Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has gained increased confidence in its Phase 1 development plan for the Rafael discovery on the EP428 and EP457 licences in the Canning Basin of Western Australia after an analysis of 3D seismic survey data.
Incorporating the data into BRU’s contingent estimates at Rafael has increased the confidence of the estimates, tightening ranges and increasing gross recoverable 1C volumes to 85 Bscf (billion standard cubic feet) of gas and 1.8 MMstb (million stock tank barrels) of condensate.
The company says this resource will support the planned Phase 1 Rafael development, using a competitive small-scale facility in the Kimberly aimed at supplying the local gas and condensate market.
Resource in place for Phase 1 development
“We are very pleased that Buru’s current estimates of the Rafael 1C and 2C contingent resource volumes fully support our Phase 1 project that aims to deliver a source of competitive, lower emissions energy for the Kimberley,” Buru Energy CEO Thomas Nador said.
“Whilst the resource range has tightened, we remain confident that there is considerable upside to be appraised by the additional technical studies currently being undertaken.
“This is normally the case with the acquisition of substantial additional data sets.”
Work by analysts at Cambridge Carbonates confirmed the Rafael reservoir section was deposited in a similar environment to the Ungani Field carbonate reservoirs, offering insight into how and where these reservoirs develop.
Regional potential for additional resource
“Very importantly, the seismic signature of the Rafael accumulation on the 3D seismic data has allowed us to identify the regional potential for further accumulations on the primarily unexplored southern margin of the Fitzroy Trough,” Nador continued.
“These anomalies have the potential for substantial additional volumes and will be the subject of continuing exploration effort.
“Together with the planned restart of Ungani production and the planned drilling of the high impact Rafael Shallow and Mars exploration wells in 2024, Buru has a very exciting and high potential exploration portfolio underpinned by the Rafael conventional gas and condensate accumulation development plan.”
The southern flank of the basin has seen virtually no exploration except for a well drilled by Buru in 2015 which recovered oil – Buru now believes that well tapped into the Ungani Dolomite section but was unable to evaluate it effectively due to total loss of circulation while drilling.
The company will be focusing on these new prospective regions in the next stage of resource-expansion focused exploration.
Map illustrating the oil and gas discoveries along the southern margin of the Fitzroy Trough.
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