Established WA petroleum producer and explorer Buru Energy (ASX: BRU) has lodged its 2020 Annual Report, outlining its solid financial footing, its production from the Ungani Oilfield in the Canning Basin and its growth plans for 2021.
In December 2020, Buru executed an agreement with Origin Energy (ASX:ORG) to farm-in to its exploration permits and partner with Buru in a comprehensive exploration program during 2021.
Buru ended 2020 with approximately $21 million in cash, with Executive Chairman Eric Streitberg explaining the strong financial position was preserved through Ungani oil production and measures taken to reduce costs following the Covid-19 pandemic and resulting falls in the oil price.
Production at Ungani was maintained at similar levels to the previous year and the company plans to drill a further well at Ungani this year with the objective of accessing additional reserves and extending the field life.
Buru recently appointed three independent non-executive directors to assist the company’s growth strategy including forward participation in an integrated energy economy.
