Buru Energy Announces Significant Ungani Oil Field Upgrade
Key points
- Estimated recoverable oil volumes increased by 200% to 660,000 bbls
- Improved cost efficiency expected with new operating model
- Assessment of offtake options, including micro-refinery, underway
Full summary
Buru Energy Limited has announced a significant upgrade to the estimated remaining recoverable oil at its Ungani oil field in Western Australia. The 2C Contingent Resources have increased by approximately 200%, from 220,000 bbls to 660,000 bbls. The company is also assessing new operating models to improve cost efficiency, including potential cost savings from reducing trucking and export costs. Buru is exploring offtake options, including establishing a micro-refinery to process Ungani crude oil locally.
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