Buru Expresses Disappointment with Results of WA's Praslin 1 Drilling

Buru Energy Limited provided Thursday the following update on operations at the Praslin 1 well in Western Australia as at 06:00 hours, Oct. 1 (AWST).

Swabbing operations have now been completed after recovering some 500 barrels of lost drilling fluid followed by formation fluid similar to the formation fluid at Ungani, but with no indications of moveable hydrocarbons. Fluid influx during swabbing suggests that the well has been well developed porosity and permeability.

The well will now be suspended for further evaluation including possible use as a water injection point.

Praslin 1 is located 56 miles (90 kilometers) east of Broome and 9 miles (15 kilometers) west of Buru Energy's producing Ungani oil field. Buru Energy and Mitsubishi Corp. each have a 50 percent equity and contributing interest in the Praslin 1 well and in EP391.

Executive Chairman's Comments:

"This is obviously a disappointing result, but the extension of the Ungani Dolomite with well developed reservoir characteristics some 9 miles (15 kilometers) along trend is encouraging. We will now have a close look at the data to try and determine why the well did not have any moveable oil in the reservoir. Our second well on the Ungani trend, Victory 1, is progressing well and we would hope to see some results from that well in the next week."

Separately, Buru provided the following weekly update on drilling operations at the Victory 1 well as at 06:00 hours, Oct. 1 (AWST).

Since the last progress report, the well has been drilled ahead in 6.125 inch (156 millimeter) hole to a depth of 6,004 feet (1,830 meters) as at 06:00 hours Thursday. The forward operations is to drill ahead to the 5.5 inch (140 millimeter) casing setting point which for operational reasons has been revised to approximately 6,234 feet (1,900 meters).

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. Equity and contributing interests in the well are as follows:

  • Company
    • 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


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