Buru Energy Limited (ASX:BRU) agreed to acquire remaining 50% interest in EP 428, EP 129, EP 391, EP 431 and EP436 from Origin Energy West Pty Ltd for AUD 34 million on February 13, 2023. Buru is required to make contingent future payments to Origin of up to AUD 34 million comprising AUD 5 million, plus up to AUD 4 million for the contribution made by Origin towards the Rafael 3D seismic survey, upon the grant of a production licence relating to the Rafael 1 discovery over any part of EP 428; AUD 5 million upon a Final Investment Decision (FID) connected to any part of the Rafael 1 discovery to proceed with the development with a production capacity of at least 25 TJ per day of gas produced from any part of EP 428.; AUD 20 million upon a development project connected to any part of the Rafael 1 discovery producing at least 50 TJ per day of gas from any part of EP 428. If the second milestone payment of AUD 5 million was not payable and the development of the Rafael 1 discovery subsequently meets the criteria for this third milestone, the third milestone payment is increased to AUD 25 million.

Separately, Buru Energy and Rey Resources will take 40% interests in EP 457 and EP 458 from Origin Energy West. The transaction is subject to the approval and registration of the Agreement and transfers of the permits by the WA regulatory authority (DMIRS) and the assignment/novation of relevant third party contracts; the termination of the 2020 Farm-in Agreement; and the termination of relevant joint venture agreements and associated joint venture cross charges.