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Buru firms up potential oil zone at Adoxa-1

Buru Energy has identified the potential for an 11 metre oil pay zone in the Upper Anderson section after completing wireline operations at its Adoxa-1 conventional oil exploration well, on shore in the Canning Basin, Western Australia.

Wireline logging and pressure testing indicated that the zone between 1,891 metres and 1,902 metres has the potential to flow oil.

Casing string is now being run into the well before the NGD 405 drill rig is demobilised from the site to drill the nearby Ungani-7H production well at the Ungani oil field.

Adoxa-1 will be completed at a later date with a production string using the company’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.

Management said that Adoxa-1 has provided very valuable regional information, with thick shale sealing units and a number of well-developed reservoir sand units identified at the project that have not been seen elsewhere in the basin

Notably, the intersection of hydrocarbons at several levels, one of which is a potentially producible reservoir, has somewhat validated the petroleum system in the area.

Buru is currently preparing to drill the Ungani-7H production well, which will feature modifications aimed at addressing the shale instability issues faced at Ungani-6H earlier this year.

These modifications include the use of larger casing sizes for increased flexibility and an improved mechanical performance from the NGD 405 rig.

Drilling of Ungani-7H is expected to be completed at the same time that Buru’s jacking platform installs the liner required to case off the shale section at the Ungani-6H well.

This will allow coil tubing operations, which will complete the horizontal sections of each well, to be carried out consecutively as originally planned.

Meanwhile, oil production from the Ungani oil field continues to average between 960 barrels and 1,000 barrels of oil per day.

Work to upgrade the fluid handling capacity of the production facility for the anticipated production from Ungani-6H and Ungani-7H is also close to completion.

 

 

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Buru Energy (BRU)

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Total Shareholder Return as at 30/08/19

1 year TSR5 year TSR
167thBCI Minerals33%-39%
275thTap Oil10%-29%
373rdBuru Energy-4%-22%
574thPanoramic Resources-33%-14%
736 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
11/09/17
$7k Issued
11/09/17
$3k Issued
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34th↑BCI Minerals$73.2m
35th↑Tap Oil$70.4m
36th↑Buru Energy$56.2m
37th↑MZI Resources$54.2m
38th↑Panoramic Resources$51.9m
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