Buru Energy Limited provides the following update on the Company’s forward operations for the Canning Superbasin.
Background and Summary
During the current 2012 drilling program Buru has successfully completed the drilling of the Valhalla North-1 well, commenced drilling operations at the Yulleroo-3 well and commenced the deepening operation of the Paradise-1 well.
Valhalla North-1 successfully demonstrated that the Valhalla unconventional wet gas accumulation is most likely a regional basin centred gas accumulation (“BCGA”). The Paradise-1 deepening operation is designed to evaluate both the extent of the BCGA and the structural and stratigraphic potential of the Paradise structure, and gas shows in the Upper Laurel section drilled to date appear similar to those seen in Valhalla North-1 and Valhalla-2. The Yulleroo-3 well is an important appraisal of the extent and upside of the Yulleroo wet gas accumulation and will assist in determining whether it also has the characteristics of a BCGA.
These wells have been primarily aimed at quantifying and extending the size of accumulations identified by previous wells. Buru is now pleased to confirm that, subject to final joint venture approval, the next well to be drilled in the 2012 drilling program by Century Rig#7 will be the Ungani
North-1 exploration well. This well will be drilled following completion of the deepening operations at Paradise-1 by Century Rig#7.
Ungani North-1
Ungani North-1 is testing a large structural closure within the greater Ungani structural complex approximately six kilometres to the north of the Ungani Field.
The reservoir objective for Ungani North is the same Ungani Dolomite section that is oil bearing in the Ungani Field. The well will also test the deeper Nullara Formation which had good oil and gas shows, but poor reservoir development, in the Ungani Field wells.
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