Initial Positive Results of Rafael-1 Flow Testing Confirmed

Ongoing analysis of the data from the recent Rafael 1 flow testing program has confirmed the positive results of the field measurements: 

• Ideal gas composition with high condensate content and low level of inerts with ~2% CO2 content in a conventional (free flow) reservoir
• Initial reservoir pressure of ~6,200 psi, with no observed pressure depletion during the test flow
• No reservoir boundaries seen during the test flow
• No evidence of produced formation water
• Evidence of near wellbore reservoir damage restricting flow that can be simply remediated, with the expectation of improved flow performance
• Confirmation of reservoir pressures significantly above regional hydrostatic gradient implying a significantly larger gas column than that seen at the well
• ERCE contingent resource report expected in early April

Eric Streitberg, Buru’s Executive Chairman commented:
“We have a way to go yet, but as we gather each piece of data from the Rafael discovery they all point to a substantial gas accumulation in conventional reservoirs with very valuable light oil and low CO2 content. We look forward to getting the independent resource report from ERCE that will help guide us on the future appraisal and then monetisation of this potentially very substantial resource.” 

KeyFacts Energy: Buru Energy Australia country profile