Oil and gas exploration company, Buru Energy Limited (ASX: BRU) is progressing well with its 2019 Drilling and Operations Program with Ungani 6H drilling program underway with first casing set and Ungani 7H drilling site construction completed.
In an update provided by the company on 15 May 2019, the company announced that the Ungani development activity and the first of the exploration wells have been agreed with the Buru/Roc Joint Venture, and technical work is continuing to firm up the remainder of the drilling and operations program as set out in more detail below.
With regards to Ungani 6H drilling program, the company has advised that the NGD Loc 405 rig has successfully drilled and cemented the surface casing section to a depth of 945 metres. The company is now planning to drill the directional section to intersect the top of the Ungani Dolomite reservoir prior to running the next casing string and suspending the well for the Coiled Tubing Underbalanced Drilling (CTD-UBD) penetration of the reservoir.
Further, the site construction of Ungani 7H drilling site has been completed. The well is located adjacent to the Ungani 4 well pad, giving the optimum directional angle for drilling to the Ungani 7H bottom hole location.
It is expected that drilling and casing of the deviated section of the Ungani 6H well be finalized by the end of 2019 May, following which the rig will be moved to drill and case the equivalent pre-reservoir section on Ungani 7H.
While provided an update on the exploration, the company informed that the technical work on Rafael prospect is going to complete soon. The company recently reprocessed the seismic data over the prospect and has been undertaking a major regional study to more clearly define the age and geological setting of the prospect.
The company is going to undertake the drilling of the prospect at whatever equity level is agreed between the Buru/Roc Joint Venture, and up to 100% on a sole risk basis. Further, the company has progressed the technical work progressed on Miani (Hotdog), Blina Yellowdrum, Lennard Shelf prospects and Yulleroo conventional gas projects.
Location Map (Source: Company Reports)
At Lennard Shelf, the company has recently concluded a review of all of its Lennard Shelf Licences and the EP 129 exploration permit. This review has identified various drillable prospects including the Miani (Hotdog) prospect, the potential for production from the Blina Field Yellowdrum horizon which is the geological equivalent of the Ungani Dolomite, and several other exploration opportunities.
At Yulleroo Gasfield, the company has drilled Four wells and at this resource the company has identified various zones where there is potential for conventional gas production.
Tomorrow (i.e 16 May 2019), the company is going to conduct its Annual General Meeting in Perth at the Celtic Club, 48 Ord Street, West Perth.
At the time of writing, i.e., on 15 May 2019 AEST 3:19 PM, the stock of the company was trading at a price of A$0.245, up 2.083% during the day’s trade with the market capitalisation of ~A$103.7 Mn.
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