Buru Energy Updates on Drilling at Victory 1 Well in WA's Permit EP 457
Buru Energy Limited provided Thursday the following weekly update on drilling operations at the Victory 1 well in EP 457 in Western Australia as at 06:00hrs, Oct. 8 (AWST).
Since the last progress report, the well has been drilled ahead in 6.125 inch (156 millimeter) hole to a depth of 6,211 feet (1,893 meters), wireline logs have been completed and 5.5 inch (140 millimeter) casing is currently being run prior to drilling ahead in 4.75 inch (121 millimeter) hole into the prognosed primary objectives.
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:
- 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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