Buru Energy Ltd (ASX:BRU, OTC:BRNGF) earlier this week outlined details of a new deep gas target named Flying Fox, located beneath its proven Rafael gas and condensate field in Western Australia’s onshore Canning Basin. CEO Thomas Nador talked with Proactive about this latest milestone.
Highlights
- Buru Energy announced a new deep gas target named Flying Fox beneath the Rafael gas and condensate field in Western Australia’s onshore Canning Basin.
- CEO Thomas Nador said prospective resources are estimated between 60.00 billion and 614.00 billion cubic feet of gas, plus 1.20 million to 12.60 million barrels of condensate.
- Flying Fox could be tested by drilling 500 metres deeper during the planned second Rafael well in H1 2026.
- Decision on deepening will be made with an upstream development partner, currently being sought.
- Data rooms are open for partner selection for both the Rafael project and the Mars oil prospect.
- Short-term news flow will be limited due to confidential commercial work.
- Focus remains on Rafael gas commercialisation with first cash flow targeted for 2028.
Good prospects
Analysis indicates a prospective resource of between 60.00 billion cubic feet and 614.00 billion cubic feet of gas, along with between 1.20 million and 12.60 million barrels of condensate.
The Flying Fox accumulation could be tested by drilling an additional 500 metres below the Rafael gas accumulation during the planned second Rafael well in the first half of 2026. It said this would be the most cost-effective way of testing the prospect.
Nador stressed that Flying Fox would not detract from its main objective of developing the Rafael gas project. The decision to deepen the well will be made jointly with an upstream development partner, a selection process that is currently underway.
Data rooms open
Buru Energy said data rooms are open for partner selection for both the Rafael project and the nearby Mars oil prospect. It highlighted that short-term news flow will be limited while confidential commercial discussions take place.
The company reiterated its focus on bringing the Rafael gas project to commercialisation, with first cash flow expected in 2028.