Was bored,so re re read 19th Dec ann, highlighted bits, maybe...

Was bored,so re re read 19th Dec ann, highlighted bits, maybe news not imminent ie end Feb, maybe a bit later... just my thoughts.

Commenting on the results of the fast-tracked Rafael 3D seismic survey
interpretation, CEO Thomas Nador said:
“I am very pleased with the initial indications of a very significant step up in data quality of
the Rafael 3D seismic survey, and the early insights gleaned from it in such a short period
of time following survey acquisition.
These early results are consistent with our previous interpretations, and indeed we have
observed encouraging signs both in terms of the Rafael structure as well as regional
prospectivity.
I look forward to the completion of the final interpreted products in the first quarter of next
year, and sharing the results with the market, and of course our potential appraisal and
development partners as they conduct their due diligence of our 100% owned conventional
gas and condensate resource and the surrounding prospective acreage.”
• Initial review of the fast-tracked processing volume of the Rafael 3D seismic survey
shows material data quality improvement over the vintage 2D survey and reconfirms
the potential of the significant Rafael conventional gas and condensate resource.
• Early interpretation insights from the wider 3D data set outside the Rafael structure
also show encouraging prospectivity including areas that were not apparent on the
vintage data. These areas have the potential to provide material backfill opportunities
to a Rafael development as well as other commercialisation options.
• Final seismic survey products are on schedule for delivery to Buru by the end of
February 2024, which will allow for a more detailed interpretation of the Rafael
reservoir packages than the very encouraging initial insights seen on the fast-track
processed volume.
• The fast-track volume data quality improvement has met one of its principal
objectives in assisting to locate optimal appraisal well locations to reduce geological
and drilling risks.
• Rafael appraisal and development partner selection activities remain on track, with
several interested parties undertaking due diligence of the Rafael discovery and Buru’s
adjacent exploration permit areas.
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Level 2, 16 Ord St West Perth WA 6005 1800 337 330 [email protected] ABN 71 130 651 437
Background
The low impact Rafael 3D seismic survey acquisition was completed on 29 September 2023,
on schedule and on budget, under the detailed supervision of the traditional owners of the
area in which the survey was undertaken. Survey data was harvested and exported for
processing on 11 October 2023.
The fast-tracked data processing was undertaken by RealTime Seismic (RTS) in Australia and
in France and was subject of initial review Buru’s inhouse geoscience team.
A second seismic processing contractor, Earth Signal Processing Ltd (Earth Signal) in Canada
has been processing the Rafael 3D seismic data in parallel with the fast-tracked processing
effort and will deliver final processed products to Buru by the end of February 2024, which
will enable detailed interpretation of the full 3D volume.
The Earth Signal processing will apply more detailed and sophisticated techniques that are
more time and resource intensive. This additional volume will facilitate a detailed
interpretation of the Rafael structure and the geometry and stratigraphy of the Rafael gas
and condensate reservoirs, and will assist in Rafael appraisal well planning. It will also be a
key driver of future hydrocarbon exploration activities in the region.
Both fast-tracked and final survey products will be made available to potential Rafael
appraisal and development partners as part of the Canning Basin Partner Selection Process.
Key Early Insights
The fast-tracked processing and interpretation of the Rafael 3D seismic data has confirmed
three significant early insights:
1) There is a significant data quality uplift from the vintage 2D seismic survey which was
acquired in 2013 (Refer Figure 1). The gas bearing Dolomite reservoirs and the sealing
Laurel Shale are clearly visible and can be confidently mapped across the structure on
this data volume. The high-quality data from the Earth Signal processing will further
assist in the detailed interpretation of the Rafael reservoir packages to provide further
confidence in potential resource volumes and appraisal drilling locations,
2) The initial review of the fast-track volume has confirmed the areal extent of the Rafael
structure remains consistent with previous interpretations, thereby reconfirming the
potential of a significant conventional gas and condensate resource, and
3) Initial review confirms the encouraging exploration prospectivity in the area, including
at the previously identified Salinas and Udialla prospects, and continues to build a
staircase of sizeable prospects and leads within tie-back distance to Rafael.
Forward Plan
The final Rafael 3D seismic processing deliverables are on schedule to be delivered to Buru
by Earth Signal by the end of February 2024.
This data will undergo interpretation by Buru personnel and is expected to provide
confirmation of the potential size of the Rafael accumulation and the gas column height,
consistent with the initial observations from the fast-track volume.
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Level 2, 16 Ord St West Perth WA 6005 1800 337 330 [email protected] ABN 71 130 651 437
Canning Basin Development Partner Selection Process Update
On 5 October 2023, Buru appointed Miro Capital as its advisor to assist in its strategic partner
selection process for the appraisal and development of its 100% owned Rafael conventional
gas and condensate resource. This process is advancing to plan, with Australian and International parties participating in
due diligence activities. The results of both fast-tracked and final Rafael 3D seismic survey
products are key inputs to this process, and as such it is not expected to be finalised until
2Q 2024.