ahh don't you worry stockrocker...if they could also stop the conventional oil development they would.
I think their biggest concern is if Buru do test the unconventional reserves and it shows they are profitable then the region will attract even more interest from the majors. The capital required to develop the gas reserves will be found from the majors.
We could get a surprise anyway when we go and test Ungani North. Conventional gas?
"The logging program has identified a section of limestones and shales which have not been previously penetrated in the basin, other than in the Ungani 1 well. These limestones contain a number of zones where fractures, and potentially vugs, are interpreted to be developed providing the potential for conventional porosity. This includes the section where strong gas shows were recorded at a measured depth of some 3,540 metres. The data to hand does not allow a definitive determination of the producibilty of these zones with a flow test being required to determine their commercial potential."
And this is what Eric had to say..
Commenting on the results to date, Eric Streitberg Buru’s Executive Director said:
“The interpretation of the logging data over the deeper Nullara section is that there are fractures and some vugular porosity developed in zones with good gas shows. Hydrocarbons with some porosity is just what we are looking for, so this is a very pleasing result indeed. If those zones were to flow gas at commercial rates during a testing program we could have a conventional gas play in a structure that has considerable size to it. A conventional gas accumulation would be a game changer for the gas development program just like Ungani was for the oil. We have also acquired further data over the primary dolomite oil zone and these will be incorporated into the planning for the testing of the well.”
We could have plenty of surprises this year. Conventional Gas is still a strong possibility.
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