Buru CEO Quits on Health Reasons

Buru Energy Ltd chief executive Thomas Nador is set to exit May 8 due to "ongoing personal health reasons", the early-stage Australian gas company said.

"To ensure a seamless transition consistent with the business continuity plans, Thomas' executive duties and responsibilities will be assumed by David Maxwell (chairman) and Joanne Williams (director) with support from Malcolm King (director) until further notice", Perth-based Buru said in a stock filing.

"The board is very focused on the successful delivery of the Rafael Gas Project and the key milestones towards Final Investment Decision and first material cashflows", Buru added. "The board and management are pursuing additional value creation opportunities for the Rafael Gas Project potentially allowing improved metrics and project equity retention by Buru for the benefit of its shareholders".

Maxwell said, "On behalf of the board and the entire Buru team, I thank Thomas for his dedication and leadership over the past three and a half years".

The Rafael field has a 2C best estimate of 220 billion cubic feet (Bcf) with a "high-confidence" 1C estimate of 85 Bcf, according to Buru.

Buru raised AUD 4.4 million ($3 million) in late 2025 via a share offering for the Rafael project, and is working to raise a further AUD 40 million for the project's resource and flow rate validation program, scheduled this year.

"The process is targeted to be completed in time to enable the commitment to long lead items for the 2026 drilling program", Buru said in its annual report March 23.

On September 8, 2025, Buru said it had obtained environmental approval from Western Australia's Department of Mines, Petroleum and Exploration for the appraisal drilling.

"Activities included in the EP [EP 428] are the drilling of the high-impact Rafael 2H well (previously named Rafael B) from the existing Rafael 1 well pad and the recompletion of the existing Rafael 1 well with a sidetrack", the September statement said. "Both wells are likely to include horizontal sections to maximize reservoir contact, optimize well deliverability and potentially improve the assessment of resources, and will be flow-tested".

The September statement added, "The approval also allows for the potential deepening of the Rafael 2H well to test the Flying Fox exploration target".

The Flying Fox prospect, identified in EP 428 and EP 457 through Rafael 3D seismic data, lies immediately beneath the field at about 4,015 meters (13,172.57 feet) True Vertical Depth Subsea, according to Buru.

On April 2, 2025 Buru announced a deal with CEFA to co-develop Rafael. CEFA would own the downstream components of the project including a liquefaction plant with a capacity of 300 metric tons a day, according to Buru.

On July 7, 2025 Buru said it had received government approval for a two-year extension of time for Rafael to apply for a production license. Authorities gave the project until July 2027.

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