Proactiveinvestors USA & Canada Buru Energy Ltd https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Buru Energy Ltd RSS feed en Sun, 21 Jul 2019 05:41:59 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Buru Energy in 'pretty good shape with strong balance sheet' says exec chairman ]]> https://www.proactiveinvestors.com/companies/stocktube/6187/buru-energy-in-pretty-good-shape-with-strong-balance-sheet-says-exec-chairman-6187.html Fri, 14 Oct 2016 11:15:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/6187/buru-energy-in-pretty-good-shape-with-strong-balance-sheet-says-exec-chairman-6187.html <![CDATA[News - Buru Energy Ltd achieves significant milestone in Canning Basin gas project ]]> https://www.proactiveinvestors.com/companies/news/165190/buru-energy-ltd-achieves-significant-milestone-in-canning-basin-gas-project-70888.html Buru Energy Ltd (ASX:BRU) has executed a key Native Title Agreement in the Canning Basin to further the appraisal and development of its potentially world class tight wet gas assets.

The agreement covers land within Exploration Permit EP371 in the Kimberley region of Western Australia and is in the form of an Indigenous Land Use Agreement or ILUA with the Yungngora People.

The agreement will deliver financial and other benefits for the traditional owners and include structured processes for managing cultural, heritage and environmental matters.

Eric Streitberg, chairman, commented: “This is an historic moment that shows what can be achieved through respectful and transparent engagement with shared goals and purpose. 

“Our interaction with the Yungngnora People has at all times been respectful of their connection to country, and their cultural practices and sensibilities.”


Strong cash position

Buru recently increased its cash position to $38.1 million through the sale of Yakka Munga pastoral lease and further strengthened its balance sheet through a debt restructure.

This strengthened balance sheet will allow Buru to ensure its forward gas appraisal and oil exploration program can proceed in an appropriate time frame.

Buru’s restructure of its $25 million owing to Alcoa of Australia Limited means that $12.5 million may now be repaid on or before 28 December, 2016 and if this payment is made, the final payment of $12.5 million will be due on 30 June, 2018 with no conditions, nearly two years away.


EP371

Exploration Permit 371 is part of a 50/50 joint venture with Diamond Resources.

The permit hosts the Valhalla North 1, Asgard 1 and Valhalla 1 and 2 wells.

Buru has a 50% equity stake in the resources for the Valhalla accumulation on EP371 which are:

- Contingent Resources: 288 million 2C barrels of oil equivalent (563 million 3C barrels of oil equivalents); and
- Prospective Resources: 2,403 million barrels of oil equivalent unrisked (Mean case).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Sep 2016 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/165190/buru-energy-ltd-achieves-significant-milestone-in-canning-basin-gas-project-70888.html
<![CDATA[News - Buru Energy Ltd boosts cash balance to support asset development ]]> https://www.proactiveinvestors.com/companies/news/165189/buru-energy-ltd-boosts-cash-balance-to-support-asset-development-70236.html Buru Energy Ltd (ASX:BRU) has increased its cash position to $38.1 million through the sale of Yakka Munga pastoral lease and further strengthened its balance sheet through a debt restructure.

This strengthened balance sheet will allow Buru to ensure its forward gas appraisal and oil exploration program can proceed in an appropriate time frame.

Buru’s restructure of its $25 million owing to Alcoa of Australia Limited means that $12.5 million may now be repaid on or before 28 December, 2016 and if this payment is made, the final payment of $12.5 million will be due on 30 June, 2018 with no conditions, nearly two years away.

Eric Streitberg, executive chairman, commented:

“Together with the extension of the date for submission of a proposal for a domestic gas development under the State Agreement by two years to 30 June 2018, the overall package strengthens the company’s balance sheet and ensures the orderly development of its assets. 

“These initiatives have been reinforced by a very substantial reduction in office overheads and field costs, and a focus on low cost solutions for future operations.”


Yakka Munga sale

Buru has received a cash payment of $9.87 million before costs from the sale of the Yakka Munga pastoral lease. 

This is over $1 million more than the original contract price of $8.75 million and is for the sale of additional cattle to those in the original sales contract. 

The station has been a profitable investment for the company and the access deed entered into with the new owners will ensure Buru are able to carry out all of our petroleum activities whilst maintaining a mutually beneficial relationship with the pastoral activities of the new owners. 


June quarter highlights

The evaluation of the restart of the 50% owned Ungani Oilfield is nearing completion.

The evaluation has identified areas of substantial cost savings and the company is moving to restart production as soon as practicable in a commercial framework that includes an oil price that delivers strong positive cash flow.

Furthermore, analysis of data from the Laurel Formation tight gas pilot exploration program has been encouraging and substantial Contingent Resources were booked following an independent review of the Valhalla/Asgard resource.

This provides a boost for Buru who continue to progress a potentially world scale gas resource in Western Australia’s Canning Basin. 

A prospectivity review of the Ungani trend for future drilling targets is proceeding well.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Aug 2016 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/165189/buru-energy-ltd-boosts-cash-balance-to-support-asset-development-70236.html
<![CDATA[News - Buru Energy Ltd advances gas program in Canning Superbasin ]]> https://www.proactiveinvestors.com/companies/news/151181/buru-energy-ltd-advances-gas-program-in-canning-superbasin-68663.html Buru Energy Ltd (ASX:BRU) continues to advance its operations and the Tight Gas Pilot Exploration Program (TGS) in the Canning Superbasin of Western Australia.

The joint venture has identified and commenced the appraisal of a unique, world scale, gas and liquids resource in the Laurel Formation, a thick and extensive sequence of tight sands, silts and limestones.

The evaluation of the data obtained from the Laurel Formation tight gas stimulation program has confirmed the prospectivity and commercial potential of the resource.

Eric Streitberg, executive chairman, commented: “We are very pleased with the results of the gas program to date.

"We have proven conclusively that we have a high quality gas resource with significant liquids content, and that we have the techniques to produce it safely and effectively.

"We know the overall resource is very large and we will now be focused on commercialising it.

"We are also very pleased that we have been able to produce these results with a small number of wells and prove that, as we have always believed, the Canning Basin has the potential to be a major source of gas and liquids for Western Australia."


Details on the joint venture

The joint venture holds the permits covering the most prospective parts of the Laurel Formation under a State Agreement Act with the Western Australian Government.

