Buru Energy has advised that the Rafael Shallow Joint Venture (RSJV), comprising Buru, Twinsouth Holdings and Jingie Investments, has spudded the Rafael Shallow 1 well in EP 428 in Western Australia’s onshore Canning Basin.
Highlights
- Drilling of the Rafael Shallow 1 oil target commenced at 09:00 hrs (AWST) on 9 October 2024, using the Silver City Drilling Rig 24.
- The well is targeting reservoirs in the Poole Sandstones and Grant Formation prognosed between 750 metres and 1,250 metres (measured depth). The Poole and Grant reservoirs are clastic (sandstone) reservoirs similar to the previously discovered shallow oil pools on the Lennard Shelf in the vicinity of the legacy Blina Oilfield.
- Drilling operations are expected to be concluded in October 2024.
- Buru’s internal assessment of the Rafael Shallow 1 prospective gross unrisked resource volumes of recoverable oil indicates a range of between 3.2 MMstb (low estimate) and 79 MMstb (high estimate), with a Best Estimate of 19 million barrels.
Commenting on the commencement of drilling operations, CEO Thomas Nador said:
'This will be the first well drilled in the Canning Basin since 2021, the year in which Buru discovered Rafael (deep) - the first proven significant conventional onshore gas and condensate resource in Western Australia north of Karratha.
An oil discovery at the Rafael Shallow 1 prospect could provide a rapid development path that would add substantial value for the Rafael Shallow Joint Venture Parties. In addition, a discovery could provide an alternative funding path for Buru’s 100% owned Rafael (deep) gas and condensate project, which is the Company’s strategic development priority.
I thank our new Joint Venture partners in the Rafael Shallow well, Buru shareholders, the Traditional Owners of the country on which Rafael Shallow is being drilled, our dedicated staff and Silver City Drilling for their collective effort and support in getting us to this point. I wish the team success for a safe and efficient program.'
Source: Buru Energy
