Other Assets
L6, L8, L17, EP 129, EP 391, EP 428, EP 431, EP 436, EP 457 (Buru 100% – 60% and Operator)
In late 2024, Buru commenced a process with the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to rationalise the Company’s exploration acreage in the Canning Basin. The rationalisation is aimed at:
- holding and maintaining a corridor of key exploration areas around known assets and the highest potential prospects and leads and surrendering non-core acreage;
- surrendering areas with operational limitations and low value within the Fitzroy River Buffer; and
- retaining areas with outstanding decommissioning and rehabilitation obligations.
The results from this process are forecast to deliver:
- a significant reduction in the exploration permits and production licence areas from 13,200 km2 (165 blocks) to 5,440 km2 (68 blocks);
- a material reduction in exploration work program commitments and expenditure associated with surrendered areas; and
- reduced internal costs, annual fees, levies and surcharges.
EP 458 (Rey Resources 100% and Operator)
The EP 458 exploration permit lies in the Canning Basin in a remote area to the east of the main prospectivity trends. As a result of previous exploration activity in the area by Buru, the permit is considered to have low prospectivity, with Buru having identified no drillable targets to be able to fulfil the drilling commitment in the next permit year. Therefore, Buru issued a notice of withdrawal to Rey Resources (Rey) under the EP 458 Joint Operating Agreement with effect from 1 January 2024, with Buru assigning its 60% interest and Operatorship of the permit to Rey.
