Buru chief out, resources heavyweights in
BURU Energy has replaced chief executive Kieran Wulff and recruited two petroleum heavyweights to its board.
BURU Energy, the oil and gas explorer leading the charge into Western Australia’s onshore Canning Basin, has replaced chief executive Kieran Wulff and recruited two petroleum heavyweights to its board as it intensifies its push to become a major player in the industry.
Just days after signing a landmark agreement with traditional owners to pave the way for a controversial “fracking” program in the Kimberley, Buru said Dr Wulff had “relinquished” his job, which would be taken by company founder and chairman Eric Streitberg.
Dr Wulff’s abrupt departure also came after Buru won all the state government approvals it needed to begin a critical exploration program — using fraccing — aimed at proving up shale gas reserves in the Kimberley.
But Buru’s share price has fallen almost 80 per cent since February amid strong concerns about the company’s flagship project, the Ungani oilfield, following poor drilling results.
A Buru spokeswoman said Dr Wulff had not been sacked. He was appointed chief executive in January last year after a 25-year career in the oil and gas industry, including a lengthy stint with Oil Search in Papua New Guinea.
Mr Streitberg, who did not return calls yesterday, stepped down as managing director in late 2012. But he returned as executive chairman in May and has now resumed complete control by resuming as managing director.
Mr Streitberg holds about 9.6 per cent of Buru’s shares. In a statement, he said Dr Wulff had shown “professionalism and leadership” during his tenure and had worked to position Buru to achieve long-term growth.
Buru also announced yesterday that former Woodside Petroleum executive Eve Howell and former BP executive Robert Willes had joined the board as non-executive directors.
Ms Howell ran Woodside’s North West Shelf project between 2006 and 2010, and retired in 2011. Mr Willes, the managing director of Challenger Energy, once served as BP’s general manager of the North West Shelf.
Mr Streitberg said the duo’s experience made them “extremely valuable” additions to Buru’s board as it moved towards commercialisation of its Canning Basin assets. He expected to appoint further independent directors as Buru continued to restructure its board.
Buru is the biggest of the listed companies working in the Canning Basin, which has been identified as the most prospective region for unconventional gas in the world outside the US, with about 229 trillion cubic feet of gas.
Despite gaining the backing of the Noonkanbah community last week, Buru is yet to win the support of the Yawuru people, the traditional owners of land on which the company is also planning a fraccing program this year.
Last month, the Barnett government overruled green groups’ objections to plans for Buru’s fraccing program, saying it was unlikely to have a significant effect on the environment.
Buru’s shares closed up 0.5c yesterday to $1.105.