Buru Energy: No Major Hydrocarbons at Olympic 1 yet, Drilling Continues

Buru Energy Limited announced Thursday that significant hydrocarbons are yet to be found at the Olympic 1 exploration well, located in permit EP473 in Western Australia.

The well has been drilled to 3,690 feet, with wireline log interpretation confirming no significant hydrocarbons in the Willara Formation objectives. Drilling is scheduled to continue through the Nambeet Formation to a planned total depth of 4,757 feet.

Olympic 1 is the second well to be drilled as part of the Apache Onshore Holdings farm-out, announced in November 2013. The cost of the well will be fully funded by Apache under the terms of the farm-out agreement. Buru Energy and Mitsubishi Corporation both hold a 25 percent equity interest in the well, with Apache holding the remaining 50 percent.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Packer
Expertise: Storeman|Warehouse Person
Location: Lovell
 
Drivers
Expertise: Heavy Machinery Operator|Rig Mover|Truck / HGV Driver
Location: Midland, TX
 
Class A CDL Drivers INTERVIEW OPPORTUNITY
Expertise: Motorman
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours