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.
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