- Buru Energy (BRU) shares dip in morning trade after the company announces it has drilled its Rafael 1 hole in WA’s Canning Basin region to a full depth of 4141 metres
- Buru says the final bout of drilling for Rafael 1 struck “excellent gas shows” in a 120-metre thick interval between 3857 metres and 3977 metres
- The company did not report any oil from the Buru drilling but says the composition of the drilled gas from Rafael 1 suggests the in-situ phase is a wet gas
- Now that the well has reached its final depth, Buru says it is busy pulling out of the hole for wireline logging
- Shares in Buru Energy are down 6.9 per cent to 14 cents each at 10:10 am AEDT
Buru Energy (BRU) shares have dipped in morning trade after the company announced it had drilled its Rafael 1 hole in WA’s Canning Basin region to a full depth of 4141 metres.
The company did not report any oil from the Buru drilling but said the composition of the drilled gas from Rafael 1 suggested the in-situ phase is a wet gas.
In fact, Buru said the final bout of drilling for Rafael 1 struck “excellent gas shows” in a 120-metre thick interval between 3857 metres and 3977 metres.
This follows a report from November 3 in which Buru reported the presence of wet gas to light oil mud-gas shows in the well.
Meanwhile, Buru today said it had successfully run seven-inch casing in Rafael-1 and cemented the well to 3868 metres before taking on the final bit of Rafael-1 drilling in a six-inch hole.
Now that the well has reached its final depth, Buru said it was busy pulling out of the hole for wireline logging.
“The information from the logging program will be required to determine the significance of the gas shows and the reservoir quality,” the company said this morning.
Buru said the gas influx combined with the drilling parameters suggest a “conventional reservoir” is present.
The company’s planned forward program for Rafael-1 will also include running well completion suitable for the flow testing of the well.
Buru said more details on the logging results and the forward program will be announced to investors as they become available over the next week.
Shares in Buru Energy were down 6.9 per cent to 14 cents each at 10:10 am AEDT. The company has a $73 million market.