Buru takes control of Kimberley oilfield

Written on the 30 May 2017

Buru Energy's shares have surged after an asset swap with Mitsubishi Corp gave it 100 per cent ownership of a Kimberley onshore oilfield.

The oil and gas junior said Mitsibushi had agreed to transfer its 50 per cent stake in production licences for the Ungani oilfield and four exploration permits in the area.

The deal transferred to Mitsubishi Buru's 50 per cent stake in an exploration permit for the Valhalla gas field and in an application for two prospects.

They also agreed Buru would provide services for Valhalla, which Buru last year said had recoverable volume of 1.53 trillion cubic feet of gas and 32 million barrels of hydrocarbon liquids.

Mitsubishi will pay $1.5 million towards restarting production at Ungani, which has been suspended for economic reasons.

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Source: thewest.com.au