Buru Energy's latest drilling results

Buru Energy (ASX:BRU) announced the completion of its Rafael Shallow 1 well drilling in the Canning Basin, Western Australia. The well reached its intended depth on October 21, 2024, but did not find moveable hydrocarbons. Consequently, the well will be plugged and abandoned. Buru Energy remains focused on its strategy to develop a Kimberley-based energy business.

Buru Energy's future plans and strategy

Buru Energy's latest exploration in the Canning Basin concluded without discovering moveable hydrocarbons, resulting in the decision to plug and abandon the Rafael Shallow 1 well. Despite this outcome, Buru Energy continues to prioritize the development of a Kimberley-based energy business, specifically focusing on the Rafael deep discovery. This discovery remains the only significant conventional gas and condensate resource in onshore Western Australia north of Karratha. Buru Energy aims to commercialize this resource, benefitting stakeholders, including traditional owners and the Kimberley community. The venture is operated by Buru Energy with a 75% interest, alongside Twinsouth Holdings Pty Ltd and Jingie Investments Pty Ltd. The announcement was authorized by the Chair of Buru Energy, reflecting the company's commitment to its long-term strategic goals.

CEO's perspective on drilling outcomes

The safe execution of the Rafael Shallow 1 well was a priority, and we achieved that successfully. While this exploration did not yield the hydrocarbons we hoped for, it does not deter us from our strategic focus on the Rafael deep discovery.