BRU 0.00% 28.0¢ buru energy limited

Twiggy takes stake in BRU, page-3

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    Good find, Doctor.
    Twiggy takes secret stake in ASX-listed gas play
    Sarah Thompson
    andAnthony Macdonald May 23, 2019 — 9.32pm
    There's a big name creeping up the share register of Canning Basin oil and gas junior Buru Energy Ltd.
    Street Talk understands Rich Lister Andrew Forrest has built a stake in the ASX-listed Buru, which is big enough to see him sitting just below the disclosure threshold and considering whether to go higher.

    There's a big name creeping up the share register of Canning Basin oil and gas junior Buru Energy Ltd.
    Street Talk understands Rich Lister Andrew Forrest has built a stake in the ASX-listed Buru, which is big enough to see him sitting just below the disclosure threshold and considering whether to go higher.
    It is understood Forrest has been buying through his private company Squadron Energy. [He also owns stakes in a bunch of resources companies including listed microcaps Vimy Resources and Poseidon Nickel.]
    His attraction is said to be Buru's petroleum assets and tenements in the Canning Basin, which is located in the west Kimberley region of Western Australia.
    Buru has extensive acreage holdings in the Canning Basin and has already had some success with its exploration program, including at its Ungani oilfield which now operates as a joint venture with Fosun's Roc Oil.
    Of course Forrest is no stranger to the area. He owns significant gas exploration acreage in the same region of the Canning Basin as Buru through a joint venture between Squadron Energy and Goshawk Energy, while his listed company Fortescue Metals Group has previously dabbled in investments in the region.
    While it's small change for Forrest - a 4.9 per cent Buru Energy stake would be worth about $5 million as at the company's last close - particularly given Forrest is staring at a $654 million special dividend on his Fortescue stake, the question is what the billionaire resources guru is thinking long term and how Buru fits into the bigger picture. A spokeswoman declined to comment.
    Whatever the case, it's an interesting development for Buru Energy after a lacklustre run for investors. The company is focused on further exploration along the Ungani Trend and has a fully-funded exploration program underway. [It had $61.5 million in the bank as at March 31 - which would account for about two-thirds of the company's market value].
    The last time we saw Forrest kicking around publicly listed oil and gas stocks was earlier this decade, when Forrest's Fortescue took a toehold investment in Oil Basins Ltd (now called Emperor Energy) in its first foray outside of iron ore.
    While the investment proved unfruitful, Forrest has recently said that Fortescue is "really serious" about new forms of energy.
    https://www.copyright link/business...-stake-in-asx-listed-gas-play-20190523-p51qff
 
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