Buru Energy has announced a successful share placement to raise a total of $5 million, while also launching a share purchase plan (SPP) to fund ongoing development of Rafael in the Canning Basin, Western Australia (WA).
The placement was made to various Buru shareholders as well as new professional investors who support the company’s progress in commercialising a pathway for Rafael.
The funds will be used to ensure preparations for the planned 2024 appraisal drilling program maintains its momentum and that the company is fully funded through its current program of partner selection.
Buru Energy chief executive officer Thomas Nador said the strong support of shareholders and institutional investors reflects the progress the company is making in the appraisal program.
“We have demonstrated that there is a pathway to commercialisation for all realistic resource appraisal outcomes,” Nador said.
“We are also systematically progressing our on-ground appraisal activity, having recently completed the Rafael 3D seismic acquisition on time and on budget with preliminary results expected to be available in late November.
“The development of the Rafael conventional gas accumulation can provide much needed reliable energy for Northern Australia with a materially reduced carbon footprint compared to current systems.”