Canning Superbasin-focussed Buru Energy (ASX:BRU) has now spudded the Senagi 1 exploration well.
The well is located in exploration permit EP 458, which is 240 kilometres southeast of Broome and 144 kilometres southeast of Buru’s Ungani Oilfield.
Eric Streitberg, executive chairman, commented:
“The drilling of Senagi 1 will extend Buru’s exploration of the oil prone Ungani trend reservoirs a further 60 kilometres to the southeast from the currently drilling Victory 1 well, and represents another high quality test of this exciting and underexplored part of the basin.
"If successful, Senagi has the potential to be a substantial oilfield and it will also open up further drilling opportunities in a number of similar structures.
"We are very much looking forward to the results of this well.”
Senagi 1 is being drilled with the DDH1 Rig#31 and has a programed maximum total depth of 1,200 metres.
It is expected to take 28 days to drill.
The well is targeting conventional oil and gas in the Lower Laurel (Ungani Dolomite) and Devonian aged (Nullara) carbonates.
The Senagi prospect is a structural closure defined by 1980’s vintage 2D seismic and Buru’s 2014 regional aerogravity surveys.
It is interpreted to have some 100 metres of vertical relief at the initial target depth of around 800 metres drill depth.
The well is located 1.1 kilometres to the northwest and immediately updip from the mineral exploration well Camelgooda 1, drilled by Placer Exploration in 1989.
The objective of Camelgooda 1 was interpreted carbonate hosted lead-zinc mineralization, but instead it encountered vuggy carbonate reservoirs in the Laurel Formation and Nullara equivalent sections with strong oil shows in drill cores.
Senagi 1 is targeting the updip extension of these high quality oil stained reservoirs.
Interest
Buru: Equity Interest 37.5%; Contributing Interest 41.67%.
Mitsubishi Corporation: Equity Interest 37.5%; Contributing Interest 41.67%.
Rey Resources: Equity Interest 25.0%; Contributing Interest 16.67%.
Canning Superbasin
Buru has a sole focus on the Canning Superbasin in northwest Western Australia, with an acreage position of net ~45,000 square kilometres, or 11 million acres.
Buru has already made a significant conventional oil discovery at Ungani, with production during EPT: ~470,000 bbls gross (Buru 50%).
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