Buru Energy Ltd. provided Thursday the following weekly update on drilling operations at the Ungani Far West 1 well in the Canning Basin, Western Australia as at 06:00 hours, Feb. 4.
Since the last progress report, the well was cored ahead in 3.99 inch (101 millimeter) hole to the current depth of 7,890 feet (2,405 meters) where a bit trip was undertaken and a wireline logging program commenced.
Core recovery has been excellent and oil shows in the core have continued to be observed. The significance of the shows will be determined once the full wireline logging and pressure measurement program has been completed.
Light oil with an API gravity of 41 degrees has been recovered from the wellbore during logging operations.
The forward plan is to complete the wireline logging operations and obtain wireline pressure data. At the completion of the well operations a completion string will run and the well will be tested to recover oil samples and determine reservoir productivity.
Further information will be released once the wireline logging and pressure sampling program has been completed.
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:
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