This agreement facilitates the systematic exploration and evaluation of the unconventional resources in the basin, and reflects the confidence that the resource has the potential to be a major contributor to the energy needs of the State of Western Australia.

There is a strong domestic demand for gas from the Canning Basin which would be supplied into the market through the Great Northern Pipeline from the project to Port Hedland.

There is also a local market for the first stage gas from the project including power generation and local industry.


Ungani resources

Buru also recently received the results of an independent review that it commissioned of the Ungani Field by Gaffney Cline and Associates.

This review estimated the remaining gross recoverable contingent resources of oil for the field at the 1C level to be 2.08 million barrels, at the 2C level to be some 6.65 million barrels, and the 3C resources to be some 18.80 million barrels.

Buru’s equity share of these resources is 50%.

These are significant increases to Buru’s previous estimates at the 2C and particularly the 3C level, illustrating the potential upside of the field.

Streitberg added: "We are also extremely pleased with the results of the independent review of the Ungani Oilfield which has given us a substantial uplift in resources at the 2C and 3C level.

"Ungani is a valuable resource of high quality oil and we are working hard to get it back to generating cash flow at good margins as soon as practicable.

"We are also being very careful with our cash position and have taken all the steps we can to drive down costs and maintain our cash balance.

"We have a number of other initiatives underway that also have the potential to put us in a stronger financial position."

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 17 May 2016 13:40:00 -0400 https://www.proactiveinvestors.com/companies/news/151181/buru-energy-ltd-advances-gas-program-in-canning-superbasin-68663.html
<![CDATA[News - Buru Energy Ltd unlocks Valhalla gas, eyes reserves and development project ]]> https://www.proactiveinvestors.com/companies/news/151180/buru-energy-ltd-unlocks-valhalla-gas-eyes-reserves-and-development-project-68146.html Buru Energy Ltd (ASX:BRU) has received a major boost in its evaluation program of its potentially world scale gas resource in Western Australia’s Canning Basin. 

Independent reviewers have upgraded the gas and liquids resource from Prospective to Contingent with the next step leading to bankable reserves.

This upgrade is a major vote of confidence in the results of the recent Tight Gas Pilot Exploration Program (TGS) of the Laurel Formation tight gas accumulation which involved the frac and flow test of the Valhalla North and Asgard wells.

The Laurel Formation is a basin centred gas accumulation with potentially world-class resources of gas and hydrocarbon liquids, and the recent program and resource estimate covers just a small portion of this regional resource with Buru holding a basin wide position.

DeGolyer and MacNaughton (D&M), a specialist North American tight gas and unconventional resource assessment consulting group, have now confirmed Buru’s view that the Valhalla area contains a nationally significant multi TCF wet gas accumulation.

The assessment was carried out using the results of the recent TGS fracture stimulation program and was focused on the evaluation of the Contingent Resources and Prospective Resources around the two stimulated wells.


Eric Streitberg, executive chairman, commented:

“We are extremely pleased with the results of the D&M review which validates Buru Energy’s assessment of the very significant potential of the Valhalla accumulation and provides a very important step along the process from Prospective Resources to Contingent Resources and then to Petroleum Reserves.

"It is anticipated that the Contingent Resources can be systematically converted to Petroleum Reserves by the planned forward program.”


Importance of Contingent Resources to commercialisation

Defining initial Contingent Resources is a very important step forward in the route to commercialisation of the tight gas resources.

The size of the resource identified by just these two wells is large enough to support a major development program.

The Valhalla section of the overall accumulation is by itself one, if not the, largest undeveloped gas resource onshore Australia.


Traditional Owners

The TGS operations have been carried out with the full co-operation of the Traditional Owners of the area, the Yungngnora (Noonkanbah) people.

Up to 30 Yungngnora people have been directly involved in the operation, providing access control, camp assistance, and assisting the Condor frac crew with materials handling and pressure pumping operations on site.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 19 Apr 2016 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151180/buru-energy-ltd-unlocks-valhalla-gas-eyes-reserves-and-development-project-68146.html
<![CDATA[News - Buru Energy Limited confirms productivity and prospectivity of Ungani Dolomite ]]> https://www.proactiveinvestors.com/companies/news/151179/buru-energy-limited-confirms-productivity-and-prospectivity-of-ungani-dolomite-67501.html Buru Energy Limited (ASX:BRU) has confirmed the Ungani Far West 1 well is set to become an important part of the company's production system, located in the Canning Basin of northwestern Australia.

This would deliver a financial benefit to Buru, and further leverage a potential positive re-rating in the share price based on an increasing crude oil price.


Ungani Far West 1 well

The Ungani Far West 1 well has been configured to allow testing of three zones, the uppermost zone which has tested oil, a middle zone which has calculated oil saturations from wireline logs, and the lower zone which has well developed vugular porosity in cores but ambiguous calculated oil saturations.

The upperzone has flowed oil and pressure data has confirmed a minimum 15 metre oil column is present.

Eric Streitberg, executive chairman, commented: “We are delighted with this result.

"The core through the dolomite reservoir has given us very valuable insights into the Ungani Dolomite reservoir characteristics.

"The actual rocks appear to have much better reservoir characteristics than originally inferred from logs, which of course has regional implications for how good the reservoir is – and once we have done a detailed analysis we will look to integrate this into our analysis of the Ungani wells."


Forward program

The forward program will include a shut-in for around one week, to be followed by further pressure surveys.

The aim of this program is to obtain further data to allow a more definitive interpretation of the oil and water interfaces in the reservoir.

At the conclusion of the shut-in and the data gathering phase the produced fluids will be reinjected into the formations they came from and the well will be suspended.


Location and interest

The well is located on an all-weather drilling pad one kilometre off the Ungani access road within Production License L21.

This is positioned 97 kilometres east of Broome and 3.3 kilometres southwest of Buru’s Ungani Oilfield in the Canning Basin of northwestern Australia.

Buru has a 50% equity interest in the well and a contributing interest of nil as the well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd.


Anderson Formation discovery

Buru has also made a new field play opening discovery in the Anderson Formation of the Ungani Far West 1 well.

Because of the well configuration, Buru currently can’t test it in this well - but it is a strong indication of the overall prospectivity of the area.

The company will be remapping the horizons at the Anderson Formation level and preparing a suite of prospects for future drilling consideration.

The Anderson targets are relatively shallow at circa 1,500 metres).

This means they can be tested with small rigs that can drill cheap wells.

