Australia's Buru eyes best day in 12 weeks on acquisition of Origin's interest in JV

Buru Energy

13/02/2023 01:28

** Shares of Australia's Buru Energy  BRU.AX  rise as much
as 17% to A$0.110 - set to mark best day since Nov. 18, 2022, if
gains hold 
    ** Stock hits highest level since Feb. 6 
    ** Energy co says it will acquire Origin Energy's  ORG.AX 
joint venture exploration permits in the Canning Basin, which
include the Rafael conventional gas and condensate discovery
    ** Says under agreement, Origin will provide Buru with up to
A$4 mln($2.76 mln) of required funding for various surveys at
the project
    ** Adds in return, Buru will provide Origin with future
reimbursement payment of A$34 mln
    ** BRU stock had fallen 1.1% this year, as of last close
($1 = 1.4480 Australian dollars)
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))