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- Buru Energy (BRU) is gearing up to raise additional capital, with full details of the equity raise to be revealed on or before May 3
- The energy stock’s potential capital raising comes after it provided an update on production at the Ungani oilfield in the Canning Basin of WA
- BRU revealed earlier this week that it has increased production at the site and together all of the wells were producing in excess of 1000 barrels of oil a day
- The company’s shares have been placed in a trading halt this morning ahead of the proposed equity raise
- Buru Energy shares last traded for 20 cents each on April 28
Buru Energy (BRU) is gearing up to raise additional capital, with full details of the equity raise to be revealed in the coming days.
The oil and gas company’s potential capital raising comes after it provided an update on production at the Ungani oilfield in the Canning Basin of WA.
The energy stock revealed earlier this week that it’s increased production at the site after installing an Electric Submersible Pump (ESP) in the Ungani 5 well.
This combined with the stabilisation rates from Ungani 7, has pushed production to an excess of 1000 barrels of oil a day, up from 800 barrels of oil per day.
Buru Energy’s securities were placed in a trading halt this morning ahead of the proposed equity raise.
The company’s shares will remain halted from trading until an announcement is made, which is due to occur on or before Monday, May 3.
Shares in Buru Energy last traded at an even 20 cents per share on Wednesday, April 28.
