Buru Energy (ASX:BRU) will suspend the Praslin 1 exploration well in the Canning Basin, Western Australia, for further evaluation including possible use as a water injection point.
Swabbing operations have now been completed but with no indications of moveable hydrocarbons.
Fluid influx during swabbing suggests that the well has well developed porosity and permeability.
Praslin 1 is located 90 kilometres east of Broome and 15 kilometres west of the company’s producing Ungani oil field.
Buru and Mitsubishi Corporation each have a 50% equity and contributing interest in the Praslin 1 well and in EP391.
Eric Streitberg, executive chairman, commented:
“This is obviously a disappointing result, but the extension of the Ungani Dolomite with well developed reservoir characteristics some 15 kilometres along trend is encouraging.
“We will now have a close look at the data to try and determine why the well did not have any moveable oil in the reservoir.
“Our second well on the Ungani trend, Victory 1, is progressing well and we would hope to see some results from that well in the next week.”
Victory 1 targets a large structure on the Ungani trend with prospective Lower Carboniferous and Upper Devonian reservoirs that has Best Estimate Prospective Recoverable Resources of 40 million barrels of oil.
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