Buru Energy (ASX:BRU) and its partner Energy Resources, a subsidiary of Mineral Resources (ASX:MIN) were successful in their application for two highly prospective petroleum exploration areas in the Northern Carnarvon Basin and the Merlinleigh Sub-basin.
The new areas are located south of EP 510 and will be operated by EnRes (75%) and Buru (25%).
The grant of the permits is subject to completion of Native Title agreements.
This expansion is part of Buru’s long-term strategy to leverage its knowledge of the Palaeozoic petroleum systems in the Canning Basin.
The new areas are close to the Dampier to Bunbury Natural Gas Pipeline, and are prospective for both oil and gas in a variety of play types.
CEO Thomas Nador expressed his congratulations to the team.
Following the announcement, shares of Mineral Resources were up 1.59%.