Executive Chairman, Eric Streitberg brings investors up to speed on work at the Rafael gas discovery, a new CEO appointment and a $14.4 million rights issue to fund this year's activities. Over the course of 2022, Buru Energy plans to recomplete the Rafael 1 well and test additional gas-bearing zones, acquire a 3D seismic survey and complete commercialisation and field development studies.

As a result, the one-for-six rights issue will provide a substantial funding runway to develop the Canning Basin discovery. Buru will also bring Beach Energy executive Thomas Nador on board as chief executive in September to oversee the business’ day-to-day operations and enact its forward strategy. 

Appointment of Chief Executive Officer 

Buru Energy Limited (Buru or the Company) is pleased to announce that it has appointed Mr Thomas Nador as Chief Executive Officer. He comes to Buru from his current role as Group Executive – Development at Beach Energy, based in Perth.

Mr. Nador adds a depth of experience in project delivery and asset growth to Buru that will ensure the Company delivers maximum value for its shareholders from its exciting portfolio of assets. He will assume his role no later than 1 September 2022 in line with his current employment conditions.

As CEO, Mr Nador will have responsibility for the Company’s day to day operations and for delivery of a forward program to capitalise on the enormous inherent value in the Company’s assets.

He will focus on both the commercialisation of the potentially world scale Rafael gas condensate discovery, and on providing impetus to the Company’s energy transition businesses, including the CCS Geovault program underpinned by the recent grant offer from the Federal Government.

As part of delivering the Company’s projects, Mr. Nador will also ensure the Company’s organisational capacity is aligned with its strategy.

The Executive Chairman, Eric Streitberg, will continue in his current role for an appropriate period as Mr Nador assumes day-to-day management of the Company. He will work closely with Mr Nador to ensure a smooth transition of responsibilities. Mr Streitberg will in due course, as part of the transition, assume the role of Non-Executive Chair to maintain oversight of the monetisation of Buru’s growth opportunities.

Watch the video here   l   KeyFacts Energy: Buru Energy Australia country profile