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 high potential play types for oil and gas. Buru equities in these prospects range from 50% to 100% and it is operator for all of these areas.
The Buru/Roc Joint Venture have agreed to drill a wildcat exploration well in 2019 on the regionally significant Yakka Munga structure on EP 428. Adoxa 1 is planned to be drilled to a total depth of some 2,400 metres to test the Yakka Munga structure with its principal objectives being the Reeves Formation sandstones from which oil was tested in the Ungani Far West 1 well. The Reeves Formation is an emerging play in the Canning Basin and the Reeves section in the Yakka Munga 1 well is prognosed to be over 700 metres thick, with a substantial part of the section never previously penetrated in the Basin.
The Rafael prospect, also on EP 428, is planned to be drilled following Adoxa 1 during the third quarter this year. Rafael is a regionally significant structure with the potential for significant volumes of oil if hydrocarbons are present.
Further exploration activity is planned in the Lennard Shelf area at the Miani (Hotdog) prospect, a large hydrothermal dolomite feature which has similar geological features to large North American fields.