Buru Energy Provides Update on the Firm's Operations in Australia

Buru Energy Limited (Buru Energy), a Perth-based oil and gas exploration company in Western Australia provided Thursday the following update on the Company’s operations.

Ungani EPT (Extended Production Test)

Since the last report on Sept. 16 a series of production tests have been carried out on the Ungani 1ST1 well in the Canning Basin, Western Australia. These have returned very positive results with the well performing strongly. The well is producing at a stable production rates of ~1,600 barrels of oil per day, or bopd (~2,400 barrels of fluid per day) at well head pressures of ~160 psi, with the water cut slowly decreasing from 30 percent to ~25 percent. Ungani 2 is continuing to be produced at stable rates of ~810 bopd of oil at ~2.5 percent water cut. There is no discernible “back out” or interference in production between the two wells when they are both on production, which is again a very encouraging outcome.

The overall field production rate is currently being constrained to ~1,250 barrels of oil per day which is the most efficient rate with the current transportation configuration.

Further production testing and pressure monitoring will be necessary to calibrate the dynamic modelling of the field, with the well performance currently exceeding modeling predictions.

Rig Mobilization and Drilling Program

The DDH1 drilling rig has been released from its previous program for another operator and is currently undergoing routine maintenance prior to being mobilized to undertake the Canning Basin program. All approvals are in place for the drilling of the Commodore 1 well, and road and pad construction is well advanced with the anticipated spud date later this month.

Workovers and Testing

Ungani 1ST1

The results of the first phase of the Ungani 1ST1 workover are very encouraging and preparations are underway for the second phase which, subject to all approvals being obtained, will involve the placement of a cement plug to attempt to fully isolate the water leg and allow production of dry oil. Dry oil production without the influence of water from the underlying formation water zone will provide pressure and production data needed to calibrate the dynamic model, and it will also allow more efficient production operations.


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