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Australia: Buru Energy provides update on Rafael 3D seismic survey


29 Dec 2023

Photo - see caption

Buru Energy has provided the following update in relation to the status of the Rafael 3D seismic survey interpretation, and the key early insights obtained from the fast-tracked processing and interpretation of survey data.

  • Initial review of the fast-tracked processing volume of the Rafael 3D seismic survey shows material data quality improvement over the vintage 2D survey and reconfirms the potential of the significant Rafael conventional gas and condensate resource.
  • Early interpretation insights from the wider 3D data set outside the Rafael structure also show encouraging prospectivity including areas that were not apparent on the vintage data. These areas have the potential to provide material backfill opportunities to a Rafael development as well as other commercialisation options.
  • Final seismic survey products are on schedule for delivery to Buru by the end of  February 2024, which will allow for a more detailed interpretation of the Rafael reservoir packages than the very encouraging initial insights seen on the fast-track processed volume.
  • The fast-track volume data quality improvement has met one of its principal objectives in assisting to locate optimal appraisal well locations to reduce geological and drilling risks.
  • Rafael appraisal and development partner selection activities remain on track, with several interested parties undertaking due diligence of the Rafael discovery and Buru’s adjacent exploration permit areas.
Photo - see caption
Location of the Rafael accumulation in the onshore Canning Basin with Rafael 3D seismic area highlighted

Commenting on the results of the fast-tracked Rafael 3D seismic survey interpretation, CEO Thomas Nador said:

'I am very pleased with the initial indications of a very significant step up in data quality of the Rafael 3D seismic survey, and the early insights gleaned from it in such a short period of time following survey acquisition.

'These early results are consistent with our previous interpretations, and indeed we have observed encouraging signs both in terms of the Rafael structure as well as regional prospectivity.

I look forward to the completion of the final interpreted products in the first quarter of next year, and sharing the results with the market, and of course our potential appraisal and development partners as they conduct their due diligence of our 100% owned conventional gas and condensate resource and the surrounding prospective acreage.'

Click here for full announcement

Source: Buru Energy





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