Buru Energy secures funding to drill Rafael Shallow 1 well [Video]

Buru Energy Ltd (ASX:BRU, OTC:BRNGF) CEO Thomas Nador joins Proactive’s Tylah Tully to discuss the new funding the company has secured to support its activities, including the drilling of the Rafael Shallow 1 oil exploration well.

This comes after the company ended its farm-in agreements with Sabre Energy Pty Ltd, following Sabre’s failure to meet financial commitments. Buru CEO Thomas Nador emphasised the company’s resilience and commitment to preserving and growing shareholder value, despite this setback.

To fund the Rafael Shallow 1 well, Buru has entered farm-in agreements with two entities linked to long-term shareholders, securing $3 million in funding. These agreements allow the entities to earn a collective 25% interest in the well, while Buru retains a 75% interest and full ownership of the Ungani Oilfield.

Buru has also completed an oversubscribed share placement, raising $6.7 million to advance the Rafael Gas Project and restart production at the Ungani Oilfield.

Additionally, Buru has signed a drilling contract with Silver City Drilling, with mobilisation of Rig 24 underway. Drilling is expected to commence this month, supported by the recent capital raise.

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