Buru Energy Ltd. is set to launch a two-well drilling campaign in the onshore Canning Basin, Western Australia.
The company has signed a letter of intent (LOI) with Silver City Drilling Pty Ltd. (SCD) to utilize Rig 24 for drilling the Rafael Shallow and Mars exploration wells during the 2024 Kimberley operating season. A binding rig hire agreement with SCD is anticipated to be finalized soon.
The LOI follows recent farm-in agreements with Sabre Energy, which cover drilling the promising Rafael Shallow oil prospect in EP 428 and restarting production at the Ungani oilfield, including drilling the Mars oil prospect in L 20.
Drilling operations for both the Rafael Shallow and Mars oil prospects are projected to commence in late Q3 or early Q4 of this year, pending final regulatory approvals.
Buru Energy also holds a 100% interest in the Rafael Deep Phase 1 gas and condensate project.
