Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has completed the Rafael 3D seismic survey acquisition program on time and on budget.
The program was undertaken within exploration permits EP 428 (Buru 100%) and EP 457 (Buru 60% and Operator, Rey Oil and Gas Pty Ltd, 40%) in the Canning Basin of Western Australia.
The forthcoming data from the survey will serve to delineate the Rafael resource structure more precisely and guide the appraisal drilling program slated for 2024.
Preliminary analysis of the fast-track data is anticipated to conclude in the fourth quarter and will facilitate the continued selection of development partners for the Rafael project.
Seismic data processing will start shortly.
“The completion of the Rafael 3D seismic survey is yet another major milestone on the pathway to commercialise Buru’s 100% owned and operated Rafael discovery – the first proven significant conventional gas and condensate field in the Canning Basin,” Buru CEO Thomas Nador said.
“Initial results of the 3D seismic survey are expected to be available over the next two months and will provide valuable information for resource appraisal planning. The survey data will also provide prospective partners seeking to participate in this potentially transformative development an additional level of certainty in the size of the resource.
Survey completed safely and within budget
The seismic survey was successfully conducted by Terrex Seismic, known for its longstanding commitment to safety and environmental stewardship in the Canning Basin.
Financially, Buru's exposure to the survey costs has been considerably mitigated, thanks to a funding contribution from Origin, amounting to up to $4 million.
This was negotiated by Buru during Origin's withdrawal from its joint venture interests in the Canning Basin in February 2023.
Additionally, the seismic program included the collection of several two-dimensional (2D) seismic lines in exploration permit EP 457. This aims to refine the definition of prospects based on existing data, which could offer opportunities that complement the Rafael development.
“I would like to extend my appreciation to the multi-disciplinary team of personnel engaged in the survey, including heritage monitors, archaeologists, field equipment operators, and Buru and Terrex Seismic supervisory personnel on a job well done,” Nador said.