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Buru shares progress at Rafael

Sapphire block

The momentum continues to build to realise significant value from Buru’s 100 per cent owned Rafael conventional gas and condensate discovery.

Buru Energy completed the acquisition of the Rafael 3D seismic survey covering an area of approximately 200km2 over and around Buru’s Rafael conventional gas and condensate discovery.

“I am pleased to share with you the progress Buru has made over the past quarter. This has been evidenced by the delivery of key milestones and value-building catalysts that the company set out to achieve at the beginning of the year,” Buru Energy chief executive officer Thomas Nador said.

Initial processing and interpretation of the seismic data is being fast tracked and is expected to be completed next quarter.

This data will be used to further define the extent of the Rafael structure and inform the planned 2024 appraisal drilling program.

Buru confirmed its phased development strategy to commercialise its 100 per cent owned and operated Rafael discovery – the first proven significant conventional gas and condensate field in the Canning Basin of Western Australia.

“Buru’s development strategy for commercialising Rafael works in harmony with the recently announced Western Australian Domestic Gas Policy update by the Government that confirmed the potential for export of onshore gas from the Canning Basin with 15 per cent reserved for the domestic market,” Nador said.

Approval was received from the Department of Mines, Industry Regulation and Safety (DMIRS) for the Declaration of Location application for the Rafael 1 gas and condensate discovery in exploration permit EP 428 in the Canning Basin.

“The achievement of the above milestones has created the right conditions for Buru to formally commence a partner selection process for the Rafael development and to this end, the company has appointed Miro Capital as advisor to assist in securing a strategic partner for Rafael’s appraisal and development,” Nador said.

He added that Buru believed that the potential availability of substantial sub-surface carbon capture and storage options in the onshore Canning Basin, co-located with a conventional gas and condensate discovery, made for a compelling investment proposition for both domestic and international partners wishing to participate in the first substantive energy project in the Kimberley.

The Phase 1 project in particular having the potential to very substantially reduce the current carbon emissions profile of the Kimberley energy system, according to Nador.

Buru sold its interests in its onshore Carnarvon Basin permit and applications to Energy Resources Limited (MinRes) for a cash payment of $5 million.

“During the quarter, Buru divested its interests in its onshore Carnarvon Basin permit and applications to Energy Resources Limited (MinRes) for a cash payment of $5 million, to provide balance sheet strength and an enhanced capital runway to the planned 2024 Rafael appraisal drilling program,” Nador said.

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