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Rafael exceeds expectations

Water Corporation

Buru’s interpretation of the Rafael 3D seismic data set identifies a high potential, shallow prospect in EP 428, with planning underway for drilling of the prospect in the 2024 operating season.

“The acquisition of the Rafael 3D seismic survey has provided valuable insights into both the Rafael gas and condensate accumulation, that was the survey’s main target, as well as the prospectivity of the broader Rafael region,” Buru Energy chief executive officer Thomas Nador said.

“These prospectivity insights include a high potential shallow clastic reservoir prospect, as well as an enhancement of the prospectivity of the Ungani Dolomite in separate structures adjacent to Rafael 1.”

According to Nador, this has the potential to confirm high volume gas and condensate targets as follow-ups to the Rafael discovery.

“We are currently interpreting in-house the insights from the 3D seismic survey on the Rafael accumulation, and specialised consultants are also conducting additional work on reservoir quality, genesis, and the internal geometry and stratigraphy of the reservoir,” he said.

According to him and based on feedback from parties involved in the partner selection process, Buru has decided to temporarily suspend the partner selection process until the technical work is completed.

This is set to allow interested parties to conduct additional due diligence on the enhanced data.

Due to the additional technical work, the subsequent due diligence period and commercial negotiations, the conclusion of the process will be delayed from the original proposed timetable.

As a result, on-ground appraisal related activities will be deferred until the 2025 Canning Basin field season.

“However, with the potential to drill the Rafael Shallow prospect later this year with a smaller rig than would be needed for a Rafael deep appraisal well, and the added potential of being able to cost effectively drill the Mars well, we are planning to keep our appraisal and exploration momentum going,” Nador said.

“We are also actively working to reduce capital costs and time frames for the initial Rafael development with additional options to the Phase 1 program being developed.”

The timeline to first sales for this further optimised development concept would not be affected by the delay in the Rafael deep gas appraisal program, according to Nador.

“Overall, we have been highly engaged in all aspects of the business and are excited about the opportunity to create near-term value through a cost-effective and potentially high impact shallow drilling program.”

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