Buru Energy Uncovers Deep Gas Potential at Flying Fox Beneath Rafael Field

Discovery of Flying Fox Prospect

Buru Energy Limited has announced the identification of a new deep gas prospect named Flying Fox, situated directly beneath the established Rafael gas and condensate field in Western Australia's onshore Canning Basin. This prospect was delineated through detailed analysis of recently acquired 3D seismic data, revealing a large faulted closure approximately 4,015 meters below sea level.

The Flying Fox structure lies about 500 meters beneath the current Rafael accumulation, presenting a compelling opportunity to expand the resource base of Buru’s flagship Rafael Gas Project. The prospect targets dolomitised carbonate reservoirs of the Nullara or Pillara Formation, capped by sealing shales, which are known to be productive in the region.

Resource Estimates and Potential Impact

Buru’s assessment estimates the Flying Fox prospect holds gross prospective resources ranging from 60 to 614 billion cubic feet (Bscf) of gas, with a best estimate (P50) of 247 Bscf. Condensate volumes are estimated between 1.2 and 12.6 million stock tank barrels (MMstb), with a best estimate of 5.0 MMstb. These figures are comparable in scale to the contingent resources currently underpinning the Rafael Gas Project.

While these prospective resources remain contingent on successful exploration and development, the discovery could significantly enhance the project’s economics. CEO Thomas Nador highlighted that Flying Fox offers potential additive benefits, including resource growth and the possibility of sustaining higher gas flow rates over a longer period, which is particularly relevant amid ongoing concerns about domestic gas security and affordability.

Next Steps and Exploration Strategy

The Flying Fox prospect is drillable and can be tested by extending the planned drilling at the Rafael B target location approximately 500 meters deeper than the current reservoir. This incremental approach allows Buru to leverage existing infrastructure and knowledge while managing exploration risk.

Further appraisal and evaluation will be necessary to confirm the presence of commercially recoverable hydrocarbons and to refine resource estimates. The company’s qualified reservoir engineer, Joanne Williams, has supervised the resource assessment, ensuring adherence to industry standards and best practices.

Strategic Implications for Buru Energy

The identification of Flying Fox reinforces Buru’s strategy of building a robust and scalable gas portfolio in the Canning Basin. It aligns with broader market dynamics where domestic gas supply and pricing remain critical issues for governments, industries, and consumers alike. Success at Flying Fox could not only add volume but also extend the life and productivity of the Rafael Gas Project, enhancing its appeal to potential partners and financiers.

Investors will be watching closely as Buru progresses towards drilling and further evaluation, which will provide clearer insights into the prospect’s commercial viability and its role in the company’s growth trajectory.