This is a bit old but we all need a little fantasy in our lives from time to time. For me this is better than Harry Potter ha ha ha cue the Everly Brothers Dream dream dream dream!
Buru Energy Ltd
BRU.AX – INITIATION OF COVERAGE A research platform of MST Financial
Report prepared by MST Access, a registered business name of MST Financial services ABN 617 475 180 AFSL 500 557
MST Access has been engaged and paid by the company covered in this report for ongoing research coverage. Please refer to full disclaimers and disclosures.
mstaccess.com.au 1
7 June 2023
Rafael a game changer
NEED TO KNOW
− The 2021 Rafael gas discovery is transformational, and added to new ventures and free-carried exploration generates an unrisked upside of ~$1.62/sh.
− New ventures in carbon capture and storage (CCS) and Hydrogen opens up low-carbon opportunities. − $14M cash, nil debt, production cashflow and
operational skills to execute growth plans.Buru’s 2021 conventional gas and condensate discovery at the Rafael#1 well, in the onshore Canning Basin W.A. transforms Buru. Development concepts for a small scale FLNG project generates an un-risked NAV of A$1.62. A 3D seismicsurvey in 2023, appraisal drilling in 2024 in parallel with commercial work, partner selection, financing and eventual development are de-risking events and if met, provide substantial upside. Buru has options for a low carbon world and has set-up subsidiaries GeoVault for carbon capture & storage (CCS) in the Canning & Carnarvon Basin, and 2H Resources to explore for natural hydrogen in South Australia. Oil production provides funds for business costs, there is nil debt and $14M
cash. Other significant events are a two-well free carried exploration program in the Carnarvon Basin planned in 2024.
Investment Thesis The Rafael conventional condensate-rich, low CO2 gas discovery justi
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