Buru Energy Ltd. provides the following weekly update on drilling operations at the Commodore 1 well in exploration permit EP 390 in the Canning Basin, Western Australia as at 06:00 hours, Dec. 11 (AWST).
Since the last progress report, open-hole wireline logs have been acquired and 5 inch (127 millimeter) casing has been run and cemented to 4,101 feet (1,250 meters). The current operation is drilling out cement and casing shoe at 3,897 feet (1,188 meters), prior to coring ahead. The forward operation is to core through the carbonates of the Nita Formation to the planned total depth of 5,085 feet (1,550 meters).
Commodore 1 is the first well to be drilled as part of the Apache Onshore Holdings Pty Ltd. (Apache) farm out announced in November 2013. The cost of the well will be fully funded by Apache under the terms of the farmout which includes a commitment by Apache to fund a $25 million exploration program on EP 390, 438, 471 and 473.
The Commodore 1 well is located in exploration permit EP 390. Buru Energy and Mitsubishi Corp. (Mitsubishi) both have a 25 percent interest in the well and in EP 390, with Apache having the remaining 50 percent equity interest. The well is located some 87 miles (140 kilometers) to the south of Broome and 62 miles (100 kilometers) inland from the Great Northern Highway.
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