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. Yakka Munga 1 is planned to be drilled to a total depth of some 2,400 metres 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.
Detailed technical work is ongoing on the Rafael prospect, also on EP 428 as the planned fourth well in the program following Yakka Munga 1, during the third quarter this year. This technical work includes reprocessing of the seismic data over this large structure and further quantification of the source, seal and reservoir parameters for the prospect.
Further exploration activity is planned in the Lennard Shelf area after the Rafael will is drilled to ensure full utilisation of the NGD405 rig during this year.