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. Buru equities in these prospects range from 50% to 100% and it is operator for all these areas.

The Company has undertaken an exploration and development drilling program during 2019 of four wells and is currently reviewing the potential for further exploration and development drilling in 2020.

The first exploration well in the program, Adoxa 1 on the Yakka Munga structure discovered a prospective oil zone and enhanced the prospectivity of the regionally extensive Reeves and Anderson Formations.  The company is currently reviewing the timing of the testing of this potential oil zone.

The second well in the 2019 exploration program in the Lennard Shelf area at the Miani (Hotdog) prospect, encountered hydrocarbon shows but was considered non-commercial.