Streitberg added: "This has been an excellent end to our current drilling program and we are now fully assessing the results to generate the next set of drilling targets.”


Analysis

Preliminary interpretation of the pressure data also suggests that the Ungani Far West 1 well is “seeing” the aquifer from Ungani.

This implies that this good reservoir quality is present regionally (as was also seen at Praslin) and suggests that the Ungani 3 result where poorer reservoir was seen is an anomaly. This is a very encouraging result for the other Ungani Dolomite prospects in the area.

Streitberg added: "The oil gravity at Ungani Far West is also very high and the oil quality appears to be excellent, and very similar to that recently recovered from the test of Ungani North.

"This is also encouraging for the value of these reserves."

The Anderson Formation discovery now adds further depth to an encouraging unfolding story.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 14 Mar 2016 14:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151179/buru-energy-limited-confirms-productivity-and-prospectivity-of-ungani-dolomite-67501.html
<![CDATA[News - Buru Energy Limited moves closer to revealing full potential of Ungani Far West 1 ]]> https://www.proactiveinvestors.com/companies/news/151178/buru-energy-limited-moves-closer-to-revealing-full-potential-of-ungani-far-west-1-67299.html Buru Energy Limited (ASX:BRU) has commenced testing at the Ungani Far West 1 well, which has the potential to become part of the company's production system.

Early indications on the well has drawn similarities to the company’s flagship Ungani wells, which are strong producing wells with good quality oil from the similar Ungani Dolomite reservoir.

Therefore success at Ungani Far West 1 could deliver a significant financial benefit to the company, in the form of increased oil reserves and production.

Today Buru has outlined that Ungani Far West 1 has been configured to allow testing of three zones.

These include the uppermost zone which is interpreted from logs to be oil saturated with significant vugular porosity development, a middle zone which has calculated oil saturations from wireline logs, and the lower zone which has well developed vugular porosity in cores but ambiguous calculated oil saturations.

Further detailed inspection of the cores from the Ungani Dolomite has also identified numerous zones of very well developed vugular porosity which were not evident from logs


Timeline for testing

Buru said that the test over the upper zone has commenced with the well being swabbed to establish flow, with immediate fluid influx indicating very good permeability.

The well is now starting to flow back with 40 to 50% oil with the remainder being drilling fluid lost to the formation.

This is typical behaviour for wells with vugular porosity which have had significant drilling fluid losses as were encountered in Ungani Far West 1.

The forward operation is to continue flowing and swabbing the well as necessary as it cleans up.

It is expected the testing program will continue for at least another week and further information will be made available as it comes to hand.


Analysis

The importance of the Ungani Far West 1 well for Buru, is that it has the potential to confirm the regional prospectivity of the Ungani Dolomite.

Results of the next tests therefore will be highly anticipated.

The well is located on an all-weather drilling pad one kilometre off the Ungani access road within Production License L21.

This is positioned 97 kilometres east of Broome and 3.3 kilometres southwest of Buru’s Ungani Oilfield in the Canning Basin of northwestern Australia.

Buru has a 50% equity interest in the well and a contributing interest of nil as the well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 02 Mar 2016 12:20:00 -0500 https://www.proactiveinvestors.com/companies/news/151178/buru-energy-limited-moves-closer-to-revealing-full-potential-of-ungani-far-west-1-67299.html
<![CDATA[News - Buru Energy Limited confirms oil from Ungani Far West, extent of Ungani Dolomite ]]> https://www.proactiveinvestors.com/companies/news/151177/buru-energy-limited-confirms-oil-from-ungani-far-west-extent-of-ungani-dolomite-66923.html Buru Energy Limited (ASX:BRU) has now completed wireline logging on the Ungani Far West 1, which highlights that the Ungani Dolomite reservoir system is oil bearing.

This follows the company confirming the discovery at the end of last month at the Ungani Far West 1 well, which is located one kilometre off the Ungani access road in Western Australia’s Canning Basin.

Today Buru said that the quality of the wireline logs is excellent, and the uppermost 15 metres of the reservoir zone is interpreted from logs to be oil saturated and has significant vugular development and oil bleeding from cores.

The wireline log interpretation also suggests that the potential oil column extends a further 26 metres to a total of approximately 41 metres.

There is further potential pay in a lower zone that also has significant vugular and fracture development.

Eric Streitberg, executive chairman, commented:

“We are delighted with what we have seen from the well to date. There are obvious zones of well-developed vugular porosity and high gravity oil is coming into the well bore during routine operations.

"It took a production test to establish just how big Ungani was when it was discovered and the same applies to Ungani Far West.

"The important thing about this well is that it confirms that the Ungani Dolomite reservoir system is extensive and that the petroleum system is working well – we are particularly pleased with the quality of the oil we have seen from this well to date and also from the recent test at Ungani North.

"Ungani crude is highly valued in SE Asian markets and this oil is also likely to sell at a premium."


Ungani Far West 1

The Ungani Far West 1 appraisal well was spudded in November 2015, and is located on an all-weather drilling pad one kilometre off the Ungani access road within Production License L 21.

This is around 100 kilometres east of Broome and around 3 kilometres southwest of the Ungani Oilfield.

Buru has a 50% equity interest in the well and a contributing interest of nil as the well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd.


Additional details

During the course of the logging program further oil influx occurred with four barrels of 41 degree API oil being recovered at surface.

The current operation is running a completion string which will be configured to determine the height of the oil column and the productivity of the well. Results of the tests will become available over the next two weeks.


Analysis

Today's news further boosts the regional prospectivity of the Ungani Dolomite.

Early indications outline that this well is similar to the company’s flagship Ungani wells, which are strong oil producing wells with good quality oil from the similar Ungani Dolomite reservoir.

The next key catalyst for Buru will be the test results over the next couple of weeks.

In the dry season Buru will be able to hook the field up to Ungani, which will then form part of the production system.



Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 08 Feb 2016 14:50:00 -0500 https://www.proactiveinvestors.com/companies/news/151177/buru-energy-limited-confirms-oil-from-ungani-far-west-extent-of-ungani-dolomite-66923.html
<![CDATA[News - Buru Energy hits oil at primary target at its Ungani Far West 1 ]]> https://www.proactiveinvestors.com/companies/news/151176/buru-energy-hits-oil-at-primary-target-at-its-ungani-far-west-1-66757.html Buru Energy (ASX:BRU) has delivered positive results at the primary target of the Ungani Far West 1 well, located one kilometre off the Ungani access road in Western Australia’s Canning Basin.
 
