Dear Shareholders,
I am pleased to be able to provide my comments as Chair as part of this annual report’s review of 2023.
I assumed the role of non-executive Chair at the beginning of the year and am pleased to report that my transition to non-executive Chair as a “first among equals” of Directors of the Board has gone smoothly and effectively. The success of this transition was substantially due to the appointment of the Company’s Chief Executive Officer, Thomas Nador, reporting to the Board and responsible for the management of the operations of the Company. This management transition was a direct reflection of the Company’s operational transition from a focus on exploration to a focus on appraisal and development activity for the Rafael conventional gas and condensate discovery and the growing importance of our natural hydrogen and CCS activity.
The Rafael appraisal and development activities included the acquisition of a 3D seismic survey that has provided valuable insights into the nature of the Rafael discovery, and in parallel, extensive and very focused planning and analysis for the development of the discovery. These activities are covered in more detail in the CEO’s review in this report.
The Company’s other activities in the energy sector, particularly in natural hydrogen, have also been substantially advanced, and this aspect of our business is increasingly getting the recognition it deserves.
In a broader sense, the contraction of support in the equity markets for smaller companies has been dramatic, but pleasingly the Buru share price has relatively outperformed the majority of our peers. We have also retained and increased the support of our existing shareholders, and introduced additional shareholders, through the capital raising in late 2023.
This support from our shareholders is most gratefully acknowledged and has allowed us to maintain the momentum for the development of Rafael and of our natural hydrogen and CCS activities through our 2H Resources and GeoVault subsidiaries.
We have challenges ahead, but our gas development activity is underpinned by the recognition of the need for gas as a transition fuel, particularly as a long-term firming component of the electricity grid, and for wide ranging industrial uses. In that regard it is particularly exciting for us to be advancing our “Phase 1” Rafael development project to supply gas as a low emission, reliable energy source in the Kimberley, including to remote communities.
Buru and its predecessor, ARC Energy, have operated in the Kimberley since 2006 and we have developed deep connections at a community and Government level, and continuously strive to maintain and improve those relationships. In that regard we also acknowledge and thank the Traditional Owners of the areas in which we operate. We deeply respect their connection to country and appreciate our role to ensure that our activities are of mutual benefit and cause a minimum level of disturbance.
Our successes rely on our energetic and hardworking staff who have delivered outstanding results during the year. I would particularly like to acknowledge our CEO, Thomas Nador, who has worked tirelessly to deliver the Company’s vision under at times, very challenging conditions.
The Buru Board has also provided the essential support and counsel that is required to deliver on the Company’s vision, particularly during my transition to the role of non-executive Chair and I personally thank them for that support.
I again thank shareholders for their support and look forward to a successful 2024.
Eric Streitberg
Non-Executive Chairman
25 March 2024