Buru Energy Limited (Buru Energy) is pleased to provide the following update on Buru Energy’s Canning Basin Rafael 1 well drilling operations.
Since the last report the well has been drilled ahead in 8½ inch (216 mm) hole from the 9?
inch (244 mm) casing setting depth of 3,500 metres to the current depth of 3,872 metres. The current operation is pulling out of hole for a bit change and scheduled BOP test.
The well has penetrated the top of the seismically interpreted main objective carbonate section and has encountered interpreted Laurel Formation carbonates and shales overlying
a section interpreted to be the Ungani Dolomite. Some 250 metres of potential objective section remain to be drilled below the current depth of the well.
A number of zones with hydrocarbon indications have been intersected as set out in the
appended table. These hydrocarbon indications are interpreted from calculated gas wetness
ratios to be light oil to wet gas in nature. The indications of hydrocarbons included mudgas increases, and increases in rate of penetration (ROP) which are normally associated with
better reservoir quality.
Whilst these indications are encouraging, their significance and fluid composition will only be
able to be determined following wireline logging and, where warranted, subsequent flow testing as approved by the joint venture.
On the completion of current operations the well is planned to be drilled ahead to evaluate
the remaining section that is identified on seismic to have further reservoir potential within the mapped Rafael closure.
Buru Energy’s Executive Chairman Eric Streitberg commented:
“The presence of wet gas to light oil mudgas shows is encouraging, but wireline logs will be
required to determine the significance of the indications we have seen to date. We have a
way to go in the section yet, there is further potential deeper in the structure, and we intend
to drill as much of the seismically prospective section as possible.”