The top of the Ungani Dolomite was encountered at 2341.4 metres and cores recovered from this point to the current drill depth have displayed well developed vugular porosity with strong mud gas shows and oil bleeding from cores.
 
This confirms that a new oil discovery has been made in the Ungani Dolomite, and that the previous Ungani discovery was not a one off.
 
The forward plan is to core ahead through the Ungani Dolomite reservoir section.


Regional prospectivity
 
The importance of the news for Buru, is that it confirms the regional prospectivity of the Ungani Dolomite.


Ungani Far West 1
 
The Ungani Far West 1 appraisal well was spudded in November 2015, and is located on an all-weather drilling pad one kilometre off the Ungani access road within Production License L 21.
 
This is around 100 kilometres east of Broome and around 3 kilometres southwest of the Ungani Oilfield.
 
The well has a programmed maximum total depth of 2,600 metres.
 
Buru has a 50% equity interest in the well and a contributing interest of nil as the well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd.


Analysis
 
The next drilling report will be highly anticipated and is expected to further outline the potential scale of the resource at the Ungani Far West 1 well.
 
Early indications is that this well is similar to the company’s flagship Ungani wells, which are strong oil producing wells with good quality oil from the similar Ungani Dolomite reservoir.
 
Currently drilling is just 14 metres into the reservoir, and further drilling will delineate the size of the discovery.
 
Following drilling will be a production test to identify a flow rate, and then in the dry season Buru will be able to hook the field up to Ungani, which will then form part of the production system.
 
The Ungani Far West 1 well could add considerably to Buru's oil reserves.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 29 Jan 2016 07:10:00 -0500 https://www.proactiveinvestors.com/companies/news/151176/buru-energy-hits-oil-at-primary-target-at-its-ungani-far-west-1-66757.html
<![CDATA[News - Buru Energy tests more oil, to core Ungani Dolomite as projects advance ]]> https://www.proactiveinvestors.com/companies/news/151175/buru-energy-tests-more-oil-to-core-ungani-dolomite-as-projects-advance-66655.html Buru Energy (ASX:BRU) has advanced its operations on a number of fronts with imminent coring of the primary target at the Ungani Far West 1 well in Western Australia's Canning Basin and re-perforation and testing of the Ungani North 1 well recovering oil.

Coring operations have begun at Ungani Far West 1 with a wireline retrievable coring system and the current operation is coring the casing shoe track.

Coring of the prognosed Ungani Dolomite reservoir section - the project's primary target - is expected to begin shortly.

This follows quickly on confirmation of an oil column in the shallower Anderson Formation of at least 14 metres of which 5 metres is net pay. Buru tested oil to surface from this zone which is well above the Ungani Dolomite and has potential for good flows.

Preparation for coring at the Ungani FW well and testing at the Ungani North 1 well has paralleled production from the Ungani Oilfield which will fulfil the next contracted sale of a cargo of crude to a south-east Asian refinery, with the lifting scheduled for 26 January.  The field will then be shut in while the joint venture reviews more cost effective options for export of the oil.

Also, the Valhalla North 1 and Asgard 1 wells at the company's Laurel Formation tight gas pilot exploration program have continued their strong production performance constantly unloading stimulation fluid and flowing hydrocarbons.

Along with the favourable clean-up response of the wells, flowing well head pressure has been increasing with increased fluid recovery.

These wells will also now be shut in because of the encroaching wet season and the data will be analysed by an independent reserves certifier.


Ungani North 1 testing

Buru's 50/50 joint venture with Diamond Resources is also undertaking a further test of the Ungani North 1 well involving a re-perforation of the interpreted oil zone.

Initial results have seen the influx of oil with a field measured gravity of 41.5 deg API.

This is a very encouraging result as this is the first oil recovered from the well which has an interpreted oil column in the Ungani Dolomite section.

The previous testing of this zone had recovered interpreted drilling fluid.

Further testing operations including pressure build ups and recovery of additional oil samples will now be undertaken.


Portfolio update

Buru has also received confirmation by the WA Department of Mines and Petroleum that its relinquishment of the Coastal and Acacia blocks and the eastern application areas has been accepted.

This move represents part of the company's strategy to focus its activity on its core holdings in the Canning Basin.

Also, Buru has entered a conditional agreement to sell the Yakka Munga pastoral lease.

The sale is subject to a number of conditions including due diligence, government approvals and the completion of a further agreement regarding Buru Energy’s ongoing access to the pastoral lease area for petroleum activities.

The sale is at a price that reflects the increase in value of the pastoral properties in the Kimberley since Buru purchased the property.


Analysis

The start of coring at the prognosed Ungani Dolomite reservoir section represents the potential cusp of an important discovery for Buru which could deliver a price catalyst.

The oil discovery made ahead of this level earlier in the month has heightened expectations for the target and broader ambitions of opening up a new play fairway in an area with other leads and prospects.

Although the oncoming wet season will result in the temporary suspension of some activities at the Ungani Oilfield and the Laurel Formation, progress at these operations has been encouraging.

This momentum has notably included increasing gas flow and recovery metrics at Laurel and the scheduling of an Asian crude delivery later this month from Ungani.

Buru also stands to benefit from a tightening of its focus as these developments unfold, with the shedding of non-core assets such as its Coastal and Acacia acreage and the Yakka Munga pastoral station.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 20 Jan 2016 16:06:00 -0500 https://www.proactiveinvestors.com/companies/news/151175/buru-energy-tests-more-oil-to-core-ungani-dolomite-as-projects-advance-66655.html
<![CDATA[News - Buru Energy progresses towards primary target at Ungani Far West 1 ]]> https://www.proactiveinvestors.com/companies/news/151174/buru-energy-progresses-towards-primary-target-at-ungani-far-west-1-66574.html Buru Energy (ASX:BRU) has continued positive progress at its Ungani Far West 1 well in Western Australia's Canning Basin with the latest advance in drilling having confirmed the presence of an oil column of at least 14 metres of which, some 5 metres is net pay in the Anderson Formation. 

The company’s preliminary field measurements of the samples recovered from the surface indicate the oil has a gravity of 30.5 deg API.

This highly encouraging confirmation on the back of completed logging and sampling work at the well has coincided with ongoing drilling at the well to the interpreted top of the Ungani Dolomite reservoir.

