Buru Energy gets $1.6 million from latest lifting of crude oil from Ungani Joint Venture

Buru Energy Limited (ASX:BRU) has confirmed the lifting of 74,819 barrels gross (Burus share 50%) of Ungani crude oil from CGL storage Tank 10 at Wyndham Port on Thursday.

The previous lifting was completed on May 13, 2020 for a gross 76,817 barrels.

The next lifting is expected to be in early October allowing for continued production optimisation activity at the Ungani Field including time offline of the Ungani 7 well during a workover to install an ESP (electric submersible pump), and a planned recompletion of the Ungani Far West 1 well.

Pricing method

This latest lifting was sold by the Buru/Roc Oil Ungani Joint Venture on a spot basis.

Consistent with sales under previous offtake agreements, the price received FOB Wyndham will be the realised average dated Brent oil price for the loading month, less the buyers fixed marine transport discount.

Under these terms Burus 50% revenue share from the lifting is cRead More – Source