buru Energy Limited has terminated its Farm-in Agreements with Sabre Energy, securing $3 million in alternative funding for the Rafael Shallow 1 well from entities associated with long-term shareholders. Additionally, the company has completed a share placement raising $6.7 million before costs, with funds earmarked for the commercialization of the Rafael Gas Project, drilling of the Rafael Shallow 1 well, and the restart of the Ungani Oilfield. The company maintains a 75% interest in the Rafael Shallow 1 well and full interest in the Ungani Oilfield.
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