Buru Energy Starts Drilling at Rafael Shallow 1

Buru Energy Limited (AU:BRU) has released an update.

Buru Energy Limited has initiated drilling at the Rafael Shallow 1 well in the Canning Basin, marking the region’s first drilling operation since the company discovered significant gas and condensate resources in 2021. The well aims to target oil in the Poole Sandstones and Grant Formation, with potential recoverable oil volumes estimated between 3.2 and 79 million barrels. A successful discovery could expedite development and provide alternative financing for Buru’s main gas project.

For further insights into AU:BRU stock, check out TipRanks’ Stock Analysis page.