Ann: Proposed issue of securities - BRU, page-180

Rafael 1 wet gas discovery

• Buru Energy has a 50% interest and is operator of the Rafael 1 condensate rich gas discovery in the Canning Basin.

The other 50% equity in the permit is held by Origin Energy.

The Rafael 1 well was drilled on a large structure and encountered significant gas columns in three zones with a test of a portion of the lower Ungani Dolomite zone flowing gas at in excess of 7 mmcfd.
The Joint Venture is planning an appraisal program later in 2022 that will include a recompletion of the well and test of the lower two zones in the well, the Upper Laurel Carbonates and the Ungani Dolomite equivalent with a 3D seismic program to be acquired over the structure. Further appraisal drilling is planned in 2023.
An independent resources report by ERCE has estimated that there is in an excess of 1 TCF of recoverable gas at the 3C level which is sufficient to support an export system to take advantage of current ullage in the Northwest Shelf LNG facility or a stand alone petrochemical plant in the Canning Basin.
Not that you would know by looking at the SP coz we forgot to confirm the workover rig before we got the begging bowl out again, so you can still buy in like it never happened until we remember, then look out.

https://www.buruenergy.com/site/our-operations/rafael-1-wet-gas-discovery