Buru Energy (ASX:BRU) said that final flow testing from the Rafael 1 well at the Rafael gas project in Western Australia is planned for the third quarter, according to a Wednesday Australian bourse filing.
The firm is targeting a final investment decision in the current year and the first production in the second half of 2027, the filing said.
It is partnered with Clean Energy Fuels Australia which will finance, build, own, and operate the LNG plant, and it is working with it on gas and condensate sales agreements. It plans to sign binding agreements in the fourth quarter.
Its shares rose 3% in recent trading on Wednesday.
Price (AUD): $0.04, Change: $+0.0010, Percent Change: +2.56%
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