5” (127mm) casing has been run and cemented to 2,327m in the well, and the Atlas Rig 2 has now been rigged down and released.

Specialist coring rig DDH1 Rig 31 is currently rigging up and will conduct coring operations through the Ungani Dolomite reservoir section.

These developments follow immediately on the recovery of an oil sample from a sandstone zone with the potential for good flows about 1,560 metres deep at the top of the region's Anderson Formation.

The well has a programmed maximum total depth of 2,600 metres.

It is being drilled under the terms of an agreement with Diamond Resources, whereby equity interest is shared on a 50:50 basis with Buru.


Analysis

With previous interpretation of a 14-metre oil column now confirmed, Buru is steadily building confidence in the production potential of Ungani Far West 1, as the well is systematically advanced.

This adds significant weight to last week's oil recovery, which effectively opened up a new play with numerous shallow leads and prospects.

Importantly, the main target of the project - the Ungani Dolomite - remains to be encountered, offering substantial potential for future price catalysts.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 14 Jan 2016 15:09:00 -0500 https://www.proactiveinvestors.com/companies/news/151174/buru-energy-progresses-towards-primary-target-at-ungani-far-west-1-66574.html
<![CDATA[News - Buru Energy hits oil in the upper section of key Ungani Far West 1 Well ]]> https://www.proactiveinvestors.com/companies/news/151173/buru-energy-hits-oil-in-the-upper-section-of-key-ungani-far-west-1-well-66492.html Buru Energy (ASX:BRU) has made a major breakthrough during ongoing drilling at the Ungani Far West 1 well in the Canning Basin in Western Australia with the recovery at surface of an oil sample from a five-meter sandstone interval, well above its main target zone.

The company's drilling program has continued to unlock the potential of the Canning Basin with an oil recovery from a sandstone zone with the potential for good flows about 1,560 metres deep at the top of the region's Anderson Formation.

Interpretation of pressure data indicates a potential oil column of at least 14 meters of which some five meters is net pay at the well.

The discovery comes as Buru has drilled the 6-1/8” (156mm) hole to a depth of 2,316 metres in the interpreted shale formation overlying the main target of the Ungani Dolomite.

The well has a programmed maximum total depth of 2,600 metres.

By no means a wildcat target, this well is considered low-risk with high value-adding potential since the discovery of oil here could add significantly to currently estimated Ungani volumes close the existing production facilities at Ungani.

The well is located on an all-weather drilling pad approximately 1 kilometre off the Ungani access road within Production License L21, 97 kilometres east of Broome and 3.3 kilometres southwest of Buru’s Ungani oilfield.


Analysis

This oil discovery is a hugely encouraging outcome for the Ungani area, and importantly, this oil zone is a play opening discovery in an area which has numerous other leads and prospects at a shallow level which will now be evaluated for future drilling.

Potential price catalysts for Buru as this program unfolds include the deeper drilling to see what awaits in the Ungani Dolomite section, which is the main target of the well.

Importantly, Buru’s work to date at Far West 1 is highlighted by the fact that the company has already found oil, but the discovery wasn’t even in the project’s main target area.

This bodes extremely well for upcoming work at the site and the potential for further oil discoveries.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 08 Jan 2016 12:36:00 -0500 https://www.proactiveinvestors.com/companies/news/151173/buru-energy-hits-oil-in-the-upper-section-of-key-ungani-far-west-1-well-66492.html
<![CDATA[News - Buru Energy drilling to enhance Ungani oil plans ]]> https://www.proactiveinvestors.com/companies/news/151172/buru-energy-drilling-to-enhance-ungani-oil-plans-66236.html Buru Energy (ASX:BRU) is set to further refine oil resource volumes on its Ungani project in Western Australia as drilling at a key well advances into a dolomite reservoir.

Ungani oilfield contingent recoverable resources were last estimated at 3.9 million barrels (1C), 6.1 million barrels (2C) and 9.4 million barrels (3C).

Current drilling at the promising Ungani Far West 1 well has now reached a depth of 1,282 metres in a 8-1/2” (216mm) hole with wireline logging conducted and a 7” (178mm) casing now cemented to a depth of 1,279 metres.

Ungani Far West 1 has a programmed maximum total depth of 2,600 metres.

The well will now be drilled ahead to the top of the Ungani Dolomite reservoir below 2,100 metres where 5” (127mm) casing will be run and Atlas Rig 2 will then be released.

A specialist coring rig will then be rigged up and conduct coring operations through the Ungani Dolomite reservoir section.

The rig recently completed the coring operation at the Senagi 1 well over the dolomite section with a total of 285 metres of core cut with 99.7% core recovery.

The acquisition of a full core over the Ungani Dolomite reservoir section will provide further critical insights into the reservoir character of the highly productive Ungani Dolomite reservoir of the Ungani Oilfield.


Production progress

Commercial production at the Ungani site began in July, with cashflow being generated and excellent reservoir performance confirmed by an extended production test (EPT) and flow testing.

Production during the EPT was about 470,000 barrels gross.

Initial start-up production was at 1,250 barrels of oil per day, with targets of 2,500 and 3,000 barrels of oil per day planned to follow as the project advances.


Analysis

Progress of the Ungani Far West 1 well into the Ungani Dolomite reservoir is significant since the results may help improve Buru’s understanding of the project’s current oil inventory and help better define the potential to realise a significant expansion of its current oil production from Ungani.

Considering this substantial upside, such a discovery could set up Buru with long-term operational potential that could outlive the short-term rockiness in oil prices currently pressuring much of the sector.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 17 Dec 2015 11:50:00 -0500 https://www.proactiveinvestors.com/companies/news/151172/buru-energy-drilling-to-enhance-ungani-oil-plans-66236.html
<![CDATA[News - Buru Energy adds potential for more oil at Ungani well ]]> https://www.proactiveinvestors.com/companies/news/151171/buru-energy-adds-potential-for-more-oil-at-ungani-well-66108.html The latest results from Buru Energy’s (ASX:BRU) drilling program on the Ungani Far West 1 well in Western Australia have enhanced the project’s potential by demonstrating an important geological connection to established regional oil accumulations.

The well has so far produced intermittent oil shows consisting of spotty and trace fluorescence and cut that have some similarities to those observed in the equivalent formations on the Sundown and West Terrace oilfields near the Blina oilfield – the first commercial oil discovery in the Canning Basin.

This is a significant update because it suggests that the initial operations at Ungani could be expanded into a similar-style resource area with commercial potential in line with that of these early fields.

