Perth-based Buru Energy disclosed Tuesday that it is about to start one of the biggest exploration programs in the Company’s history, targeting numerous conventional oil prospects in the Canning Basin in Western Australia’s northwest.
The wells will range from semi-appraisal wells to highly leveraged exploration prospects. Two rigs have been contracted to ensure the program is able to be carried out in the 2015 dry season, with four wells targeting prospects on the Ungani trend.
Buru Energy has taken a revolutionary approach to the drilling program taking advantage of technologies developed for large scale programs on the east coast of Australia and in the U.S. This approach includes controlling the Company’s cost exposure through the use of fixed price contracts which is expected to reduce costs to less than half those of previous drilling campaigns.
The drilling campaign will also coincide with the start of commercial oil production at Ungani, where agreements were recently finalized with the three Native Title groups.
Buru Energy Executive Chairman Eric Streitberg said the drilling program marked the start of the next chapter in Buru Energy’s growth strategy.
“This year’s program is the culmination of twelve months of intensive preparation, innovative planning, and negotiations with all of our stakeholders”.
“We have taken the view that the current market climate is perfect for us to get out in the field and drill some high impact conventional exploration wells.”
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