Ann: Investor Update , page-3

Some more info today from Buru's update. They are much clearer in their statement regarding EP438's prospects:

Cyrene 1

This well is being drilled in the EP 438 permit and is targeting a conventional oil target in the Willara Formation carbonates, with an overlying section of Goldwyer Shale having unconventional prospectivity.

The conventional target in this well has the capacity to hold in the order of 5 million barrels of recoverable oil, if hydrocarbons are present. Importantly, the conventional play type being targeted in this well is interpreted as being extensive throughout the area based on seismic and historical wells data. A success at Cyrene 1 provides a strong likelihood that a regional conventional oil play may be able to be developed.

The unconventional target in this well is a 135 metre thick section of the Goldwyer Shale. The Goldwyer is present, regionally extensive, and has been penetrated by a number of wells on Buru’s permits. The Goldwyer is interpreted to be in the oil window at the Cyrene location, with nearby wells having good oil shows in the section. The Goldwyer is also in the wet gas window in other areas of Buru’s permits where it is buried deeper than at the Cyrene location. The EP 438 joint venture will be undertaking an extensive coring program to provide a full suite of modern data for analysis and evaluation of the Goldwyer at this location.


Updates on well progress will be provided by Key Petroleum the operator, but Buru is informed that the rig is now on location and the surface conductor is being set prior to drilling operations being commenced.