Buru Energy Limited is pleased to announce that it has successfully completed the Bunda 3D Seismic Survey (“Bunda Survey”) on 13 September 2009, approximately two weeks ahead of schedule. The Bunda Survey has acquired approximately 223 square kilometres of 3D seismic data in Exploration Permit EP 129 and Production Licence L8 in the Canning Basin, in the North West of Western Australia.
The Bunda Survey was commissioned to provide greater clarity on the potential size of additional reserves in the Sundown oil field area and identify the optimum well location for exploration, appraisal and development wells. It is also expected that the Bunda Survey will refine existing prospects for exploration drilling and identify new exploration prospects.
Buru has engaged Terrex Seismic to undertake the Paradise 2D Seismic Survey (“Paradise Survey”) to further refine the Paradise prospect.
The Paradise Prospect will comprise 9 seismic lines over approximately 103 kilometres in Exploration Permits EP 371 and EP 428, approximately 50 kilometres south-east of the Bunda Survey. The Paradise Survey will complement 495 kilometres of 2D seismic data acquired by ARC Energy Limited in 2007 and will enable Buru to better assess the geological risks associated with the Paradise structure and confirm a drill location for the prospect.
The Paradise prospect is targeting oil and gas in the Carboniferous Anderson Formation and Upper Laurel Formation. There are several secondary targets to the south-east of the Paradise structure which will be investigated with this survey, including a possible Anderson Formation target, which had significant oil shows in the Valhalla-ST1 well drilled by ARC Energy Limited.
Subject to the Paradise Survey results, securing a suitable rig and obtaining regulatory approvals, Buru expects the Paradise 1 well to be drilled in mid 2010 to assess an Anderson Formation oil target and one of the shallower gas targets in the Upper Laurel Formation. Commenting on the seismic acquisition programs, Buru’s Managing Director, Adrian Cook said:
“Buru is pleased to advise that Terrex Seismic have completed the first 3D seismic program in the Canning Basin in a safe and timely manner. Buru looks forward to obtaining the first results from DownUnder GeoSolutions in around six to eight weeks time with the final 3D volume due by the end of 2009.
Buru expects the Paradise seismic survey to be complete by the end of September 2009 with first results from Fugro Seismic Imaging within four weeks of completion and final results by the end of 2009.
The results of both seismic acquisition programs are expected to underpin Buru’s plans to drill between three and five exploration wells in 2010.”
