Farm-in partner Roc Oil has exercised its option to withdraw from its agreement to farm-in to the permits, relinquishing its 50% ownership.
Buru plans to complete a prospect and regional scale technical review before seeking new partners.
The permits contain several world-class prospects including Rafael, which Buru plans to drill in its next exploration campaign.
Roc will retain its 50% interest in the producing conventional Ungani Oilfield.
Seeking a new partner in 2020
Buru’s executive chairman Eric Streitberg said: “Together with its existing 100% and majority owned permits, Buru now controls a gross 22,000 square kilometres of highly prospective contiguous acreage in the Canning Basin.
“The Canning Basin is one of the least explored onshore basins in Australia with already producing conventional oil resources and large scale wet gas resources.
“This is a unique situation that will be highly attractive to companies seeking both scale and running room, and it is intended to commence a wide ranging farm-out process early in 2020 once a prospect and regional scale technical review is completed.
“The Basin requires further focused exploration to realise its potential and we are confident this combination of commercial, geological and operational components will allow us to successfully drive this forward.”