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Buru expands oil production with Canning Basin well

Buru Energy is targeting further oil production from its Ungani oilfield in the onshore Canning Basin in Western Australia with the spudding of its Ungani-7H development well.

Ungani-7H is being drilled from the Ungani-4ST1 well pad by the NGD 405 rig as a highly deviated well to intersect the Ungani Dolomite reservoir at a measured depth of 2,275 metres.

The well will then be cased and suspended in preparation for the underbalanced coil tubing drilling of the Ungani Dolomite reservoir section.

Management said the operation to install the production liner at the Ungani-6H well, drilled earlier this year, is expected to be completed at approximately the same time as the Ungani-7H well is completed.

The horizontal Ungani Dolomite reservoir sections of both Ungani-6H and Ungani-7H will then be drilled with the coil tubing unit shortly after that.

Executive Chairman Eric Streitberg said: “In light of the issues encountered in Ungani-6H, the drilling program for Ungani-7H has been modified to include larger casing sizes to provide more flexibility in controlling the Ungani Shale section.”

“The coil tubing operations on both Ungani-6H and Ungani-7H are planned to be carried out consecutively in October with production from both wells planned to commence shortly after CTD operations are completed.”

Earlier this month, the company intersected 11 metres of oil pay in the Upper Anderson section of its Adoxa-1 conventional oil exploration well.

Adoxa-1 will be completed at a later date with a production string using Buru’s jacking platform before a cased hole production test is carried out to determine the reservoir flow characteristics and the composition of the reservoir fluids.

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Buru Energy (BRU)

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Total Shareholder Return as at 31/12/19

1 year TSR5 year TSR
133rdTap Oil59%-17%
241stBCI Minerals25%-17%
495thPanoramic Resources-13%-4%
509thBuru Energy-15%-16%
668 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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19/10/18
$2.1m Sold
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35th↑BCI Minerals$73.2m
36th-Tap Oil$70.4m
37th↑Buru Energy$56.2m
38th↑MZI Resources$54.2m
39th↑Panoramic Resources$51.9m
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