Buru Energy and Sabre Energy enter Ungani Oilfield farm-in agreement

Proactive - Interviews for investors

Buru Energy Ltd (ASX:BRU) managing director Thomas Nador joins Proactive’s Meagan Evans to discuss Buru’s farm-in agreement with Sabre Energy Pty Ltd for the Ungani Oilfield production and exploration assets. This agreement covers Petroleum Production Licences L 20 and L 21 in Western Australia’s onshore Canning Basin. Under the agreement, Sabre will acquire a 70% interest in the assets and assume operatorship, while Buru retains a 30% interest and benefits from a $6 million farm-in carry from Sabre. This includes $1 million to restart production at Ungani and $5 million for drilling the Mars exploration well. Nador expressed optimism about the partnership, highlighting Sabre's expertise and potential value addition to the Ungani Oilfield. Plans are underway to restart production and drill the Mars prospect during the 2024 Kimberley operating season. The timing depends on securing a suitable drilling rig. Despite previous impairments, the joint venture aims to revitalise the Ungani assets, benefiting shareholders, the local community and the Western Australian Government. #ProactiveInvestors #BuruEnergy #ASX #SabreEnergy #UnganiOilfield #JointVenture #FarmIn #Oil&Gas #PetroleumProductionLicences #CanningBasin #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews