Buru Energy Ltd said prospective backers are conducting reviews of its bid to raise around AUD 40 million ($26.8 million) for next year’s resource and flowrate validation program for the Rafael gas and condensate field onshore the Canning Basin.
“The process has attracted international and domestic parties who are undertaking detailed due diligence on the opportunity to participate in a high-value business with significant growth opportunities”, West Perth-based Buru Energy said in a stock filing. “The parties include but are not limited to E&P companies, utilities, commodity traders, asset managers, investment banks, institutional investors, private equity, private credit and royalty companies.
“The process is continuing over the Christmas and New Year period and into 1Q 2026.
“Conducting Rafael resource and flowrate validation and independent reserves certification is the primary condition to finalizing binding agreements with Buru’s strategic development partner, Clean Energy Fuels Australia (CEFA), and reaching a Final Investment Decision for the project in the second half of 2026”.
On September 8, 2025, Buru said it had obtained environmental approval from Western Australia’s Department of Mines, Petroleum and Exploration for the appraisal drilling.
“Rafael drilling is planned to commence in 2Q 2026, subject to the satisfactory conclusion of the upstream funding partner selection process which is the company’s primary focus in the short term”, Buru said then.
“The approved EP [Environment Plan] is an important milestone in progressing and derisking the 2026 drilling program and the delivery of the 100 percent Buru-owned Rafael Gas Project in EP 428”.
“Activities included in the EP are the drilling of the high-impact Rafael 2H well (previously named Rafael B) from the existing Rafael 1 well pad and the recompletion of the existing Rafael 1 well with a sidetrack”, the September statement said. “Both wells are likely to include horizontal sections to maximize reservoir contact, optimize well deliverability and potentially improve the assessment of resources, and will be flow-tested”.
The September statement added, “The approval also allows for the potential deepening of the Rafael 2H well to test the Flying Fox exploration target”.
The Flying Fox prospect, identified in EP 428 and EP 457 through Rafael 3D seismic data, lies immediately beneath the field at about 4,015 meters (13,172.57 feet) True Vertical Depth Subsea, according to Buru.
In Flying Fox, Buru assessed gross unrisked prospective resources of 60-614 billion standard cubic feet (Bscf) gas with a best estimate (P50) volume of 247 Bscf, and 1.2-12.6 million stock tank barrels (MMstb) of condensate with a best estimate of five MMstb.
“This is similar in size to the contingent resources assessed for the primary Rafael reservoir interval which currently forms the basis for the Rafael Gas Project”, Buru announced August 14.
“Whilst Buru’s immediate focus is the timely commercialization of the Rafael Gas Project, future exploration success at Flying Fox could have significant additive benefits for the project, both in terms of potential resource addition to a base development as well as the potential to maintain ‘higher for longer’ gas flow rates”, chief executive Thomas Nador said.
Buru has tweaked the timeline for Rafael. Under the new timeline, instead of recompleting the 2021 discovery well as a producer before drilling the second well, Rafael 2H or Rafael B, Buru will now drill and test Rafael 2H first.
The change aims “to reduce risk and increase the probability of higher reserves”, Buru said in a regulatory disclosure July 17.
On April 2 Buru announced a deal with CEFA to co-develop Rafael. CEFA would own the downstream components of the project including a liquefaction plant with a capacity of 300 metric tons a day, according to Buru.
On July 7 Buru said it had received government approval for a two-year extension of time for Rafael to apply for a production license. Authorities gave the project until July 2027.
To contact the author, email jov.onsat@rigzone.com
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