Shares in Buru Energy Limited (ASX:BRU) surged more than 25 per cent yesterday after the junior explorer announced an oil discovery in Western Australia, calling the result a stunning success.
The Australian Financial Review says it is the state’s most significant onshore oil discovery in 10 years and increases hopes for more discoveries in the north-west.
Buru Energy is focused on exploring and developing the petroleum resources of the Canning Superbasin, in the Kimberley region of WA.
The company says it is this year undertaking one of the largest continuous onshore exploration programs ever conducted in the state.
Yesterday shares in Buru Energy surged 25.34 per cent, closing at $0.915.
In the full year to June 30, 2011 Buru Energy reported a net loss of $10.3 million.
