Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has updated on the fast-tracked processing and interpretation of its Rafael 3D seismic survey data. A review has provided key insights and reconfirmed the potential of the significant Rafael conventional gas and condensate resource in Western Australia, while meeting one of its principal objectives of assisting in locating optimal appraisal well locations to reduce geological and drilling risks.
The early interpretation insights from the wider 3D data set, outside the Rafael structure, also show encouraging prospectivity. This includes areas that were not apparent on the vintage 2D seismic data. These areas have the potential to provide material backfill opportunities to a Rafael development as well as other commercialisation options.
The company says the final Rafael 3D seismic processing deliverables are on schedule to be delivered by the end of February 2024. This data is expected to provide confirmation of the potential size of the Rafael accumulation and the gas column height, consistent with the initial observations from the fast-track volume.
"Encouraging signs"
Buru Energy CEO Thomas Nador said: “I am very pleased with the initial indications of a very significant step up in data quality of the Rafael 3D seismic survey, and the early insights gleaned from it in such a short period of time following survey acquisition.
“These early results are consistent with our previous interpretations, and indeed we have observed encouraging signs both in terms of the Rafael structure as well as regional prospectivity.
“I look forward to the completion of the final interpreted products in the first quarter of next year, and sharing the results with the market, and of course our potential appraisal and development partners as they conduct their due diligence of our 100% owned conventional gas and condensate resource and the surrounding prospective acreage.”
Significant early insights
The fast-tracked processing and interpretation of the Rafael 3D seismic data has confirmed three significant early insights:
Strategic partner selection
Buru is now in the process of selecting a strategic partner for the appraisal and development of its Rafael conventional gas and condensate resource.
The company says the process is advancing with Australian and international parties participating in due diligence activities associated with the Rafael discovery and Buru's adjacent exploration permit areas.
The results of the fast-tracked and final Rafael 3D seismic survey products are key inputs to this process, so a decision on a strategic partner is not expected to be finalised until the second quarter of next year.