Established WA petroleum producer and explorer Buru Energy (ASX: BRU) has announced it is due to commence major operations of exploration drilling and seismic program at Canning Basin, on two large conventional oil prospects.
Canning Basin exploration drilling campaign set to commence in June targeting a total 97 million barrels of conventional oil (mean prospective resources).
Drilling program will also include a development well at the Ungani Oilfield.
Drilling rig contract discussions well advanced.
Environmental approvals received for the drilling of the wells.
Terrex selected as the seismic acquisition contractor.
Buru Energy Limited (Buru Energy) is kicking off a major Canning Basin operations program this year that will include three wells and a regional and prospect oriented seismic program. This is the most wide-ranging exploration program in the Canning Basin for many years and under the terms of the farmin agreements executed in December last year, Buru will be carried for $16 million of the cost of the drilling of the two exploration wells in the program, in addition to a further significant seismic program carry across several Buru operated permits .
The drilling program includes exploration wells on two large conventional oil prospects, with details of these set out below. It will also include a development well on the Ungani Oilfield (Ungani 8) in what is interpreted to be an undrained part of the field.
The drilling program will use a high capacity rig that has recently been drilling deep and complex wells in other Australian basins. Negotiations for the rig contract are continuing and further details will be provided in due course.
The Kurrajong 1 exploration well is currently planned to be the first well in the drilling program, followed by the Ungani 8 development well and then the Rafael 1 exploration well. This well order provides maximum operational efficiency with the program planned to commence in early to mid June.
Access approvals for the program are in place, with the WA regulatory authorities recently providing environmental approvals, and routine operational approvals are being obtained as required.
 Refer to ASX Releases “Farm-out of Buru’s Canning Basin portfolio” and “Farm-out of EP457 and EP458” dated 21 December 2020.