Buru Energy (ASX:BRU) said it was advancing asset and corporate initiatives to fund upstream capital to the final investment decision of around AU$40 million at the Rafael Gas Project in Western Australia for Rafael B and Rafael 1 re-completion in the second quarter of 2026, according to a Tuesday Australian bourse filing.
It has an agreed business model with Clean Energy Fuels Australia to finance, build, and operate a 250 tonnes per day to 300 tonnes per day capacity liquified natural gas plant, with associated marketing and product distribution.
The downstream and/or midstream capital expenditure is expected to be around AU$150 million. It is planning a 2026 development drilling program, intended to maximize the completion of higher net-to-gross reservoir sections.
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