The shipment will be sold at a provisional FOB price of around A$80 per barrel meaning Buru’s 50% revenue share will total around A$3.03 million.
This oil is produced from the Ungani Oilfield in Western Australia which continues to average a gross 960 to 1,000 barrels per day (Buru 50%).
Work to upgrade capacity of the production facility for the anticipated production from the new Ungani 6H and Ungani 7H production wells is close to completion and is on time and on budget.
1900 zone at Adoxa 1 could flow oil
While Buru continues to maintain solid production from Ungani, it has received some promising early news from the first well in its exploration program.
Wireline logs and pressure measurements have been completed on the Adoxa 1 exploration well which was drilled to a total depth of 2,300 metres.
The logging has identified a zone from 1,891 to 1,902 metres in the Upper Anderson section that is interpreted to have the potential to flow oil, known as the 1900 zone.
In order to provide a definitive test of the 1900 zone, a 4½ inch casing string is being run into the well.
More drilling to come
The Ungani 7H well will be drilled immediately following the Adoxa 1 well work and both the Rafael and Miani wells are ready for drilling after the Ungani 7H well.
Notably, the Miani 1 well is located on a licence 100% owned by Buru as opposed to the other areas which are part of the 50:50 joint venture with Roc Oil.