Buru Encounters Mechanical Issues 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 permit EP 457 in Western Australia as at 06:00hrs, Oct. 15 (AWST).
Since the last progress report, 5.5 inch (140 millimeter) casing has been run and cemented to 6,211 feet (1,893 meters). Subsequent to the casing job being completed, and prior to drilling ahead, mechanical issues were encountered with the casing and these are currently being remediated. It is expected this process will take at least another three days. The well will then be drilled 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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