logo-loader

Buru Energy Ltd secures significant Native Title Agreement

Published: 09:10 26 Oct 2016 AEDT

WA---757x468
Buru Energy Ltd moves closer to unlocking value in Canning Basin.

Buru Energy Ltd (ASX:BRU) moves closer to unlocking value within its Canning Basin tight wet gas assets by executing another Native Title Agreement covering land within EP371.

The agreement is in the form of a Land Access and Use Agreement (LAUA) with the Warlangurru People.

This agreement follows the recent agreement reached with the Yungngnora People and together the two agreements cover the central and most prospective area of the Laurel Formation trend in this part of the basin. 

Eric Streitberg, executive chairman, commented: “The agreements will greatly facilitate the further appraisal and development of the gas and liquids accumulation in the area of the Valhalla and Asgard wells.”


Background

Buru is a Western Australian oil and gas exploration and production company with petroleum assets and tenements located onshore in the Canning Basin in the southwest Kimberley region of Western Australia. 

Its flagship high quality conventional Ungani Oilfield project is owned in 50/50 joint venture with Diamond Resources Mitsubishi (Fitzroy) Pty Ltd. 

As well as Ungani, the company’s portfolio includes potentially world class tight gas resources, which includes EP371.


EP371

Exploration Permit 371 is part of a 50/50 joint venture with Diamond Resources.

The permit hosts the Valhalla North 1, Asgard 1 and Valhalla 1 and 2 wells.

Buru has a 50% equity stake in the resources for the Valhalla accumulation on EP371 which are:

- Contingent Resources: 288 million 2C barrels of oil equivalent (563 million 3C barrels of oil equivalents); and
- Prospective Resources: 2,403 million barrels of oil equivalent unrisked (Mean case).


Analysis

The Native Title Agreement with the Warlangurru People represents another significant milestone achieved for Buru as it looks to extract value from its world scale tight gas resource.

Buru has the potential for large value delivery from both its oil and tight gas assets in the Canning Basin.

These Native Title Agreement will give Buru the ability to move to a production licence in due course.

A farm-in partner is currently being sought to progress the tight gas assets to the commercialisation and development phases.

With a sustainable business model and defined commercialisation pathway for its Canning Basin assets, Buru is well positioned to deliver value from its large strategic land holding and asset base.

Buru Energy webinar highlights progress on Rafael discovery

Buru Energy Ltd (ASX:BRU, OTC:BRNGF) CEO Thomas Nador provides an update on the excellent progress Buru has been making, not only on the game-changing Rafael conventional gas and condensate discovery in the Canning Basin of Western Australia but also the building momentum behind Buru’s...

on 1/12/23