On 21 May 2018, Buru Energy Ltd reported that it has entered into two agreements with Roc Oil Company Ltd (Roc), for Roc gain access to Buruâs conventional oil portfolio in the Canning Basin.  Roc, through its subsidiary company Rock Oil (Canning) Pty Ltd, has agreed to purchase 50% interest in the Ungani oil field production licences L20 and L21 for a cash payment of AUD 64 million. A second agreement has been made for Buruâs surrounding exploration licences, in which Roc has also agreed to acquire 50% interest in return for paying AUD 20 million of a forthcoming AUD 25 million exploration programme, which could include up to four wells between 2018 and 2019.  Buru currently holds 100% interest in all transacted licences and will only be farming down the conventional oil component. Buruâs unconventional gas assets and exploration potential of the Laurel Formation will remain with Buru. Buru already holds success in the Yulleroo shale gas discovery, located in EP 391. Buru will remain operator of the production and exploration licences.  The Ungani field sale has now completed. The final payment by Roc to Buru will take place once transfer approvals and the establishment of a joint venture agreement have been finalized. The transaction of the exploration licence interest was conditional of the Ungani field sale. Once the initial exploration programme has concluded, of which Roc is to fund 80% of total drilling costs, the partnership will split future related costs respective of interest levels held in the licences (50% split).  Roc has previously held interest in Australia within the Gippsland, Perth, South Carnarvon and North Carnarvon basins. This is the first entrance for Roc into the Canning Basin.
Buru Energy Ltd reported that it has entered into two agreements with Roc Oil Company Ltd (Roc), for Roc gain access to Buruâs conventional oil portfolio in the Canning Basin. Roc, through its subsidiary company Rock Oil (Canning) Pty Ltd, has agreed to purchase 50% interest in the Ungani oil field production licences L20 and L21 for a cash payment of AUD 64 million. 