Buru Energy directors show confidence in oil & gas strategy with on-market purchases

Buru Energy Limited (ASX:BRU) (OTCMKTS:BRNGF) (FRA:BUD) directors have demonstrated their confidence in the company’s oil & gas strategy with the purchase of shares in on-market transactions. Non-executive director Malcolm King acquired 66,600 shares at 15 cents per share on May 14 in an indirect interest, marking his first purchase in the company. Executive chairman Eric Streitberg purchased 200,000 shares on May 14 at the same price, increasing the number of securities held to more than 21.42 million shares. On May 17 independent non-executive director Robert Willes acquired 60,000 shares at 15.5 cents per share in an indirect interest, increasing the total of securities in that interest to 192,000. Exploration program set for mid-June The company is on track to begin a major exploration drilling program at the Canning Basin joint venture with Origin Energy Ltd (ASX:ORG) targeting total mean prospective resources of 97 million barrels of conventional oil. Drill site preparations for the Kurrajong 1 well are expected to be completed later this week with the drilling pad nearing completion. The Ensign 963 rig will be used for the well with the first rig loads scheduled to leave its current drilling site in the Northern Territory on May 24. JV with Origin Energy Buru Energy is operating two major exploration wells in the Canning Basin this year - Kurrajong 1 and Rafael 1 - in a 50/50 joint venture with Origin Energy. The company will be carried by Origin for the first $16 million of the associated well costs. Kurrajong 1 is the first well to be drilled in the program and is about 30 kilometres west of the Ungani Oilfield. It is expected to have similar geology to Ungani with mean prospective resources of some 28 million barrels of recoverable oil.