Buru Updates on Testing Ops on Ungani Far West 1 Well in Canning Basin

Buru Energy Ltd. provided Thursday the following weekly update on the testing operations on Ungani Far West 1 well in the Canning Basin, Western Australia. The well has been configured to allow testing of three zones, the uppermost zone which has tested oil, a middle zone which has calculated oil saturations from wireline logs, and the lower zone which has well developed vugular porosity in cores but ambiguous calculated oil saturations.

Preliminary interpretation of the test information from the upper zone to date indicates a minimum oil column of some 49 feet (15 meters) with very high productivity, estimated to be over twice what is seen in the Ungani wells. Downhole oil samples have also been obtained to allow detailed analysis of oil and gas composition and production characteristics.

Interpretation of the test of the lower zone has indicated it is likely to be water bearing, with a subsequent injection test demonstrating extremely high permeability. The forward operation is to conduct a test of the middle zone and further pressure surveys.

It is expected the testing program will continue for at least another week and further information will be made available as it comes to hand.

The results to date are very encouraging for regional reservoir development and other prospects in the Ungani area.

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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