i am back, page-62

I think Paradise-1 deepening has strong chance of hitting pay. Have a read into the Yulleroo field which also sits on the Laurel formation. The entire Laurel formation could potentially be full of tight gas and liquids.

"Yulleroo Field
•Conventional/tight gas resource – discovered in 1967, not appraised until 2008 (typical Canning Superbasin sequence). Subsequent successful trial reservoir stimulation by Buru in 2010
•Resource estimates – independent review confirms gross mean recoverable resources of 352 PJ (332 BCF) recoverable gas and 13.4 mmbbls of associated liquids (Buru interest - 50%) – 36 mmboe net to Buru
•Clear commercialisation pathway – 3D seismic acquired in 2011, appraisal wells spudding shortly targeting 2P reserves booking in late 2012
•Successful appraisal of old discovery has defined major tight gas play in the Laurel Formation. Many more structures and potential for major developments"

A few of the permits recently acquired to the South East of the Valhalla wells also appears to have the Laurel tight gas accumulation running onto these licenses. These will be 100% owned but they still need to have native title agreements sorted first. L10-7, L10-8 and L11-1 are the licenses in question. I have had a look at some of the historic wells on these licenses and it also looks positive that a tight gas accumulation is present on these licenses.

Below is a diagram taken from Buru's recent presentation mapping out the Paradise/Valhalla province, the Ungani Oil window and the Yulleroo Gas province.



If you know of the Juniors in the region then you can see why they are all running. I think all the plays in the Canning have serious potential. If goldwyer comes through with the goods then NSE will fire up. For now they will just continue to gain based off Buru because I really dont think Buru has finished with its run.