ASX Announcement
3 October 2019
Miani 1 Exploration well spuds
Buru Energy Limited (Buru Energy) is pleased to advise that the Miani 1 exploration well was spudded at 12:00 hours on Wednesday the 2nd of October 2019.
The Miani 1 well is located on Production Licence L8 some 70 kilometers to the east of the town of Derby and some 30 kilometers to the northwest of Buru's Blina Oilfield.
Buru Energy has 100% equity in the well and in L8.
The Miani 1 well is being drilled by the NGD 405 rig as a vertical well to a planned total measured depth of 2,400 metres.
ASX:The objectiveBRU of the well is conventional oil hosted in a stratigraphic trap interpreted to have been formed by a fault bounded collapse feature enhanced by hydrothermal dolomitisation of the Nullara reefal carbonates. The structure is well defined by 3D seismic data and is analogous to features in North America holding major oil and gas accumulations. Further details of the prospect are set out in the attachments.
The feature being tested by the Miani 1 well has the potential to hold significant resources of conventional oil in a new play type. Development of any oil discovered would be facilitated by the availability of local infrastructure and the location of the well in an existing production licence.
Executive Chairman's comments:
"The Miani well is testing a new play type for the Canning Basin and for Australia, as the Canning Basin is believed to be the only area in onshore Australia where Devonian reefs have these features in a setting where they can be directly charged with oil. There are also a number of similar structures in the area that will be very prospective targets if Miani is successful.
The well is a relatively shallow vertical well with close offset wells that provide excellent control to reduce geological and operational risk."
The initial weekly drilling progress report for well is attached.
Visit www.buruenergy.comfor information on Buru Energy's current and future activities.
For investor inquiries please contact Buru Energy:
Telephone: +61 8 9215 1800
Freecall: 1800 337 330
Email: info@buruenergy.com
Qualified Petroleum Resources Evaluator Statement
Except where otherwise noted, information in this release related to exploration and production results and petroleum resources is based on information compiled by Eric Streitberg who is an employee of Buru Energy Limited. Mr Streitberg is a Fellow of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors, and a member and Certified Petroleum Geologist of the American Association of Petroleum Geologists. He has over 40 years of relevant experience. Mr Streitberg consents to the inclusion of the information in this document.
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Level 2, 16 Ord St West Perth WA 6005 | 1800 337 330 | info@buruenergy.com | ABN 71 130 651 437 |
Weekly Well Operations Report - Miani 1
The Miani 1 well is located in Production License L8 in the Canning | ||||||
Permit | Basin of northwestern Western Australia. The well is located 70 kms | |||||
east of the town of Derby and 30 kms northwest of the Blina oil | ||||||
field. | ||||||
Well Surface Location | Latitude: 17° 30' 8.3341"S | Northing: 8,064,446 mN | ||||
Longitude: 124° 14' 26.7657"E | Easting: 631,723 mE | |||||
Buru Energy's Interest | Buru Energy Limited holds a 100% interest in the well and in L8, | |||||
and is the operator. | ||||||
Date of Progress Report | 3 October 2019 (AWST) | |||||
Proposed Total Depth | +/- 2,400 metres MDRT | |||||
Current Depth | 260 metres as at 08:00 3 October 2019 | |||||
Commencement Date | 2 October 2019 | |||||
Days Since Commencement | 1 day | |||||
The objective of the well is conventional oil hosted in a stratigraphic | ||||||
Target Formation | trap interpreted to have been formed by a fault bounded collapse | |||||
feature enhanced by hydrothermal dolomitisation of the Nullara | ||||||
reefal carbonates. | ||||||
Operations Since Last Progress | The well has been drilled ahead in 9 5/8 inch (244mm) hole to | |||||
current depth at 08:00 of 260 metres. The current operation is | ||||||
Report | ||||||
drilling ahead to section TD of ~850 metres. | ||||||
Hydrocarbons Indications | None - None expected. | |||||
The surface casing string will be set at ~850 metres. The surface | ||||||
section is being drilled using a "drilling with casing" system which | ||||||
Forward Operations | provides an efficient method of installing surface casing. The hole | |||||
size is 9 5/8 inches (240 mm) with a 7 5/8 inch (194 mm) casing | ||||||
drilling string. The objective reservoir sections will be drilled in 6 | ||||||
3/4 inch (171 mm) hole size. | ||||||
Miani 1 location map
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Level 2, 16 Ord St West Perth WA 6005 | 1800 337 330 | info@buruenergy.com | ABN 71 130 651 437 |
Miani 1 Technical summary
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Level 2, 16 Ord St West Perth WA 6005 | 1800 337 330 | info@buruenergy.com | ABN 71 130 651 437 |
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Disclaimer
Buru Energy Ltd. published this content on 03 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2019 04:13:10 UTC