Progress at the Ungani Far West 1 well has included drilling to a current depth of 1,060 metres. 

The shows will be assessed and potentially tested once the well reaches 1,200 metres. Drilling will resume targeting the Ungani Dolomite primary oil objective below 2,100 metres. 

Ungani Far West 1 has a programmed maximum total depth of 2,600 metres.

The Ungani Far West closure lies within the greater Ungani structural complex and is mapped as being an independent structural feature with vertical closure of some 50 metres.

By no means a wildcat target, this well is considered low-risk with high value-adding potential since the discovery of oil here could add significantly to currently estimated Ungani volumes close the existing production facilities at Ungani.

The well is located on an all-weather drilling pad approximately 1 kilometre off the Ungani access road within Production License L21, 97 kilometres east of Broome and 3.3 kilometres southwest of Buru’s Ungani oilfield.

The well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd, which has a 50% equity interest in the project.

Buru’s conventional oil discovery at Ungani in 2011 was the first significant onshore oil discovery in WA in 10 years.

Commercial production at the Ungani site began in July, with cashflow being generated and excellent reservoir performance confirmed by an extended production test (EPT) and flow testing.

Production during the EPT was about 470,000 barrels gross.

Initial start-up production was at 1,250 barrels of oil per day, with targets of 2,500 and 3,000 barrels of oil per day planned to follow as the project advances.


Analysis

This exploration progress represents a compellingly low-risk project development that positions Buru on the cusp of possibly making a significant discovery in an established oil province.

Considering this substantial upside, such a discovery could set up Buru with long-term operational potential that could outlive the short-term rockiness in oil prices currently pressuring much of the sector.

Ongoing development of Ungani therefor offers significant upside for Buru’s resource expansion and will provide strong newsflow which could represent price catalysts for the company’s stock.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Dec 2015 14:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151171/buru-energy-adds-potential-for-more-oil-at-ungani-well-66108.html
<![CDATA[News - Buru Energy mulls resource expansion with spudding of new oil well ]]> https://www.proactiveinvestors.com/companies/news/151170/buru-energy-mulls-resource-expansion-with-spudding-of-new-oil-well-65896.html Buru Energy’s (ASX:BRU) ongoing exploration program in Western Australia’s onshore Canning Superbasin has advanced with the spudding of a conventional oil well  that could add significantly to currently estimated volumes at the project.

Atlas Rig 2 spudded the Ungani Far West 1 conventional oil appraisal well on Saturday, November 28, just one kilometre off the Ungani access road within a granted production license, 3.3 kilometres southwest of Buru’s Ungani Oilfield.

Ungani Far West 1 has a programmed maximum total depth of 2,600 metres and is reported to take around 48 days and is targeting conventional oil in the area’s Lower Laurel carbonates which are prolific producers at Ungani.

The Ungani Far West closure lies within the greater Ungani structural complex and is mapped as being an independent structural feature with vertical closure of some 50 metres.

By no means a wildcat target, this well is considered low-risk with high value-adding potential since the discovery of oil here could add significantly to currently estimated Ungani volumes close the existing production facilities at Ungani.

Ungani Far West 1 is planned to acquire a full core over the Ungani Dolomite section which will provide the company with further critical insights into the reservoir character of the highly productive Ungani Dolomite reservoir of the adjacent Ungani Oilfield.

This information will also assist the company to optimise and refine the Ungani oil resource volumes.


About Ungani

Buru’s conventional oil discovery at Ungani about 150 kilometres east of Broome in 2011 was the first significant onshore oil discovery in WA in 10 years.

The company has since proven that the Ungani Dolomite reservoir trend extends over at least 200 kilometres and has observed enough oil shows to confirm the petroleum system is working all the way down the trend.

This effectively validates the prospects all along the trend and helps underpin the prospectivity of the current drilling.

Commercial production at the Ungani site began in July, with cashflow being generated and excellent reservoir performance confirmed by an extended production test (EPT) and flow testing.

Production during the EPT was about 470,000 barrels gross.

Initial start-up production was at 1,250 barrels of oil per day, with targets of 2,500 and 3,000 barrels of oil per day planned to follow as the project advances.


Analysis

Spudding of this well is significant since its proximity to the Ungani Field offers so much upside for resource expansion and will provide strong newsflow which could represent price catalysts for Buru stock.

The well’s physical positioning within a mapped 3D seismic area of the broader Ungani structural complex establishes Ungani Far West 1 as a low-risk well.

Continued, low-risk exploration in Buru’s wider project area in this region is also expected to deliver additional newsflow as the company opportunistically pursues a “back-to-basics” portfolio building strategy during a downturn for energy prices.

The exploration work has also benefited from efforts to reduce costs by innovative rig selection and these results are showing wells can be drilled for less than half the cost of previous campaigns.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 30 Nov 2015 17:10:00 -0500 https://www.proactiveinvestors.com/companies/news/151170/buru-energy-mulls-resource-expansion-with-spudding-of-new-oil-well-65896.html
<![CDATA[News - Buru Energy finds going is gas in Canning Superbasin ]]> https://www.proactiveinvestors.com/companies/news/151168/buru-energy-finds-going-is-gas-in-canning-superbasin-65726.html Buru Energy (ASX:BRU) has increased its confidence that the Laurel accumulation has commercial potential over a large part of the Canning Superbasin.

The Tight Gas Pilot Exploration Program (TGS) is a proof of concept fracture stimulation of the Laurel Formation tight gas accumulation in two vertical wells, Asgard 1 and Valhalla North 1.

Buru said that the Laurel Formation is interpreted to contain a basin centered gas accumulation with potentially world class resources of gas and hydrocarbon liquids.

The running of production tubing has been completed in the Asgard and Valhalla North wells.

The wells are now on flowback of stimulation fluid with accompanying gas and condensate, with the fluid flowback expected to take several more weeks before gas rates and condensate content can be confirmed.

The gas composition has low inerts and high condensate content, with strong shut-in pressure which the company said confirms the predicted formation deliverability.

Buru added that the gas flows support the vertical extent of the Laurel Formation tight gas accumulation of in excess of 1,500 metres, with the potential for a significant resource upgrade over a large area between and surrounding the fracced wells.


Eric Streitberg, executive chairman, commented:

“We are delighted with what we have seen from these wells to date.

"They are behaving as we predicted and providing confidence we have a major gas and condensate resource in the Valhalla area.

