Buru Energy Limited (Buru Energy) provided Thursday the following weekly update on drilling operations at the Olympic 1 well in permit EP 473 in Western Australia as at 06:00 hrs, June 18 (AWST).
Since the last progress report the well has been cored ahead in 3.8 inch (96 millimeter) hole, with excellent core recovery, to a depth of 4,516 feet (1,376.5 meters) as at 06:00 hours today. The forward operation is to continue to core ahead through the secondary objective Nambeet Formation to the planned total depth of around 4,757 feet (1,450 meters) and acquire open hole wireline logs. The upper section of the secondary objective Nambeet Formation has been penetrated with no significant hydrocarbon shows encountered in the Nambeet Formation to date.
Olympic 1 is the second well to be drilled as part of the Apache Onshore Holdings Pty Ltd. (Apache) farm out announced in November 2013. The cost of the well will be fully funded by Apache under the terms of the farmout which includes a commitment by Apache to fund a $19.8 million (AUD 25 million) exploration program on EP 390, 438, 471 and 473.
The Olympic 1 well is located in exploration permit EP 473 and the drilling of the well will satisfy the Year 4 work commitment on that permit. Buru Energy and Mitsubishi Corp. (Mitsubishi) both have a 25 percent equity interest in the well and in EP 473 with Apache having the remaining 50 percent equity interest. The well is located approximately 37.3 miles (60 kilometers) to the southeast of Broome and some 13.7 miles (22 kilometers) inland from the Great Northern Highway.
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