Buru launches rights issue to fund Rafael programme
Sydney-listed Buru Energy on May 3 announced a 1 for 6 rights issue to raise up to approximately A$14.4mn ($10.2mn) in additional capital. Funds raised will be used for a multi-phase appraisal programme for the Rafael gas condensate discovery and support of commercialisation feasibility studies and activity on other Buru assets.
The Rafael 1 gas condensate discovery well in Western Australia’s Canning basin was drilled in late 2021 and flow tested in March 2022. Independent resource estimation was completed in late April by ERCE Australia. This review confirmed the company’s view that the Rafael structure has the potential to contain a "regionally significant" gas and condensate accumulation.
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Given the potential of the discovery, a structured appraisal programme aimed at quantifying and then commercialising the resource is being planned, Buru said.
The planned 2022 programme will include the recompletion of the Rafael 1 well and testing of additional gas-bearing zones, the acquisition of a 3D seismic survey to help site the future appraisal wells and commercialisation and field development studies. This programme will be followed by an appraisal drilling programme in 2023.