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.
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Buru Energy executive chairman Eric Streitberg said: “Subject to further analysis of data to hand, and to the results of the impending production test, the Rafael discovery has the potential to be a very material wet gas accumulation in con
Further good to excellent gas shows have been encountered in a discrete 120 metre gross thickness interval of Ungani Dolomite equivalent section from 3,857 metres to 3,977 metres measured depth.
“You now have +80% of the world’s GDP countries with a hydrogen strategy. This is backed up by +$70 billion of committed public funding. This has been followed by large heavy emitters nominating hydrogen in their strategy … so it has moved
Wireline logs indicate the presence of vugular dolomite and zones where hydrocarbons are present, most likely wet gas, consistent with the gas measured at surface from the circulated influx.
“The presence of wet gas to light oil mudgas shows is encouraging, but wireline logs will be required to determine the significance of the indications we have seen to date,” says chairman.
“The somewhat unexpected but very welcome presence of hydrocarbon shows in the sandstones above the expected main reservoir section indicates that there is an active petroleum system and valid trapping mechanism at the Rafael location,” say
The wholly-owned subsidiary has recently been granted more than 29,000 square kilometres of permits in South Australia that are on geological trend with legacy natural hydrogen discoveries.
The lifting of approximately 74,000 barrels by the MT SCF Pechora was completed on Tuesday evening and coincides with strong Brent oil prices.
The lifting of crude from the Wyndham tank by the MT SCF Pechora is expected to be in excess of 70,000 barrels.
Buru is the largest acreage holder in the Canning Basin and is the operator of all of its exploration permits.
Operations are proceeding as planned with no incidents and no rig downtime with the well drilled ahead to section depth of 1,652 metres in 17½ inch (445 mm) hole.
Rafael 1, which was spudded on Sunday, is being drilled by Buru Energy in Exploration Permit EP 428 in the Canning Basin in northwest Western Australia.
“Rafael 1 is targeting a geologically distinct formation to Currajong 1 with significantly larger potential resources and we are very much looking forward to drilling that prospect,” says chairman.
Buru has released the rig from Currajong 1 following the successful completion and pending production test of that well.
“The results so far at Currajong 1 are very encouraging, and we look forward to the production test to confirm the interpretation of the well results to date," says Chairman.
“The first part of the Currajong program has gone according to plan with the rig operating efficiently and the operation on schedule,” says executive chairman.
Buru’s first well in its 2021 Canning Basin exploration program is targeting mean prospective resources of 28 million barrels.
The company is also planning extensive seismic surveys (around 1,100 kilometres) as part of its 2021 exploration program, with Terrex Pty Ltd expected to be mobilised to the Canning Basin in late June or early July.
The SPP received applications over $1 million - adding to the funds raised from the company’s recent successful $15 million share placement to institutional, professional and sophisticated investors.
The company’s major drilling and seismic program in the Canning Basin consists of two exploration wells at Rafael and Currajong, together with a wide-ranging seismic program aimed at maturing prospects for drilling in future programs.
