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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Buru Energy Limited    BRU   AU000000BRU3

BURU ENERGY LIMITED

(BRU)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/30
0.095 AUD   +4.40%
10/15BURU ENERGY LIMITED : - Quarterly Activities and Cash Flow Report, September 2020
AQ
10/14BURU ENERGY : Quarterly Activities and Cash Flow Report - September 2020
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09/27BURU ENERGY : Operations Update
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Buru energy : Operations Update

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06/04/2020 | 12:11pm EDT

As previously advised, the recent May lifting of Ungani crude from the Port of Wyndham was the final lifting under the previous Petro-Diamond Singapore Pte Ltd (PDS) offtake contract.

The Ungani Joint Venture has now sold the next lifting, expected to be in mid July, on a spot basis. The JV plans to continue to sell Ungani crude on a spot basis while it reviews the potential for entering into another longer term offtake agreement.

Consistent with previous sales, the July lifting has been sold two months ahead of delivery 'Free On Board' (FOB) at Wyndham. The received price will be based on the average dated Brent oil price for the month of July, less an agreed discount predominantly reflecting marine transport charges to a refinery in SE Asia, which have increased from previous liftings.

The appreciation of the Brent price during May has also resulted in the payment for the May lifting increasing by approximately US$200,000 for Buru Energy's 50% share.

Ungani field production with all wells on production is currently 1,250 barrels of oil a day with a series of well optimisation activities planned. Preparations to install an electric submersible pump (ESP) in Ungani 7 to increase production from the well are well advanced with all long lead items on site and surface equipment installed. The installation of ESP's is a routine operation, and ESP's have been proven to be very reliable and effective in the Ungani 1ST1 and Ungani 2 wells.

Farmout progress

The current farmout process is progressing well with various parties accessing the virtual data room. With the current COVID-19 related restrictions being progressively relaxed, locally based interested parties are now able to physically attend Buru Energy's office to access the geophysical data base. The review of new venture opportunities is also continuing with both corporate and asset acquisitions being assessed.

Executive Chairman Eric Streitberg commented: 'We are very pleased and relieved to see the firming oil price that gives us a healthier return from our oil sales. Although we are facing higher shipping charges and tightening refinery terms, there is still a good market for our particular high quality crude from Ungani.

Our strong cash position and our high quality exploration portfolio puts us in a good position to weather the current storms and it has also been very pleasing to see the share price improving. Although like many other companies our share price is still near historic lows, it is at least now reflecting a value greater than our cash position.'

This ASX announcement has been authorised for release by the Board of Buru Energy.

Contact:

Eric Streitberg

Tel: +61 8 9215 1800

Email: info@buruenergy.com

(C) 2020 Electronic News Publishing, source ENP Newswire


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All news about BURU ENERGY LIMITED
10/15BURU ENERGY LIMITED : - Quarterly Activities and Cash Flow Report, September 202..
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10/14BURU ENERGY : Quarterly Activities and Cash Flow Report - September 2020
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05/15BURU ENERGY LIMITED : - Crude lifting completed, farmout process ongoing
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Financials
Sales 2019 13,8 M 9,68 M 9,68 M
Net income 2019 -27,5 M -19,3 M -19,3 M
Net cash 2019 28,2 M 19,8 M 19,8 M
P/E ratio 2019 -2,75x
Yield 2019 -
Capitalization 41,0 M 28,9 M 28,8 M
EV / Sales 2018 1,49x
EV / Sales 2019 3,44x
Nbr of Employees 41
Free-Float 67,3%
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Number of Analysts
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Last Close Price 0,10 
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Managers
NameTitle
Eric Charles Streitberg Executive Chairman
Kris Waddington Chief Operating Officer
Shane McDermott Chief Financial Officer & Secretary
Eve Alexandra Howell Independent Non-Executive Director
Robert A. Willes Independent Non-Executive Director
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