Company
ASX:BRU
Buru Energy Ltd is an ASX listed diversified energy company focused on exploration and production of hydrocarbon and non-hydrocarbon energy resources in Australia. The company is headquartered in Perth, Western Australia with a regional operational office in Broome. It pursues the exploration, development and commercialisation of hydrocarbon resources in the onshore Canning Basin in north-western Australia.
260 stories · page 5 of 13
The money raised was the result of a 1 for 6 non-renounceable pro-rata entitlement offer of fully paid ordinary shares in Buru at an offer price of $0.16 per new share.
“The next few months are going to be very exciting as the Rafael testing program gets underway and our commercialisation and CCS activity ramps up,” says executive chair.
“The farm-out transaction will allow EnRes to bring the expertise of its highly successful Perth Basin operating team to the L20-1 area and allow Buru to focus on its very exciting Rafael gas condensate discovery in the Canning Basin and on
Thomas Nador is a globally experienced oil and gas executive with a track record of project delivery and performance enhancement.
Given the potential of the discovery, a structured appraisal program aimed at quantifying and then commercialising the resource is being planned.
“This independent assessment has confirmed Buru’s view that the Rafael structure contains a large condensate rich conventional gas accumulation that has the potential to be regionally significant for both the Kimberley region and for the St
The company recognises the importance that GHG storage projects will have for achieving the government’s emission reduction goals and has moved quickly to build expertise in GHG storage through its wholly-owned Geovault subsidiary.
Strong oil futures have provided further impetus for the Ungani joint venture to optimise production from the Ungani Oilfield, which is currently producing some 600 barrels per day.
“We have a way to go yet, but as we gather each piece of data from the Rafael discovery, they all point to a substantial gas accumulation in conventional reservoirs with very valuable light oil content and low CO2 content,” says chairman.
As work ramps up, Buru has also decided to bolster its leadership and advisory team with new appointments.
During the initial stabilised portion of the clean-up period, the gas rate was estimated to be flowing at between 4 to 5 million cubic feet per day on a 32/64” fixed choke with a wellhead flowing pressure of 970 psi.
Testing operations for the Rafael-1 well have begun, with initial clean-up flow already underway. Testing was briefly delayed by minor operational issues which were safely resolved.
Testing is expected to start in the next few days and take 7 to 10 days to complete, subject to any weather or operational delays.
This program will include a series of flow periods and shut-ins to determine reservoir parameters and is the next critical step in quantifying the potential of the discovery.
The well in Exploration Permit 428 held in joint venture with Origin Energy encountered an interpreted series of significant gas columns.
The well testing program at Rafael 1 will be undertaken as soon as practicable after February 5 and Buru expects that it is most likely to commence in the third week of February.
Buru Energy has a 50% operating interest in the conventional Ungani Oilfield (comprising production licences L20 and L21), while Roc Oil Company Limited holds the remaining 50%.
The Ungani 8H well surface location is on Production Licence L20, some 700 metres to the north-northwest of the Ungani 1 and 2 wellheads and the Ungani Production Facility.
Rafael 1 flow test due to commence in mid-January.
Buru Energy is almost ready to begin reservoir parameter testing at Rafael 1 well in the Canning Basin, following the completion of the well's casing string and installation of the wellhead Christmas tree. The company also expects to comple
