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


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
Frac Supervisor - TX, ND, WY & OK
Expertise: WellSite Supervisor
Location: El Reno, 
United States Bossier City: Service Supervisor I - Frac/Acid
Expertise: Field Service Tech|WellSite Supervisor
Location: Bossier City, LA
Solids Control Technician
Expertise: Process Control|Rig Instrument Tech
Location: Dilley, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours