Buru Energy has an extensive and highly prospective exploration portfolio including conventional oil and gas prospects that are well defined on both 2D and 3D seismic.
The portfolio covers a range of prospect sizes and play types from proven Ungani lookalikes to other high potential play types for oil and gas.
In December 2020, Buru announced it had entered into a farm out transaction with Origin Energy for a Canning Basin wide exploration program whereby Origin will earn a 50% interest in the EP129, EP391, EP428, EP431 & EP436 permits as well as a 40% interest in the EP457 and EP458 permits held with Rey Resources. Buru remains as operator of all exploration permits.
Buru recently drilled Rafael 1 well, targeting a world scale prospect on different geological target and encountered a potential major conventional gas accumulation. A gas flow test was successfully completed and an independent resource review of the gas and liquids contained in the Rafael structure is currently being undertaken.
The Origin farm in also includes the acquisition of extensive regional and prospect level seismic programs, with Origin carrying the first $6 million of this seismic acquisition expenditure.
1 - Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Further information on the above Prospective Resources as required under ASX Listing Rule 5 is included in Buru Energy’s ASX Announcement dated 22 March 2021.