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Buru Energy gets $1.6 million from latest lifting of crude oil from Ungani Joint Venture

Buru is receiving healthy returns on its sales of high-quality crude from the Ungani Oilfield Joint Venture onshore Western Australia.

Buru Energy Ltd - Buru Energy gets $1.6 million from latest lifting of crude oil from Ungani Joint Venture
The latest lifting of crude has been done on a spot basis

Buru Energy Limited (ASX:BRU) has confirmed the lifting of 74,819 barrels gross (Buru’s share 50%) of Ungani crude oil from CGL storage Tank 10 at Wyndham Port on Thursday.

The previous lifting was completed on May 13, 2020 for a gross 76,817 barrels.

The next lifting is expected to be in early October allowing for continued production optimisation activity at the Ungani Field including time offline of the Ungani 7 well during a workover to install an ESP (electric submersible pump), and a planned recompletion of the Ungani Far West 1 well.

Pricing method

This latest lifting was sold by the Buru/Roc Oil Ungani Joint Venture on a spot basis.

Consistent with sales under previous offtake agreements, the price received FOB Wyndham will be the realised average dated Brent oil price for the loading month, less the buyer’s fixed marine transport discount.

Under these terms Buru’s 50% revenue share from the lifting is currently estimated at about $1.6 million and will be invoiced on the average dated Brent price for the month of July.

The JV plans to continue to sell Ungani crude on a spot basis while it continues to review the potential for entering into another longer term offtake agreement.

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