Australia's Buru Energy Spuds Senagi 1 Prospect in Permit EP 458 in WA

Australia's Buru Energy Limited reported Thursday that its 2015 exploration program on the Ungani trend in Western Australia’s Canning Basin continues with the spudding of the Senagi 1 exploration well located in exploration permit EP 458, 149 miles (240 kilometers) southeast of Broome and 89 miles (144 kilometers) southeast of Buru Energy’s Ungani Oilfield.

Senagi 1 is being drilled with the DDH1 Rig#31 and has a programmed maximum total depth of 3,937 feet (1,200 meters). It is expected to take some 28 days to drill.

The well is targeting conventional oil and gas in the Lower Laurel (Ungani Dolomite) and Devonian aged (Nullara) carbonates. The Senagi prospect is a structural closure defined by 1980’s vintage 2D seismic and Buru Energy’s 2014 regional aerogravity surveys. It is interpreted to have some 328 feet (100 meters) of vertical relief at the initial target depth of around 2,625 feet (800 meters) drill depth.

The well is located some 0.7 mile (1.1 kilometers) to the northwest and immediately updip from the mineral exploration well Camelgooda 1, drilled by Placer Exploration in 1989. The objective of Camelgooda 1 was interpreted carbonate hosted lead-zinc mineralization, but instead it encountered vuggy carbonate reservoirs in the Laurel Formation and Nullara equivalent sections with strong oil shows in drill cores.

Senagi 1 is targeting the updip extension of these high quality oil stained reservoirs.

Equity and contributing interests in the well are as follows:

  • Buru Energy: Equity Interest - 37.5 percent; Contributing Interest - 41.67 percent
  • Mitsubishi Corp. (Mitsubishi): Equity Interest - 37.5 percent; Contributing Interest - 41.67 percent
  • Rey Resources: Equity Interest - 25.0 percent; Contributing Interest - 16.67 percent

Buru Energy’s Executive Chairman, Eric Streitberg said:

"The drilling of Senagi 1 will extend Buru Energy’s exploration of the oil prone Ungani trend reservoirs a further 37 kilometers (60 kilometers) to the southeast from the currently drilling Victory 1 well, and represents another high quality test of this exciting and underexplored part of the basin. If successful, Senagi has the potential to be a substantial oilfield and it will also open up further drilling opportunities in a number of similar structures. We are very much looking forward to the results of this well.”

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