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Buru Energy identifies potential oil zone at Adoxa 1 on the back of a record recent oil lifting

A lifting of 75,413 barrels of oil (gross) will generate over A$3 million revenue for the company.

Buru Energy Ltd - Buru Energy identifies potential oil zone at Adoxa 1 on the back of record recent oil sales
Wireline logging has identified a possible oil zone within the Adoxa 1 exploration well

Buru Energy Ltd (ASX:BRU) has completed a record oil lifting of 75,413 barrels from its storage tank at Wyndham on the northern coast of Western Australia.

The shipment will be sold at a provisional FOB price of around A$80 per barrel meaning Buru’s 50% revenue share will total around A$3.03 million.

This oil is produced from the Ungani Oilfield in Western Australia which continues to average a gross 960 to 1,000 barrels per day (Buru 50%).

Work to upgrade capacity of the production facility for the anticipated production from the new Ungani 6H and Ungani 7H production wells is close to completion and is on time and on budget.

1900 zone at Adoxa 1 could flow oil

While Buru continues to maintain solid production from Ungani, it has received some promising early news from the first well in its exploration program.

Wireline logs and pressure measurements have been completed on the Adoxa 1 exploration well which was drilled to a total depth of 2,300 metres.

The logging has identified a zone from 1,891 to 1,902 metres in the Upper Anderson section that is interpreted to have the potential to flow oil, known as the 1900 zone.

In order to provide a definitive test of the 1900 zone, a 4½ inch casing string is being run into the well.

More drilling to come

The Ungani 7H well will be drilled immediately following the Adoxa 1 well work and both the Rafael and Miani wells are ready for drilling after the Ungani 7H well.

Notably, the Miani 1 well is located on a licence 100% owned by Buru as opposed to the other areas which are part of the 50:50 joint venture with Roc Oil.

Quick facts: Buru Energy Ltd

Price: 0.091 AUD

Market: ASX
Market Cap: $39.32 m

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on 11/7/19

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