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.

1

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

2

Level 2, 16 Ord St West Perth WA 6005

1800 337 330

info@buruenergy.com

ABN 71 130 651 437

Miani 1 Technical summary

3

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