Buru Energy (ASX:BRU) is working with Clean Energy Fuels Australia (CEFA) to jointly develop the Rafael gas project in Western Australia, according to a Wednesday filing with the Australian bourse.
The agreement aims to establish a long-term gas and condensate business using the company's upstream resources, CEFA's downstream and midstream capabilities, financial backing, and incumbent market position in the Western Australian domestic liquefied natural gas sector, the filing said.
The parties agreed on a business model for future agreements, set to be executed later in the year, per the filing.
Buru Energy shares rose nearly 17% in afternoon trade Wednesday.
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