Buru Energy Fails to Find Significant Hydrocarbons at Sunbeam 1 Well in WA

Buru Energy, an oil and gas exploration and production company, provided Monday the following update on drilling operations at the Sunbeam 1 well in EP 129 in Western Australia as at 06:00 hours, Feb. 9 (AWST). Since the last report, the well has been drilled ahead in 6.125 inch (155 millimeter) hole to a measured total depth of 3,937 feet (1,200 meters) amd wireline logs have been acquired. The primary objective Grant Formation channel fill sands were encountered as prognosed but did not contain any significant hydrocarbons.

The well will now be suspended for possible re-entry and deepening to the underlying Emanuel prospect during the coming dry season. The Emanuel prospect is a Frasnian aged reefal anomaly of a type that has not been tested in the area previously.

The Sunbeam 1 well is located in exploration permit EP 129, and the completion of the well has satisfied the Year 4 work commitment for the permit. Buru Energy has a 100 percent equity interest in the well and in EP 129. The well is located some 53 miles (85 kilometers) south of the Gibb River Road.

Buru Energy's Executive Chairman Eric Streitberg commented:

"Although we are disappointed that the play concept did not work out at this location, we have dramatically confirmed the step change in drilling costs and efficiency we have been working to drive into our Canning Basin oil exploration program. The Sunbeam well was drilled on a fixed cost basis for the DDH1 rig component of the well, and the total well cost will be less than half the cost of similar wells in the area. Sunbeam 1 is the second well drilled with the DDH1 rig, with the first, Commodore 1, having a similar reduction in cost over previous wells.

With support from DDH1, we have delivered a game changing reduction in drilling costs, and also substantially reduced our drilling environmental footprint through innovative well design and operations.

We will continue to develop these improvements for our upcoming dry season drilling program which will include the Apache funded Olympic 1 well and a number of conventional oil targets."


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