"It also provides confidence that the Laurel accumulation has commercial potential over a large part of the Canning Superbasin as we had expected.

"It also will give us fresh insights into the results from the 2010 Yulleroo 2 fracs which also flowed gas and condensate at significant rates.

"We will continue with the flowback program as planned and keep shareholders informed as results come to hand.”


Forward program

The current flowback will be continued to allow the wells to recover a sufficient amount of injection fluid to allow definitive gas rates, subsequent decline rates and gas and condensate compositions to be obtained.

The results to date are being provided to an independent resource certifier to commence a review of prospective and contingent resources with a view to having a report available early in 2016.


TGS program

The TGS program has the following stages.

1. Design of the program and selection of contractors.
2. Approvals processes.
3. Refinement and optimisation of the program.
4. Location and well preparation including undertaking formation integrity tests.
5. Undertaking the stimulations and running the flowback completion strings.
6. Initial flowback operations.
7. Longer term Flowtest operations to confirm deliverability and decline rates.

Buru said the current phase of operations is the Initial Flowback with recovery of the injected fluid from the wells.

This phase can take anywhere from weeks to months depending on the well configuration and the amount of water injected.

The amount of fluid recovered can typically range from 40% to 80% of the injected water. As the fluid flows back it is accompanied by gas and condensate which is flared during this test phase.

As the amount of fluid being recovered decreases the gas flow increases and the flow can be directed through a separator to separate the water, gas and condensate.

The company added that it is not possible to make estimates of flow rates that are indicative of longer term performance until the wells are flowing stable rates of gas through the separator uninhibited by fluid.

This phase of the flowback is anticipated to take at least several more weeks.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Nov 2015 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151168/buru-energy-finds-going-is-gas-in-canning-superbasin-65726.html
<![CDATA[News - Buru Energy's executive chairman Eric Streitberg in Proactive Q&A Sessions™ ]]> https://www.proactiveinvestors.com/companies/news/151167/buru-energys-executive-chairman-eric-streitberg-in-proactive-qa-sessions-65562.html Eric Streitberg, Executive Chairman, Buru Energy, speaks exclusively in Proactive Q&A Sessions™.


PROACTIVE INVESTORS: Welcome Eric.


First of all Eric, how will the latest results from the Senagi 1 and Victory 1 wells help to define future exploration programs?

Eric Streitberg: We were very ambitious with these wells and basically planned them to pin down the Ungani trend at both ends.

We learned a lot. We have proven the Ungani Dolomite reservoir trend extends over at least 200 kilometres, and we saw enough oil shows to confirm the petroleum system is working all the way down the trend.

This is a very good result in terms of the ongoing exploration program as it validates the prospects all along the trend.

Once we have the results of the Ungani FW well, which we are drilling next, we will incorporate the results of all the wells and the lessons learned, and use these results to rank the many other prospects we have on the trend.


You have outlined the potential for another “play type” at Victory. What is the significance of this for future exploration?

Eric Streitberg: It is early days yet but we have seen what looks like a new sealing shale which is one vital ingredient for a good oil play.

This is one of the pleasant surprises you get when drilling wildcat wells in a frontier basin.


Will the results of the drilling program so far cause you to change the focus of the company’s forward program?

Eric Streitberg: We are very focused on two things – adding to the oil we already have, and proving up the gas.

We are moving forward as planned with the oil program.

We have just finished acquiring the Yakka Munga 3D seismic survey which is aimed at oil and gas targets to the east of Ungani and we are just starting the Kurrajong 3D survey which is aimed at conventional oil and gas targets to the west of Ungani.

These surveys are going to add significantly to our inventory of conventional oil and gas prospects for next year’s drilling program.

The gas program is going well, we are flowing back the two wells we stimulated this year and this will give us the data we need for further appraisal next year.


How is Buru’s cash position and what level of exploration could this deliver in 2016?

Eric Streitberg: We are on track to have close to $30 million in the bank at year end and of course apart from our oil and gas holdings we have a substantial asset in our cattle station at Yakka Munga.

We have been able to drill our wells cheaply this year and will have sufficient cash for our currently planned exploration program next year which will include conventional oil and gas wells based on the 3D seismic.

We certainly don’t have any need or plans to raise funds at this time.


Finally Eric, can you outline why an investor should consider adding Buru Energy to their portfolio?

Eric Streitberg: The pull back in the share price provides an opportunity for investors to take a counter cyclical investment in a company with a huge footprint in a highly prospective basin with both oil and gas prospectivity.

We have a producing oilfield, we are proving up a major gas accumulation, and we have an extensive conventional oil prospect portfolio.

We have also proven we can drill exploration wells cheaply which gives investors great bang for the buck.


PROACTIVE INVESTORS: Thank-you Eric.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 12 Nov 2015 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151167/buru-energys-executive-chairman-eric-streitberg-in-proactive-qa-sessions-65562.html
<![CDATA[News - Buru Energy and Mitsubishi Corporation spud Senagi 1 on Ungani trend ]]> https://www.proactiveinvestors.com/companies/news/151166/buru-energy-and-mitsubishi-corporation-spud-senagi-1-on-ungani-trend-65122.html Canning Superbasin-focussed Buru Energy (ASX:BRU) has now spudded the Senagi 1 exploration well.

The well is located in exploration permit EP 458, which is 240 kilometres southeast of Broome and 144 kilometres southeast of Buru’s Ungani Oilfield.

Eric Streitberg, executive chairman, commented:

“The drilling of Senagi 1 will extend Buru’s exploration of the oil prone Ungani trend reservoirs a further 60 kilometres to the southeast from the currently drilling Victory 1 well, and represents another high quality test of this exciting and underexplored part of the basin.

"If successful, Senagi has the potential to be a substantial oilfield and it will also open up further drilling opportunities in a number of similar structures.

"We are very much looking forward to the results of this well.”

Senagi 1 is being drilled with the DDH1 Rig#31 and has a programed maximum total depth of 1,200 metres.

It is expected to take 28 days to drill.

The well is targeting conventional oil and gas in the Lower Laurel (Ungani Dolomite) and Devonian aged (Nullara) carbonates.

The Senagi prospect is a structural closure defined by 1980’s vintage 2D seismic and Buru’s 2014 regional aerogravity surveys.

It is interpreted to have some 100 metres of vertical relief at the initial target depth of around 800 metres drill depth.

