Buru Energy's Asset Transactions Update and Capital Raising

Buru Energy Limited (ASX:BRU) terminated the Rafael Shallow and Ungani Farm-in Agreements with Sabre Energy. The company executed binding Term Sheets securing alternative funding of $3 million for the Rafael Shallow 1 exploration well. Buru also completed an oversubscribed share placement of $6.7 million at 6.2 cents per share, providing funding towards the commercialisation of the Rafael Gas Project, drilling of the Rafael Shallow 1 exploration well, and restarting of the Ungani Oilfield.

Buru CEO's Perspective on Asset Transactions and Capital Raising

Despite the challenges faced due to a third party's failure on their commitments, Buru continues to demonstrate resilience to safeguard its strategic objectives towards preserving and growing shareholder value. Through the strong support of existing shareholders, new institutional and professional investors, and the company's directors, Buru is well placed to maintain the development momentum of its foundation Rafael gas project, the drilling of the high potential Rafael Shallow 1 oil target, and work toward restarting oil production from the Ungani Oilfield.

Summary of Buru Energy's Announcement

Buru Energy terminated farm-in agreements with Sabre Energy and secured alternative funding for the Rafael Shallow 1 exploration well. The company also completed a successful share placement, raising $6.7 million, which will support the commercialisation of the Rafael Gas Project, drilling of the Rafael Shallow 1 exploration well, and restarting of the Ungani Oilfield. The CEO, Thomas Nador, expressed confidence in the company's ability to maintain its development momentum and work towards preserving and growing shareholder value.