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Buru Energy Ltd

Buru Energy spuds Ungani West 1 exploration well

The company’s executive chairman Eric Streitberg flagged Buru planned to bring the well into early production if it is a discovery.

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Ungani area well location structure map

Buru Energy Limited (ASX:BRU) has spudded the Ungani West 1 exploration well in an early evening start for its latest drilling campaign.

The 5.45pm spudding at the Canning Basin project in Western Australia was achieved after market close yesterday and marks the company’s return to drilling exploration at the site.

READ: Buru Energy oilfield production drill campaign underway

The well is located on production licence L20, with Buru and its joint venture partner Roc Oil (Canning) Pty Ltd both holding 50% stakes in the well and licence.

Buru reported today: “The Ungani West 1 well is being drilled by the DDGT1 rig to a total measured depth of about 2,400 metres.”

The company stated drilling at the prospect was expected to take 28 days.

The well is located in between the established Ungani Oilfield and the newly-producing Ungani Far West Oilfield.

READ: Buru Energy gets good flow rates from Ungani Far West, begins Ungani 4 sidetrack operations, Roc Oil farm-in completed

Buru executive chairman Eric Streitberg highlighted the prospectivity, describing the prospect as “well located between two producing oil fields”.

Streitberg said: “We are very pleased to be drilling this exploration well as part of the 2018 drilling campaign.

“We have … been proactive in ensuring we can get the well onto production quickly if it is a discovery to add to the production from the Ungani complex.”

Buru reported in its drilling update: “If successful, the well will be tied back to the Ungani Production Facility using pre-ordered materials to provide for early production from the well.”

Buru is providing weekly production updates with the market as it advances its drilling campaign.

Quick facts: Buru Energy Ltd

Price: $0.25

Market: ASX
Market Cap: $108.02 m
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on 11/7/19

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