leadf
logo-loader
viewBuru Energy Ltd

Buru Energy ships 71,038 barrels of oil under new marketing agreement with BP Singapore

Buru’s 50% revenue share from the lifting is estimated at between A$1.6 million and A$1.7 million, with the price to be finalised at the end of October.

Buru Energy Ltd - Buru Energy ships 71,038 barrels of oil under new marketing agreement with BP Singapore
The next lifting is expected to be in late November

Buru Energy Limited (ASX:BRU) completed the latest lifting of Ungani crude from the CGL storage Tank 10 at Wyndham Port on September 26, 2020, by the Anichkov Bridge oil tanker.

Anichkov Bridge lifted a total of 71,038 barrels gross with Buru’s share being 50%. The previous lifting of 74,819 barrels gross was completed on July 16, 2020.

Production between the two liftings was impacted by production downtime required to install an electric submersible pump (ESP) in the Ungani 7 well.

New marketing agreement with BP

The latest lifting was the first under the new marketing agreement with BP Singapore Pte Limited (BP).

BP has purchased the crude free on board (FOB) Wyndham and will deliver it to a refinery in South East Asia.

Under the marketing contract, the price received will be the actual price BP sold the crude to the refinery (a fixed differential to the average dated Brent price for the month of October), less shipping and associated costs.

Under these terms Buru’s 50% revenue share from the lifting is estimated at between A$1.6 million and A$1.7 million, with the price finalised at the end of October.

Current field production is about 1,200 barrels of oil per day and the next lifting is expected to be in late November.

Ungani Far West 1 operations

Recompletion operations on the Ungani Far West 1 well have commenced with the removal of the existing completion from the well with the Buru Jacking Platform.

Operations have now been temporarily suspended pending the availability of the operators for the contractor’s onsite wireline unit.

The operators are working in the Perth Basin and are expected to be onsite at Ungani to conduct the perforation of the Reeves Formation test zone in about one week.

Quick facts: Buru Energy Ltd

Price: 0.095 AUD

ASX:BRU
Market: ASX
Market Cap: $41.05 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Buru Energy Ltd named herein, including the promotion by the Company of Buru Energy Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Sipa Resources' Pip Darvall updates on Buru Energy deal and portfolio...

Sipa Resources Ltd's (ASX:SRI) Pip Darvall speaks to Proactive after announcing they've entered into a binding heads of agreement to form an innovative joint venture with Buru Energy Ltd (ASX:BRU) to progress base metals exploration at the Barbwire Terrace Project in Western Australia. Darvall...

on 14/9/20

2 min read