Buru Energy Ltd (BRNGF)

[Ebenezer3]

Excerpt from another article: company says reservoir pressures at Rafael 1 suggest it may be charged with a column of up to 700m, which is generally coincident with structural closure mapped on existing 2D seismic data. Some reservoir pressures suggest a column of up to 900m.

The 3C resource is constrained by a column height of 634m, which is the mapped structural closure of the Rafael accumulation visible on 2D seismic data.

To address the column height – and in turn, volume uncertainty – at Rafael, Buru plans to shoot and interpret a new 3D seismic survey scheduled for this year’s third quarter, along with appraisal drilling next year.

The company believes that as part of the long-term power strategy for the Kimberley, the current 1P contingent resource for Rafael alone could be sufficient enough to provide a lower-emissions solution for the existing power generation systems that are currently serviced by trucked LNG sourced from offshore fields on the North West Shelf.

Buru Energy chief executive officer Thomas Nador said: “We are delivering on our multi-pronged strategy to develop Rafael, and this approval by DMIRS of the Declaration of Location for the discovery is a key step along the path to commercialise this potentially significant resource. With full ownership of the Rafael discovery, we are focused on de-risking the resource through good planning and execution discipline, and by doing so, creating shareholder value.”

The appraisal program next year will allow Buru to assess commercial opportunities through its increased resource confidence. Its resource estimates will this month undergo an internal assurance and approval process in a bid to define the project’s financial metrics.

With its 100 per cent interest in Rafael and 50 per cent operating interest in the nearby Ungani oilfield, Buru has taken an aggressive position in the onshore Canning Basin and continues to be an active explorer.

The company now holds a net 22,500 square kilometres in the basin, making it the dominant net-acreage holder and operator.

ASX punters reacted positively to Buru's latest news, with the company's stock jumping more than 29 per cent in today's trading, rising to a high of 11 cents at market closure from Monday's closing price of 0.085c.
https://www.businessnews.com.au/article/Buru-Energy-charges-ahead-with-Canning-Basin-gas#amp_tf=From%20%251%24s&aoh=16884748137729&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.businessnews.com.au%2Farticle%2FBuru-Energy-charges-ahead-with-Canning-Basin-gas