goldwyer shale, page-3

Looks like some of the risk from Golywer is being reduced.

From Casimar Capital's report on Buru Energy dated 29 August 2012

http://www.buruenergy.com/download/broker-reports/Casimir%20Capital%20-%20Buru%20Spuds%20the%20Asgard-1.pdf

"Also on the radar is the Cyrene-1 at EP 438, targeting the
Goldwyer shale formation in addition to a conventional
Willara formation target."

"$5.00 Target (on Buru) on ongoing prove-up of unconventional regional basin-centered gas accumulations (BCGAs)"

"Our target is derived from partial inclusion of $3.22/sh
risked for the various Ungani projects and $6.23/sh from
Yulleroo & Valhalla unconv’l wet gas projects. Goldwyer
remains a free call option worth up to $7.27/sh risked
($72+/sh un-risked)."

From the NSE announcement today:-

"At 06:00hrs on Thursday 11th October the Nicolay #1 well had been drilled ahead from 2,728m to the first coring point at a total measured depth of 3,150m and the first core of 54m has been successfully cut from a depth of 3,150m to 3,204m, retrieved from the hole and laid out at surface. Core recovery has been excellent at 100% and the core is currently undergoing initial core handling and treatment procedures including the early stages of desorption testing and analysis at site.
During drilling operations, the mudlogs detected an increase in background gas from a depth of approximately 2,850m which has been observed through to the current depth of approximately 3,200m. Hydrocarbon readings over this interval have ranged from C1 to C3 (Methane, Ethane and Propane). The presence of gas has also been confirmed by initial gas desorption measurements from the core at surface, however the significance of these hydrocarbon indications cannot be determined until more detailed core analysis has been undertaken both at surface and in the labs over the coming months.

Based on the drill cuttings, mudlogs and the cores retrieved at surface, the formation being cored appears consistent with the upper sections of the Goldwyer with dark grey to black marine shales being encountered amongst inter-bedded limestone formations. Based on the limited number of surrounding wells, the Goldwyer shales are predicted to have better qualities towards the base of the formation."