Buru Energy Ltd. said Thursday it had identified a new prospect that could grow resources for the Rafael natural gas development in Western Australia’s onshore Canning Basin.
Identified from Rafael 3D seismic data, the Flying Fox prospect lies immediately beneath the gas and condensate field at about 4,015 meters (13,172.57 feet) True Vertical Depth Subsea, West Perth-based Buru said in a regulatory filing.
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 million stock tank barrels (MMstb) to 12.6 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 said.
Rafael, first drilled 2021 and confirmed as a discovery the same year, has been assessed to hold contingent and unrisked gross recoverable volumes of 85-523 Bscf of gas and 1.8-10.6 MMstb of condensate, according to Buru.
“The Flying Fox prospect can be tested by drilling an incremental ~500 meters below the Rafael gas
accumulation at the Rafael B target location”, Buru said. Rafael B is the project’s second well, which Buru expects to start drilling June 2026.
Chief executive Thomas Nador said, “The investment case for the Rafael Gas Project is based on conservative (P90) resource assumptions with significant opportunities for upside”.
“Rafael continues to be derisked at a time when domestic gas security and affordability are top of mind issues for government, resource developers and consumers including households and industry”, Nador added.
“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”.
Flying Fox is in exploration permit (EP) 428 and EP 457, while Rafael is in EP 428.
Rafael, about 150 kilometers (93.21 miles) east of Broome and around 85 kilometers south of Derby in the Shire of Derby-West Kimberley, is the only confirmed source of conventional gas and liquids onshore Western Australia north of the North West Shelf Project, according to Buru.
Buru recently tweaked the timeline for the Rafael development but still aims to start production late 2027.
Buru eyes a 20-year production life for Rafael. It expects the project to supply trucked liquefied natural gas and liquids to Pilbara and the Northern Territory. Buru plans to drill two wells, including the 2021 discovery.
Under the new timeline, instead of recompleting the discovery well as a producer before drilling the second well, Rafael B, Buru will now drill and test Rafael B first.
The change aims “to reduce risk and increase the probability of higher reserves”, Buru said in a disclosure on the Australian Securities Exchange July 17.
Nador said at the time, “The Rafael technical assurance process has delivered valuable information to underpin decision making on the risks and opportunities of our planned Rafael appraisal and production flow test program”.
“Drilling and testing the Rafael B appraisal well next is the optimum pathway to proving up the resource and underpinning a robust final investment decision, whilst maintaining our first cashflow target of late 2027”, Nador added.
Earlier in July Buru said it had received government approval for a two-year extension of time for Rafael to apply for a production license. Western Australia’s Mines, Petroleum and Exploration Department gave the project until July 2027.
“This approval for an extension of time in which to apply for a Production License for Rafael will allow important work to be completed, including the maturation of technical and commercial work with our development partner, Clean Energy Fuels Australia (CEFA)”, Nador said July 7.
On April 2 Buru announced a deal with CEFA to co-develop Rafael. CEFA would own the downstream components of the project.
To contact the author, email jov.onsat@rigzone.com
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