Buru Energy (ASX:BRU) has provided an update on its 100% owned Rafael Gas Project in EP 428, located in Western Australia's Canning Basin, alongside broader corporate developments.
Building on its 2025 achievements, Buru is progressing its transformation from explorer to producer, aiming for potential first long-term cash flows from 2028.
The company is actively pursuing a global funding partnership, with support from its corporate advisor, to finance the estimated $40 million required for the 2026 Rafael resource and flow rate validation program and independent reserves certification.
Interest has come from international and domestic investors, including E&P companies, utilities, commodity traders, asset managers, investment banks, private equity, and royalty companies.
Funding and resource validation are key to finalising agreements with strategic development partner Clean Energy Fuels Australia and reaching a final investment decision in H2 2026.
Regulatory approvals for the 2026 drilling campaign are in place.
The program, scheduled to start in Q2 2026, will drill the Rafael 2H well (previously Rafael B) and recomplete Rafael 1, potentially with horizontal sections.
In 2025, Buru executed a strategic development agreement with CEFA, secured environmental approvals, identified the high-impact Flying Fox prospect, obtained a two-year production licence extension, and initiated funding for a second well.
At the time of reporting, Buru Energy's share price was $0.017.