Buru Energy (ASX:BRU) assumes 100% equity in Canning Basin tenements

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by Ortenzia Borre

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Last Updated: 6/12/2019 3:43 PM

Buru Energy (ASX:BRU) has assumed 100% equity in three key Canning Basin exploration permits.

The company will assume full control of the tenements in the Canning Basin in Western Australia, with Roc Oil to relinquish its half interest from the end of December.

Buru Energy Executive Chairman Eric Streitberg said together with its existing 100% and majority owned permits, Buru now controls a gross 22,000 sq kms of highly prospective contiguous acreage in the Canning Basin.

The Canning Basin is one of the least explored onshore basins in Australia with already producing conventional oil resources and large scale wet gas resources.

Shares in Buru Energy (ASX:BRU) are trading 5.9 per cent higher at 18 cents.