Buru Energy (ASX: BRU) has updated the timeline for bringing its Rafael gas and condensate field to market, with production now expected to commence in the first quarter of 2028. The company had initially aimed for a 2027 start-up but has revised its schedule following a recent two-year extension granted to allow for a petroleum production licence application while maintaining its development timeframe. Buru Energy is an oil and gas exploration and production company focused on the Canning Basin in Western Australia. It seeks to deliver sustainable energy solutions while maximising shareholder value.
The updated timeline will allow Buru to complete the Rafael-1 well as a producer, alongside the drilling of a second Rafael B well in 2026. The company also plans to conduct an extended production flow test to support independent reserves certification, a key step before making a final investment decision in the third quarter of 2026. Buru is exploring funding options to secure up to $40 million for resource appraisal at Rafael in 2026.
Earlier this year, Buru signed a strategic development agreement with Clean Energy Fuels Australia (CEFA), an integrated clean energy solutions provider. CEFA will fund 75% of the estimated $150 million development cost, while Buru retains 100% of the upstream interest. The Rafael development in Western Australia’s Canning Basin aims to supply CEFA’s domestic LNG portfolio, the greater Kimberley market, and local transport and logistics infrastructure.
Buru recently divested its South Australian hydrogen and helium exploration assets to Koloma Australia for up to $2 million. This divestment aligns with Buru’s focus on commercialising the Rafael gas and condensate resource and establishing a Kimberley-based gas business. Proceeds will support the core strategy of developing the Rafael project and generating enduring cash flows.
