Buru Energy Confirms Oil Find at Ungani Far West 1 Well in WA's PL21

Buru Energy Ltd. provided Thursday the following weekly update on drilling operations at the Ungani Far West 1 well in Western Australia as at 06:00 hrs, Jan. 14.

Since the last progress report, the logging and sampling program has been completed and the well was then drilled ahead to the interpreted top of the Ungani Dolomite reservoir and 5 inch (127 millimeter) casing has been run and cemented to 7,635 feet (2,327 meters). Atlas 2 Rig has now been rigged down and released. Specialist coring rig DDH1 Rig 31 is currently rigging up and will conduct coring operations through the Ungani Dolomite reservoir section.

Interpretation of the completed logging and sampling program results confirmed the preliminary interpretation of an oil column of at least 46 feet (14 meters) of which some 16.4 feet (5 meters) is net pay in the Anderson Formation. Preliminary field measurements of the samples recovered from the surface indicate the oil has a gravity of 30.5 degree API.

The well is located on an all weather drilling pad approximately 0.62 mile (one kilometer) off the Ungani access road within Production License L21, 60 miles (97 kilometers) east of Broome and 2 miles (3.3 kilometers) southwest of Buru Energy's Ungani Oilfield in the Canning Basin of northwestern Australia.

The well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd. Equity and contributing interest for the well are as follows.

  • Buru Energy: Equity Interest - 50 percent; Contributing Interest - 0 percent
  • Diamond Resources (Fitzroy): Equity Interest - 50 percent; Contributing Interest - 100 percent

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