2023 saw Buru Energy regain full ownership of Rafael, the first significant conventional gas and condensate discovery in the onshore Canning Basin of Western Australia.
According to Buru chief executive officer Thomas Nador, commercialising the Rafael resource is the company’s priority, and the year has seen material progress achieved in support of this endeavor.
2023 was full of key milestones for the company, who completed a 3D seismic survey over the Rafael structure.
Other achievements included the commitment to long lead well equipment in support of planned appraisal drilling in 2024, the commencement of pre-FEED engineering for a Phase 1 Rafael development, as well as the commencement of a strategic appraisal and development partner selection process for the asset.
“These activities are designed to drive the certainty of outcome for a Rafael development, with the potential to transform Buru from an explorer to a developer and producer of natural gas during a period of projected supply shortfalls in the domestic market in Western Australia and increased global demand internationally,” Nador said.
The year has also seen Buru regain full ownership of the Ungani oilfield and associated production infrastructure.
“Although production operations are currently suspended, Buru is actively investigating opportunities to extract maximum value from this asset,” Nador said.
Although the lion’s share of the company’s resources and capital is allocated to the commercialisation of the Rafael resource, Nador said that Buru’s integrated energy subsidiaries also continued to make good progress towards generating value in the energy expansion and energy transition areas.
“I would like to thank our shareholders as well as new institutional investors for their trust and confidence in the company,” he said.
According to Nador, the success of the recent share placement and oversubscribed share purchase plan is a strong endorsement of the team’s belief in the company’s future.
“As we move forward,” Nador said, “we remain focused on our strategic objectives and are committed to delivering sustainable growth and value for all stakeholders.”