I am very pleased to be able to provide my Executive Chairman’s review for 2022 noting that this will be my last review in this role as I have transitioned to a Non-Executive Chairman role as of 1 January 2023.
It has been a tumultuous and ultimately transformational year for the Company. Our continuing efforts to unlock the hydrocarbon potential of the Canning Basin have borne fruit with the discovery by the Rafael 1 exploration well of a potentially world class conventional gas and condensate accumulation.
The discovery was made as part of a major exploration program partly funded by Origin Energy. This program was a continuation of our previously successful long-term strategy to introduce major partners into the Canning Basin. Unfortunately, the change in strategic direction by Origin in the second half of 2022 brought field operations to a halt, and ultimately led to Origin’s exit from the Basin.
This exit has given Buru an unparalleled opportunity to forge a new direction for the development of our Canning Basin assets capitalising on the significant expenditure by Origin on the recent drilling and seismic programs.
Our strategy of applying our technical expertise to adjacent energy activities has also borne fruit with the acquisition of additional exploration areas in
the onshore Carnarvon Basin and significant progress on both our natural hydrogen business
(2H Resources) and carbon capture and storage activity (GeoVault).
As part of our positioning for our longer-term future, Thomas Nador, our Chief Executive Officer joined us in the second half of the year and has made very substantial progress in developing our projects and ensuring that the investor community is aware of the value and potential of our assets.
As part of that restructure, I have made a structured transition to a Non-Executive Chairman role over the period from Thomas’s engagement to the end of the year. This has ensured a seamless handover during a period of intense internal activity in the Company and substantial changes in the regulatory and corporate environment more generally.
I would especially like to thank the Buru staff who have provided an extraordinary level of technical excellence, corporate loyalty and personal engagement during a time of significant operational uncertainty.
My fellow Directors have also provided the wise counsel and strategic overview that is essential for an effective Board, and they have my thanks for their forbearance and support during my transition period.
There are many challenges still ahead for us to be able to fully realise the value of our assets, but it is pleasing to see a growing recognition that gas in particular will provide the essential underpinnings
to the energy transition, and our Rafael discovery is well positioned to be a very significant contributor to this transition.
I look forward to a successful 2023 and thank our shareholders for their continued support.
27 March 2023