Python - Extract strings from a log file and write them into another file

You can of course use regex. I would read line by line, grab the lines the start with '/* BUG:', then parse those as needed.

import re

target = r'/* BUG:'
bugs = []
with open('logfile.txt', 'r') as infile, open('output.txt', 'w') as outfile:
    # loop through logfile
    for line in infile:
        if line.startswith(target):
            # add line to bug list and strip newlines
            bugs.append(line.strip())
            # or just do regex parsing here
            # create match pattern groups with parentheses, escape literal parentheses with '\'
            match = re.search(r'NamedIndividual\(([\w#]+)\)]\),DataHasValue\(DataProperty\(([\w#]+)\),\^\^\(([\w#]+),', line)
            # if matches are found
            if match:
                # loop through match groups, write to output
                for group in match.groups():
                    outfile.write('{} '.format(group))
                outfile.write('\n')

Python has a pretty powerful regex module built-in: re module

You can search for a given pattern, then print out the matched groups as needed.

Note: raw strings (r'xxxx') let you use unescaped characters.