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Buru Energy production at Ungani oilfield nears 1 million barrels, Trafigura lifts another 51,962 barrels

Buru is continuing to increase production at the Ungani oilfield in the Canning Basin to target levels.

Ship at the dock in Wyndham
MT Security loading crude at Wyndham

Buru Energy Limited (ASX:BRU) is nearing production of one million barrels of oil at its Ungani operations in Western Australia with Trafigura lifting further oil from CGL storage Tank 10 at Wyndham on August 16, 2018.

Ungani is an onshore oil field in the Canning Basin, about 100 kilometres east of Broome in the Kimberly region of Western Australia.

The lifting was of 51,962 barrels gross (Buru’s share 25,981 barrels) and the provisional received price was $88.38 per barrel.

The final price will be determined at the end of August 2018 in accordance with the Trafigura contract.

(To view coverage of the vessel setting off click here.)

READ: Buru Energy set to reach one million barrels of cumulative production at Ungani oilfield

Buru is continuing to increase production to target levels with a beam pump planned to be installed shortly on Ungani 5 and regulatory approval for the start of production from Ungani Far West 1 expected to be received shortly.

Work is proceeding on schedule on pre-spud maintenance and inspection of the DDGT1 rig, with the first operation planned to be the side track of the Ungani 4 well.

Furthermore, work has also commenced on the site construction of the Ungani West 1 well location.

This well will be drilled immediately following the completion of the Ungani 4 side track.

Corporate update

The termination of the State Agreement dated November 7, 2012, by an Act of the Parliament of Western Australia is a pre-condition to a number of agreements and transfers including the farm-in transaction with Roc Oil.

This Act was approved by the Western Australian Legislative Assembly (Lower House) in July 2018 and was approved by the Western Australian Legislative Council (Upper House) on August 15, 2018.

The Bill is now awaiting assent by the Governor and once this occurs the Bill will then become an Act of Parliament.

This is expected to occur in the coming days.

Quick facts: Buru Energy Ltd

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