Buru Energy Commences Drilling at Victory 1 Well in EP 457 in Canning Basin
Buru Energy Ltd. disclosed Wednesday that its 2015 exploration program on the Ungani trend in Western Australia's Canning Basin has continued with the spud of the Victory 1 conventional well.
Victory 1 is located in exploration permit EP 457, 115 miles (185 kilometers) east of Broome and 53 miles (85 kilometers) southeast of Buru Energy's producing Ungani Oilfield.
The well, which is being drilled with Atlas 2 Rig, has a programmed maximum total depth of 8,530 feet (2,600 meters) and is expected to take some 34 days to drill.
Victory 1 is targeting conventional oil and gas in the Ungani Dolomite and Laurel clastic reservoirs and potentially also in Devonian aged carbonates. The Victory prospect has similarities to Ungani although it is potentially considerably larger, and has been defined by 2D seismic surveys and regional aerogravity surveys. Victory is one of series of structure along the structural terraces to the east of Ungani. These structures provide both potential follow-up locations and additional stand-alone prospectivity to Victory.
Equity and contributing interests in the well are as follows:
- Buru Energy: Equity Interest - 37.5 percent; Contributing Interest - 41.67 percent
- Mitsubishi Corp. (Mitsubishi): Equity Interest - 37.5 percent; Contributing Interest - 41.67 percent
- Rey Resources: Equity Interest - 25.0 percent; Contributing Interest - 16.67 percent
Buru Energy's Executive Chairman, Eri Streitberg said:
"Victory-1 is a very exciting follow-up to the recent success at Praslin 1 which provided strong encouragement for the prospectivity of the Ungani trend. Victory 1 has the potential to be large if it is successful and we are very much looking forward to the results."
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