Buru Energy is all set for a significant exploration program in the Canning Basin targeting 97 million barrels of oil which will entail exploration wells at Kurrajong and Rafael and ongoing development of the Ungani Oilfield.
The company announced that the contract for seismic as well as a three well drilling program is expected to be awarded within weeks.
Kurrajong 1 has been flagged as the first well to be drilled before Ungani 8 and the Rafael 1 exploration well with operations set to start in June.
With approvals already secured from the WA regulatory authority, negotiations for rig contracts are underway with approximately 1,200km of seismic surveys earmarked for the program.
Buru executive chairman Eric Streitberg commented: Our exploration program is on track, with a lot of hard work and attention to detail paying off. We are planning to use a large rig run by an experienced contractor and have put in place a very experienced drilling team to run the program.
“We are drilling two of the largest onshore oil exploration targets in the country at a time of rising oil prices and critical domestic oil production declines. This is the largest and most exciting exploration program in the Canning Basin for many years and we are very keen to get started.”
Total depth of the Kurrjong 1 exploration well is expected to be around 2,500m and the Rafael 1 well is earmarked for 3,800m.
In parallel with the drilling program, we will be acquiring a major seismic program that will help us fill our prospect inventory and set us up for a continued drilling program next year,” Streitberg said.
Buru will be carried for $16m of the drilling costs by farm-in partner Origin Energy in what is being seen as the most comprehensive exploration program in the Canning Basin for some years.