Australia's Buru Energy drops on delays, challenges at Canning Basin well ops
24/01/2022 03:39
** Shares of oil and gas explorer Buru Energy BRU.AX fall
as much as 17.5% to A$0.165, marking their worst day since Oct.
12
** Co flags some delays and challenges at its Canning Basin
well operations in Western Australia's Kimberley region
urn:newsml:reuters.com:*:nASX8W34V6
** Stock hits lowest since Nov. 29 in its third straight
session of loss
** BRU says it has had to delay planned test work at its
Rafael 1 well due to an extension of WA's hard borders by the
state government
** Co also says a drill string got stuck at its half-owned
Ungani 8H well, meaning joint venture partner Roc Oil will now
take on a side-track program as a sole-risk operation
** Says the challenges mean planned work at both wells,
which lie in the Kimberley region of Western Australia, will
face delays of several weeks
** Stock down 13% YTD, as of last close
(Reporting by Riya Sharma in Bengaluru)
((Riya.Sharma@thomsonreuters.com;))