Buru Searching for More Australian Oil After Shares Double
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Buru Energy Ltd., the second-best performer on Australia’s energy index this year, is targeting as many as 20 oil prospects in the country’s northwest, seeking to repeat the first major discovery in the area since the 1980s.
Buru plans to drill two to four oil wells in 2013 in the onshore Canning Basin, more than 2,000 kilometers (1,240 miles) north of Perth, and to start full production at the Ungani find by the end of the year, Eric Streitberg, executive director of the Perth-based company, said in a phone interview yesterday.