"entered into a farm-in agreement with Sabre Energy for the...

"entered into a farm-in agreement with Sabre Energy for the drilling of the high impact Rafael shallow oil target in EP 428"

"Sabre will carry Buru for A$6 million of the costs associated with the drilling and testing of the Rafael shallow exploration well to earn a 50% interest"

"Buru retaining 50% interest and operatorship"

"A$6 million cost contribution represents a full carry of the well by Sabre"

"subject to a commercial discovery being declared, Sabre will pay Buru a further A$1.5 million"

"assessment of the prospective resource volumes of recoverable oil indicates a range of between 3.2 million stock tank barrels (low estimate) and 79 million stock tank barrels (high estimate), with a best estimate of 19 million barrels"

"an oil discovery could provide a rapid development path that would add substantial value for both Buru and Sabre"

"and an additional funding path for Buru’s 100% owned Rafael deep Phase 1 gas and condensate project"

"negotiations for a rig contract are well advanced, drilling equipment and materials secured, on-ground preparations and approvals underway"

"commencement of Rafael shallow drilling operations targeted for late Q3 2024 as part of a two well drilling campaign that includes the Mars 1 well"

https://oilman.beehiiv.com/p/oilman-jims-letter-august-7-2024

Worth reading