Buru Energy Limited (Buru) (ASX:BRU) is seeking to divest up to 100% of its interest in the Ungani Oil Field within production licences L 20 and L 21, onshore Canning Basin, Western Australia (Ungani or the Project). Buyer expressions of interest are now being sought by PetroDIP on behalf of Buru.
Project highlights are:
- The Ungani Oil Field has delivered ~2.3 mmbo of high-quality oil from the Ungani Dolomite reservoir since the L 20 and L 21 licences were awarded in 2015.
- Estimated 0.62 mmbo (High) remaining (Reserves + Contingent Resources pending development) with an additional Contingent Resources of 6.5 mmbo (High) under potential future developments.
- Production was suspended in August 2023 and the 15,000 bfpd facility placed under care and maintenance as the export route to Wyndham port is not currently reliable. With a new bridge over the Fitzroy River nearing completion (anticipated by end of 2023), it will become possible to resume crude oil exports via Wyndham. Oil production of 400-450 bopd can resume quickly (~1 month from restart decision). New parties could consider alternative, closer export points, e.g. Broome.
- The low-risk Mars prospect has been identified with an unrisked prospective estimated resource of 2.8 mmbbls (P50) has been identified within sandstones of the Reeves Formation, a reservoir that has produced oil from the nearby Ungani Far West 1 well. In a success case, production may be achieved via 8 km tieback to the Ungani Production Facility.
