Apache Fails to Find Hydrocarbon at Commodore 1 well in Permit EP 390 in WA

Buru Energy Ltd. provides the following weekly update on drilling operations at the Commodore 1 well in exploration permit EP 390 in the Canning Basin, Western Australia as at 06:00 hours, Dec. 4 (AWST).

Since the last progress report, 7 inch (178 millimeter) casing has been run and cemented to 475 meters and the well has been drilled ahead in 6.125 inch (156 millimeter) hole to the sectional total depth of 3,773 feet (1,150 meters). No hydrocarbon indications have been observed in cutting samples or mudlogs in the Lower Grant Formation. Acquisition of open-hole wireline logs are acquired, 5 inch (127 millimeter) casing will be run and cemented and coring operations will commence in 3.8 inch (96 millimeter) hole through the deeper Nita Carbonates objective to the planned total depth of 5,085 feet (1,550 meters).

Commodore 1 is the first well to be drilled as part of the Apache Onshore Holdings Pty Ltd. (Apache) farm out announced in November 2013. The cost of the well will be fully funded by Apache under the terms of the farmout which includes a commitment by to fund a $25 million exploration program on EP 390, 438, 471 and 473.

The Commodore 1 well is located in exploration permit EP 390. Buru Energy and Mitsubishi Corp. (Mitsubishi) both have a 25 percent interest in the well and in EP 390, with Apache having the remaining 50 percent equity interest. The well is located some 87 miles (140 kilometers) to the south of Broome and 62 miles (100 kilometers) inland from the Great Northern Highway.


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