Buru launches major exploration in Canning Basin

Buru

Buru Energy’s tenements in the Canning Basin

By Emma Brown

May 5, 2015

BURU Energy will embark on one of the biggest exploration programs in its history this month, targeting several conventional oil prospects in WA’s Canning Basin.

Two rigs have been secured for the five to seven well drilling program, beginning mid-May, to ensure it is carried out during the 2015 dry season.

Buru Energy executive chairman Eric Streitberg said the drilling program marked the start of the next chapter in Buru Energy’s growth strategy.

“This year’s program is the culmination of 12 months of intensive preparation, innovative planning and negotiations with all of our stakeholders,” Mr Streitberg said.

“We have taken the view that the current market climate is perfect for us to get out in the field and drill some high impact conventional exploration wells.

“The potential of the program is very high, the targets are highly prospective, and the continuous nature of the drilling program means we will be generating drilling news flow for many months.”

Buru will use a revolutionary approach for the drilling program by applying technologies developed for large-scale programs on the east coast of Australia and the US.

Drilling will coincide with the start of commercial production at Buru’s Ungani oilfield, where the company recently signed three key native title agreements to proceed in a first for the Kimberley region.

“We are planning on generating positive cash flow from the start of commercial production at Ungani,” Mr Streitberg said.

“The upside of this exploration program and the progress at Ungani makes this a pivotal period in the growth and development of Buru.”