The well is located 1.1 kilometres to the northwest and immediately updip from the mineral exploration well Camelgooda 1, drilled by Placer Exploration in 1989.

The objective of Camelgooda 1 was interpreted carbonate hosted lead-zinc mineralization, but instead it encountered vuggy carbonate reservoirs in the Laurel Formation and Nullara equivalent sections with strong oil shows in drill cores.

Senagi 1 is targeting the updip extension of these high quality oil stained reservoirs.


Interest

Buru: Equity Interest 37.5%; Contributing Interest 41.67%.
Mitsubishi Corporation: Equity Interest 37.5%; Contributing Interest 41.67%.
Rey Resources: Equity Interest 25.0%; Contributing Interest 16.67%.


Canning Superbasin

Buru has a sole focus on the Canning Superbasin in northwest Western Australia, with an acreage position of net ~45,000 square kilometres, or 11 million acres.

Buru has already made a significant conventional oil discovery at Ungani, with production during EPT: ~470,000 bbls gross (Buru 50%).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 15 Oct 2015 14:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151166/buru-energy-and-mitsubishi-corporation-spud-senagi-1-on-ungani-trend-65122.html
<![CDATA[Media files - Buru Energy's chairman Eric Streitberg outlines Canning Basin strategy to Proactive Investors ]]> https://www.proactiveinvestors.com/companies/stocktube/5649/buru-energys-chairman-eric-streitberg-outlines-canning-basin-strategy-to-proactive-investors-548.html Sun, 04 Oct 2015 08:27:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/5649/buru-energys-chairman-eric-streitberg-outlines-canning-basin-strategy-to-proactive-investors-548.html <![CDATA[News - Buru Energy continues drilling of Victory 1 oil exploration well ]]> https://www.proactiveinvestors.com/companies/news/151165/buru-energy-continues-drilling-of-victory-1-oil-exploration-well-64864.html Buru Energy (ASX:BRU) is progressing drilling of the Victory 1 exploration well that targets conventional oil on the Ungani Trend in the Canning Basin, Western Australia.

The well is currently drilling ahead at a depth of 1,830 metres with the company planning to drill ahead to the casing setting point of about 1,900 metres.

Victory 1 in EP 457, 185 kilometres east of Broome and 85 kilometres southeast of the producing Ungani oil field, has best estimate prospective resources of 40 million barrels of recoverable oil.

It will be drilled to a total depth of 2,600 metres.

Victory has similarities to the producing Ungani oil field (1,250 barrels of oil per day) that is located 85 kilometres to the northwest though it is considerably larger.

It was defined by 2D seismic surveys and regional aerogravity surveys. It is one of a series of structures along the structural terraces to the east of Ungani.

These structures provide both potential follow-up locations and additional stand-alone prospectivity to Victory.

Buru has a 37.5% interest in EP 457 though it is contributing 41.67% of the costs of drilling the Victory-1 well.

Mitsubishi also has a 37.5% interest with a 41.67% contributing interest while Rey Resources has a 25% equity interest with a 16.67% contributing interest.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Oct 2015 15:30:00 -0400 https://www.proactiveinvestors.com/companies/news/151165/buru-energy-continues-drilling-of-victory-1-oil-exploration-well-64864.html
<![CDATA[News - Buru Energy suspends Canning Basin exploration well for evaluation ]]> https://www.proactiveinvestors.com/companies/news/151164/buru-energy-suspends-canning-basin-exploration-well-for-evaluation-64860.html Buru Energy (ASX:BRU) will suspend the Praslin 1 exploration well in the Canning Basin, Western Australia, for further evaluation including possible use as a water injection point.

Swabbing operations have now been completed but with no indications of moveable hydrocarbons.

Fluid influx during swabbing suggests that the well has well developed porosity and permeability.

Praslin 1 is located 90 kilometres east of Broome and 15 kilometres west of the company’s producing Ungani oil field.

Buru and Mitsubishi Corporation each have a 50% equity and contributing interest in the Praslin 1 well and in EP391.

Eric Streitberg, executive chairman, commented:

“This is obviously a disappointing result, but the extension of the Ungani Dolomite with well developed reservoir characteristics some 15 kilometres along trend is encouraging.

“We will now have a close look at the data to try and determine why the well did not have any moveable oil in the reservoir.

“Our second well on the Ungani trend, Victory 1, is progressing well and we would hope to see some results from that well in the next week.”

Victory 1 targets a large structure on the Ungani trend with prospective Lower Carboniferous and Upper Devonian reservoirs that has Best Estimate Prospective Recoverable Resources of 40 million barrels of oil.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Oct 2015 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/151164/buru-energy-suspends-canning-basin-exploration-well-for-evaluation-64860.html
<![CDATA[News - Buru Energy's chairman Eric Streitberg talks Canning Basin with Proactive Investors ]]> https://www.proactiveinvestors.com/companies/news/151163/buru-energys-chairman-eric-streitberg-talks-canning-basin-with-proactive-investors-64847.html Buru Energy's (ASX:BRU) chairman Eric Streitberg talks Canning Basin with Proactive Investors on StockTube Video.


VIEW FULL INTERVIEW HERE


Buru is a Western Australian oil and gas exploration and production company headquartered in Perth with an operational office in Broome.

The company’s petroleum assets and tenements are located onshore in the Canning Basin in the southwest Kimberley region of Western Australia.

Its flagship high quality conventional Ungani Oilfield project is owned in 50/50 joint venture with Mitsubishi Corporation.

As well as Ungani, the company’s portfolio includes potentially world class tight gas resources.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Oct 2015 08:30:00 -0400 https://www.proactiveinvestors.com/companies/news/151163/buru-energys-chairman-eric-streitberg-talks-canning-basin-with-proactive-investors-64847.html
<![CDATA[Media files - Buru Energy boss presents at the Oil Capital conference ]]> https://www.proactiveinvestors.com/companies/stocktube/4139/buru-energy-boss-presents-at-the-oil-capital-conference-4139.html Fri, 11 Sep 2015 12:39:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/4139/buru-energy-boss-presents-at-the-oil-capital-conference-4139.html <![CDATA[Media files - Buru Energy boss on Canning Superbasin potential ]]> https://www.proactiveinvestors.com/companies/stocktube/4122/buru-energy-boss-on-canning-superbasin-potential-4122.html Wed, 09 Sep 2015 11:53:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/4122/buru-energy-boss-on-canning-superbasin-potential-4122.html