Buru Energy has completed the latest lifting of Ungani crude oil from Wyndham Port, which the company estimates its share will amount to $3.7 million in revenue.
As of 12 October, the MT SCF Pechora lifted a total of 74,000 bbls, for which Buru’s share accounts for 50 per cent.
As per the agreement with BP Singapore, the company has purchased the crude FOB Wyndham and will deliver the crude to a refinery in South East Asia.
The price received from BP is a fixed differential to average dated Brent oil prices for the month of October.
Based on the current strong Brent prices, Buru’s 50 per cent revenue share from lifting is estimated around $3.7 million.
Buru said that Ungani, located in Western Australia around 90 km east of Broome, continues to produce a stable rate of some 800 barrels of oil per day.
The Ungani 8 well is currently planned for drilling at the conclusion of the Rafael 1 exploration well, and will increase the company’s field production.
The well is designed as a horizontal well, to be drilled into the potentially undrained fault block originally targeted by the Ungani 6H well.
Buru Energy has a 50 per cent operating interest in the conventional Ungani oilfield, located in production licences L20 and L21, with Roc Oil holding the remaining 50 per cent interest.
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