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- Major project milestone reached
- Buru has formally referred its Rafael Project to the EPA WA
- Clear pathway to obtaining key approval
- EPA WA decision on assessment path anticipated by year-end 2026
Buru Energy (ASX: BRU) has achieved a key milestone for the Rafael liquids-rich gas project, which has formally been referred to the Environmental Protection Authority of Western Australia (EPA WA).
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The referral under Part IV of the Environmental Protection Act 1986 is required along the path to official approval for development of the field.
Executive chair David Maxwell said Rafael is the only proven conventional gas and liquids resource in the greater Kimberley region.
He described it as a compelling opportunity to establish a new local source of reliable energy, with the project’s simple, small-footprint, modular development concept designed to generate long-term cashflow, reduce the region’s reliance on imported energy such as LNG and LPG, and provide a platform for Buru’s future growth.
“Rafael now has a very compelling technical and commercial foundation. By maintaining a disciplined focus on project simplicity, capital efficiency, early cashflow and staged growth, we are building a strong platform for long-term shareholder value,” Mr Maxwell said.
“With this timely referral of the Rafael conventional gas project to the EPA WA closely following the completion of the reserves assessment, Buru is increasing momentum towards delivering its final investment decision and first gas by early 2029.”
Following the public comment period, the EPA WA will decide whether or not to assess the project. Proposals that do not have a significant environmental impact do not meet the criteria for assessment by the EPA WA. The EPA WA’s decision on the project is anticipated by late 2026.
Buru conducted extensive studies, modelling and surveys as part of its Environmental Impact Assessment and did not identify any significant environmental impacts during the analysis.
Subject to regulatory approvals, the submission of the referral to the EPA WA is another significant step which de-risks the Project and maintains the timeline towards a final investment decision in 2H CY 2027 and first gas production in early CY 2029.
First drilled in 2021, Rafael is a significant conventional gas and condensate discovery, assessed to hold between 85 Bscf and 523 Bscf of gas, and 1.8MMstb to 10.6MMstb of condensate.
BRU was steady at 1.4¢ with a Mkt cap of $19.02M.
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