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Boost for Buru

Central revenue

The strong momentum Buru achieved at the end of 2023 against its strategic plan has continued into the first months of 2024.

The processing and interpretation of the Rafael 3D data set has identified a highly prospective closure in the shallow geological section (less than 1200 metres depth) partly overlying the Rafael conventional gas and condensate resource.

The newly identified structure was not apparent on the wide spaced legacy 2D data.

“This is an exciting development, one with the potential to significantly improve the value of Buru’s Exploration Permit EP 428, and the strategic optionality for commercialisation of the underlying Rafael resource,” Buru Energy chief executive officer Thomas Nador said.

Planning is underway to cost effectively drill the shallow prospect in the 2024 operating season.

The identification of this high potential Rafael Shallow prospect only reinforces to Buru, and prospective parties involved in the Canning Basin partner selection process, the subsurface diversity and prospectivity of the basin due to its geological features and history.

The work to date on the Rafael 3D seismic data set has also confirmed with high confidence that recoverable gas and condensate volumes at the 1C contingent resource level.

This will support a Rafael Phase 1 development for which the pre-FEED engineering for a small scale, local Kimberley based gas to power project has been completed.

However, according to Nador, based on feedback from parties involved in the Canning Basin partner selection process, further technical work by Buru and external specialists to characterise the volumetric upside associated with the Rafael accumulation is required.

This work will be necessary in order to complete the process to secure an appraisal/development partner for the Rafael gas and condensate discovery, and to underpin a larger scale Rafael Phase 2 development.

As a result of this additional required work, on-ground appraisal related activities will be deferred to the 2025 Canning Basin field season.

During the quarter, Buru has also been engaging with several parties on the forward plans for the Ungani Oilfield, including an option to drill a shallow Ungani North Reeves sandstone well to provide backfill for the Ungani production facility.

“I would like to thank our staff and shareholders for their continued support,” Nador said, “as we look forward to another strong quarter and positive developments related to our exploration, development and new energy business activities.”

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