Buru Energy Limited (Buru) advises that the latest lifting of Ungani crude oil from Wyndham Port will commence on 30 June 2022. The lifting is by the crude tanker Aris and is expected to be 16 October 2018 completed on 1 July for an expected total of approximately 75,000 barrels gross (Buru'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 FOB price received from BP will be based on the average dated Brent oil price for the month of July. Based on the current very strong Brent price, Buru's 50% revenue share from the lifting is currently estimated at approximately AUD 5.5 million. This is more than $1 million higher than the value of Buru's previous largest lifting, which was earlier this year in February.

In accordance with International Financial Reporting Standards, the revenue recorded will be prorated into the 30 June 2022 half year accounts, with the remaining amount recorded in July.