Buru Energy (ASX:BRU) is progressing drilling of the Victory 1 exploration well that targets conventional oil and gas on the Ungani Trend, Western Australia.
The well is currently drilling ahead at a depth of 1,277 metres with the company planning to drill ahead to the sectional total depth of about 1,600 metres.
Victory 1 in EP 457 has best estimate prospective resources of 40 million barrels of recoverable oil. It will be drilled to a total depth of 2,600 metres.
It has similarities to the producing Ungani oil field (1,250 barrels of oil per day) that is located 85 kilometres to the northwest though it is considerably larger.
Victory was defined by 2D seismic surveys and regional aerogravity surveys. It is one of a series of structures along the structural terraces to the east of Ungani.
These structures provide both potential follow-up locations and additional stand-alone prospectivity to Victory.
Buru has a 37.5% interest in EP 457 though it is contributing 41.67% of the costs of drilling the Victory-1 well.
Mitsubishi also has a 37.5% interest with a 41.67% contributing interest while Rey Resources has a 25% equity interest with a 16.67% contributing interest.
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