Buru Energy Limited (ASX:BRU)
has described the three months to 31 December 2015 as an active and successful quarter with results across its exploration, testing and production activities.
The company reported continued strong oil production from its Ungani oilfield project, with production for the quarter totalling 56,000 bbls.
Buru Energy also acknowledged reductions in staff numbers, operating activity and costs, alongside concentration on core areas of activity.
Combined with an acreage rationalisation program, these measures form part of an effort to ensure the company’s level of activity and cost base reflects the current oil price and wider economic conditions.
Buru Energy recorded a net loss of $11.86 million at 30 June 2015.