Buru Acquires Additional Interest in Australia EP 438

Source: www.gulfoilandgas.com 12/23/2013, Location: Not categorized

Buru Energy Limited (Buru) is pleased to announce that it has entered into an agreement with Gulliver Productions Pty Ltd (Gulliver), a wholly owned subsidiary of Key Petroleum Limited and Indigo Oil Pty Ltd (Indigo). The agreement will result in:
- Buru acquiring an additional 25% interest in exploration permit EP 438, which will increase Buru’s interest in the permit to 62.5%; and
- Buru transferring its interests in L15 and R1 to Gulliver and Indigo.

Once this transaction is completed, Buru and Mitsubishi Corporation intend to transfer a 50% interest in EP 438 to a wholly owned subsidiary of Apache Energy Limited as part of the transaction announced on 4 November 2013. The holdings in the permit at the completion of this transaction and the transfer to Apache will be:
- Buru Energy: 25%
- Mitsubishi Corporation: 25%
- Apache Energy: 50%

Buru currently holds a 15.5% interest in L15 and a 43.28% interest in R1. The transfer of these permits forms part of Buru’s ongoing acreage rationalisation program.

Full details of the transaction are set out in the attachment.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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