Other Assets
Blina Oilfield (L 6 & L 8 – BURU ENERGY 100%)
Decommissioning of the legacy Lennard Shelf assets continued during the year. Any future production from Lennard Shelf fields including the Blina Oilfield and any new discoveries will require installation of new equipment meeting current regulatory and environmental standards.
Yulleroo Gasfield (EP 391 & EP 436 – BURU ENERGY 100%)
The Yulleroo Gasfield accumulation contains a substantial 2C tight gas resource that has been independently certified. It forms part of the much larger prospective tight gas resource in the wider Canning Basin and has potential for conventional gas resources.
Further analysis of the potential for a well targeting conventional sands in the accumulation continues to be undertaken as part of the planning for future drilling campaigns in the Canning Basin.
Carnarvon Basin
In line with a refocused strategy on core assets, in August 2023 Buru executed a Sale and Purchase Agreement (SPA) with Energy Resources Limited (MinRes) for the sale of its interests in the onshore Carnarvon Basin of Western Australia. These interests included Exploration Permit EP 510 and Exploration Permit application areas L22-2 and L22-4 where Buru held a 25% non-operated working interest in joint venture with MinRes (75% and Operator).
The sale was unconditional, and the $5 million cash proceeds from the transaction received by Buru in August 2023, with regulatory consents and approvals received in September 2023.