Buru Energy Limited (ASX:BRU) advises that the latest lifting of Ungani crude oil from Wyndham Port was completed on the evening of 12 October by the MT SCF Pechora for a total of approximately 74,000 bbls (gross – Buru Energy’s share 50%).
As per the marketing agreement with BP Singapore Pte Limited (BP), BP have purchased the crude FOB Wyndham and will deliver the crude to a refinery in SE Asia. The price received from BP is a fixed differential to average dated Brent oil price for the month of October. Based on the current very strong Brent price, Buru’s 50% revenue share from the lifting is currently estimated at approximately A$3.7 million.
Ungani continues to produce at a stable rate of some 800 barrels of oil per day. The Ungani 8 well is currently planned to be drilled at the conclusion of the Rafael 1 exploration well to increase field production. The well is designed as a horizontal well to be drilled into the potentially undrained fault block originally targeted by the Ungani 6H well.