David Maxwell will take over as chair at Buru Energy Ltd (ASX:BRU, OTC:BRNGF) effective immediately, following the retirement of Eric Streitberg on August 15.
Maxwell was appointed as a non-executive director on July 29, 2024, and takes up the role of chair as Buru moves rapidly to test the high-potential Rafael Shallow 1 well oil target in EP 428, part of Western Australia’s onshore Canning Basin, with well pad construction underway.
“I am proud that the Board of Buru has entrusted the chair of the company to me," Maxwell said.
“I acknowledge and thank Eric for all he has done to build the company and create the opportunities now before us. His commitment and dedication is greatly appreciated. I look forward to working with the Buru team with the objective to grow the value and create opportunities for all stakeholders.”
Commenting on his retirement, Streitberg said: “As a founding shareholder, chairman and director of Buru for 14 years I am very pleased to leave the company in the capable hands of the new chair David Maxwell and CEO Thomas Nador.
“Buru has an exciting future both in the near term with the planned drilling program and the development of the game changing Rafael gas condensate field which also has the potential for further value accretive discoveries.”
Opportunities abound
It has been a busy month for Buru, with CEO Thomas Nador recently announcing a new farm-in agreement with Sabre Energy Pty Ltd. The agreement will see Sabre Energy fund A$6 million for drilling and testing at the Rafael Shallow oil target.
Read: Buru Energy executes high-impact Rafael shallow oil exploration well funding agreement
Buru estimates that the Rafael Shallow target holds between 3.2 million and 79 million stock tank barrels of recoverable oil, with a best estimate of 19 million barrels. Nador emphasised the strategic importance of the Rafael Shallow prospect and noted the strong market interest it has generated. He also mentioned that the partnership complements Buru's other projects, particularly the Ungani Oilfield, which is also subject to a funding agreement with Sabre Energy.