Buru ships first oil from Wyndham
UPDATE 1.20pm: Shares in Buru Energy were up strongly as the company heralded the first shipment of crude oil from its Ungani project in Kimberley's Canning Basin through the port of Wyndham.
"In accordance with the term of the sale and purchase agreement, the shipment has been sold and is currently in transit to a refinery in South East Asia," the company said in a statement.
Managing director Dr Keiran Wulff described it as a significant milestone in the establishment of a market for Ungani oil.
He said it set a strong foundation for the ongoing export of crude oil from Wyndham.
The Ungani project is a conventional oilfield which is a 50/50 joint venture between Buru and Japan's Mitsubishi Corporation.
Buru also holds several other unconventional oil and gas assets in the Canning Basin.
Shares in the company closed up 16 cents, or 8.94 per cent, at $1.95.
