Buru Energy (ASX:BRU) is set to acquire Origin Energy's (ASX:ORG) interests in its joint venture exploration permits in the Canning Basin (including the Rafael conventional gas and condensate discovery) for a future, capped reimbursement of costs linked to gas production success.

As part of the agreement, Origin Energy will provide Buru Energy with up to $4M of the required funding for the Rafael 3D seismic survey which is planned to be acquired in the 2023 operating season.

Buru Energy says it resumes its position as the dominant net acreage holder and operator in the Canning Basin, with ownership of a net 22,500? of permits.

Buru Energy's share price is up 11.7% this afternoon.