Buru Energy has invoiced $3.5 million worth of revenues for its latest crude oil delivery, with the Canning Basin focussed hydrocarbon producer and explorer lifting approximately 78,000 barrels from its Ungani oilfield near Broome in WA – the single largest oil lift to-date.
Buru is sitting on 5.5 million acres of development and exploration permits and lifts about 1,400 barrels of oil per day from its flagship oilfield.
The Ungani oilfield hosts two production wells, numbers 6 and 7 and the ASX listed company has consistently optimised production from both wells this year resulting in an ever-increasing efficiency across the operation.
The company also recently said that its field production will increase when the Ungani 6ST1 well is completed, with scheduling all but finalised.
Buru is seeking to discover oil and gas reserves in stratigraphic traps within reef-formed carbonate rocks in the wider Canning Basin, which is essentially a series of sedimentary geological units in the southwest Kimberley region, some 2,300km north of Perth.
The Ungani oilfield is a conventional oil play with over 150 kilometres of prospective dolerite identified. The Adoxa-1 oil exploration well within Ungani, holds the Reeves Formation – a sequence of “good quality” sands.
With pending production from the new number 6 well from Ungani, the company is now well-positioned to continue its wide-ranging hunt for economic accumulations of hydrocarbons within its significant ground holdings in the Canning Basin.
The fact that it also has cash coming in probably doesn’t hurt either.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
