Goals and Operating Principles
Goals
Buru’s goal is to deliver material benefits to its shareholders, the Kimberley community and the Traditional Owners of the areas in which it operates by successfully exploring for and developing the petroleum resources of the Canning Superbasin.
To achieve its goals, Buru has adopted the following commercial objectives:
- Apply appropriate and innovative techniques and strategies to explore and develop the petroleum resources of its exploration portfolio so that shareholder's funds are used only for those activities that provide the highest rewards at the lowest cost.
- Achieve technical, operational, commercial, safety and environmental excellence in its activities.
- High-grade its exploration portfolio to ensure that exploration in the near term is focused on prospects that have the highest potential for early commercialisation and can therefore provide operational cashflow to “bootstrap” further exploration and development activity.
- Fully develop its technical data-base and technical understanding of its exploration portfolio.
- Drill prospects that are rigorously technically controlled and that have a high chance of commercial success.
- Achieve cost-effective drilling operations by ensuring contractor alignment with Buru's objectives and cost targets.
- Ensure the early commercialisation of any hydrocarbons it finds.
Operating Principles
Buru considers that the manner in which it conducts its business is as important as the goals it achieves. At all times Buru strives to conduct its business in accordance with the following core operating principles:
- Apply the highest standards of corporate governance appropriate to its business model and activities.
- Impose strict financial discipline, to ensure that shareholders’ funds are used effectively to grow shareholder value.
- Ensure rigorous technical and commercial discipline across all aspects of the business.
- Engage effectively, openly, ethically and fairly with the community, including the Traditional Owners of the areas in which it operates.