Buru Energy (ASX: $BRU) commences Rafael Shallow 1 well pad construction

Buru Energy Limited (Buru, ASX: BRU) has commenced well pad construction at the Rafael Shallow 1 well location in EP 428 in Western Australia's onshore Canning Basin. The company is preparing to drill the high potential oil target and has received heritage and environmental approvals for the civil works. The construction is being carried out with the support of heritage monitors, archaeologist, and Buru supervisory personnel. The well pad construction works are employing local Kimberley based contractors and are planned to be completed to support well spud in late Q3, early Q4 2024 using the Silver City Drilling Rig 24.

CEO Thomas Nador comments on the milestone

Having identified this high potential Rafael Shallow oil prospect less than four months ago, Buru is now in a position where heritage and environmental approvals are in hand, a funding agreement for the drilling of the well has been executed, the drilling rig and materials have been secured, and we have commenced well pad construction. This focus and pace of delivery is well warranted by the potential of the Rafael Shallow prospect. A new oil discovery would add substantial value for Buru and an additional funding path for Buru's 100% owned Rafael Deep Phase 1 gas and condensate project, which remains the Company's development priority for that existing resource.

Buru Energy's Rafael Shallow 1 project outlook

Buru Energy (ASX: $BRU) has initiated the well pad construction at the Rafael Shallow 1 well location, signaling the company's progress towards drilling the high potential oil target in EP 428 in Western Australia's onshore Canning Basin. The commencement of civil works follows the receipt of heritage and environmental approvals, with construction conducted with the support of heritage monitors, archaeologist and Buru supervisory personnel. The company's CEO, Thomas Nador, emphasized the significance of this milestone and the potential value a new oil discovery would bring to Buru. The commencement of the well pad construction marks a significant step forward in Buru's pursuit of unlocking the potential of the Rafael Shallow prospect, which could provide additional funding opportunities for the company's existing resources.