Business Plan and Objectives
Vision and corporate strategy
Buru’s vision is to successfully explore for and develop the petroleum resources of the Canning Basin to deliver material benefits to its shareholders, the community and the traditional owners of the areas in which the company operates.
Buru’s overall corporate strategy is to:
- Apply appropriate and innovative techniques and strategies to exploration and development of the petroleum resources of the areas in which it operates;
- Achieve technical, operational, commercial and safety and environmental excellence in its activities; and
- Engage effectively, openly, ethically and fairly with the community, including the traditional owners in the areas in which it operates.
Commercial objectives
Buru's key commercial objectives are to:
- 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;
- Cost-effectively explore its permits through innovative operations so that shareholders’ funds are used only for those activities that provide the highest rewards at the lowest cost;
- Fully develop the technical data-base and technical understanding of Buru's permits;
- 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 company objectives and cost targets; and
- Ensure the early commercialisation of any hydrocarbons it finds.
Corporate objectives
Buru's corporate objectives are to:
- Aspire to 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 contractual and commercial discipline; and
- Engage effectively, openly, ethically and fairly with the community, including the traditional owners in the areas in which it operates.