Ungani Lifting Completed

Source: www.gulfoilandgas.com 10/13/2021, Location: Not categorized

Buru Energy Limited advises that the latest lifting of Ungani crude oil from Wyndham Port was completed on the evening of 12 October by the MT SCF Pechora for a total of approximately 74,000 bbls (gross – Buru Energy’s share 50%).

As per the marketing agreement with BP Singapore Pte Limited (BP), BP have purchased the crude FOB Wyndham and will deliver the crude to a refinery in SE Asia. The price received from BP is a fixed differential to average dated Brent oil price for the month of October. Based on the current very strong Brent price, Buru’s 50% revenue share from the lifting is currently estimated at approximately A$3.7 million. Ungani continues to produce at a stable rate of some 800 barrels of oil per day. The Ungani 8 well is currently planned to be drilled at the conclusion of the Rafael 1 exploration well to increase field production. The well is designed as a horizontal well to be drilled into the potentially undrained fault block originally targeted by the Ungani 6H well.

Authorisation
This ASX announcement has been authorized for release by Eric Streitberg, the Executive Chairman of Buru Energy.


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