Helped by rising oil prices, Buru Energy has tabled its best shipment yet, bringing in about $5.7 million from its 50 per cent share in 76,000 barrels of crude from Ungani oilfield near Broome in WA.
The shipment by a tanker through Wyndham port raked in $1 million above the company’s previous high in February.
The company says the revenue will be prorated into the 30 June 2022 half-year accounts in line with International Financial Reporting Standards, with the remaining amount being recorded in July’s figures.
The next “lifting” out of Wyndham port is expected in late November.
Transferring petroleum from the field and storing it in a floating production and storage unit to one or more oceangoing vessels is known as "lifting”.
Buru shares equal ownership at Ungani with JV partner ROC Oil and picks up operational duties at the site.
Their tanker shipment is now on its way to a refinery in South-East Asia after a deal with BP Singapore that saw the energy giant buy the oil on a free-on-board basis.
In other quarterly highlights from the Ungani oilfield, the producer tabled a gross oil production total of about 48,000 barrels of oil and delivered a field production rate of between 500 to 550 barrels of oil per day from all of its wells.
According to the company, despite its potential, Ungani 9 well being put on the backburner due to a shortage of adequate rigs, the Ungani JV continues to tick all the right boxes in light of a solid oil price.
Brent crude is currently trading at about US$107 per barrel, up from yearly lows of about US$70.
Quarterly exploration highlights include ongoing work on the Rafael gas and condensate discovery about 50km east of the Ungani and about 150km east of Broome.
The company jointly owns the asset with Origin Energy and is currently running the rule over a suite of commercial and planning exercises centred around exporting the well’s gas.
Buru’s work over the period has also seen it advance its energy transition efforts with the company claiming a $7 million matching government grant to draw up a feasibility study for a greenhouse gas storage project in the onshore Carnarvon Basin as part of its dedicated carbon capture and storage arm known as Geovault.
Energy Resources, a subsidiary of Chris Ellison’s Mineral Resources, will match the $7 million payment made by the government.
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By Matt Birney
