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Buru Energy Prepares for Ungani 3D Seismic Survey

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Australia's Buru Energy Limited announced that it has commenced line clearing operations for the Ungani 3D seismic survey, with data acquisition expected to commence at the end of the month. The Ungani 3D survey will help confirm the oil volumes in the Ungani oil field, define optimal locations for development wells, and provide further information on the onshore Ungani North oil discovery in Western Australia.

The 94 square mile (243 square kilometer) survey was suspended last year, and is recommencing subsequent to a recent comprehensive agreement and renewed approach to engagement with the Traditional Owners in the area.

The survey is expected to be completed by the end of September and it is planned to have preliminary processed data available in November 2013 with the aim of using the data for the optimal placement of development wells.

The field is currently defined by only a very loose grid of 2D seismic lines which means the potential size of the field has a wide range. Modelling of the pressure and production data from the current wells suggests there is some 10 million barrels of recoverable oil in the structure, with considerable upside potential. The 3D seismic and at least one further well will help to more accurately quantify the Ungani oil reserves.

Once the 3D seismic survey is completed, it is planned that the Terrex seismic crew will commence a major 2D seismic program along the Ungani trend.

Commenting on the start up of the survey, Keiran Wulff, Buru’s managing director said:

“This is a very important milestone for the company and marks the recommencement of field operations after the necessary pause for consolidation and transformation of the company and its operating capability. We are moving forward quickly on a number of fronts and will be keeping shareholders and the market fully informed as we continue to progress these initiatives.”

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