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Buru Energy spuds wholly-owned Miani 1 oil exploration well in Western Australia

The Miani well is relatively shallow at 2,400 metres on a high-potential conventional oil prospect.

Buru Energy Ltd - Buru Energy spuds wholly-owned Miani 1 oil exploration well in Western Australia

Buru Energy Ltd (ASX:BRU) has spudded its wholly-owned Miani 1 exploration well in Western Australia.

Miani 1 well is on its 100%-owned production licence L8, about 70 kilometres east of the town of Derby and 30 kilometres northwest of Buru’s Blina oilfield and is being drilled to a total depth of 2,400 metres.

The onshore Canning Basin-focused company is targeting conventional oil in the well using the NGD 405 drilling rig.

West Perth-based Buru believes the well has the potential to hold significant resources in what would be a new play type for the company.

Buru executive chairman Eric Streitberg said, “The Miani well is testing a new play type for the Canning Basin and for Australia, as the Canning Basin is believed to be the only area in onshore Australia where Devonian reefs have these features in a setting where they can be directly charged with oil.

“There are also a number of similar structures in the area that will be very prospective targets if Miani is successful.”

The company says oil in the well is hosted by a “stratigraphic trap interpreted to have been formed by a fault-bounded collapse feature enhanced by hydrothermal dolomitisation of the Nullara reefal carbonates”.

The 3D seismic-defined structure is similar to a number of structures in North America that hold major oil and gas accumulations.

Streitberg said, “The well is a relatively shallow vertical well with close offset wells that provide excellent control to reduce geological and operational risk.”

Quick facts: Buru Energy Ltd

Price: 0.092 AUD

Market: ASX
Market Cap: $39.75 m

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