Australian oil and gas firm Buru Energy and Japanese Mitsubishi have started commercial oil production at Ungani oilfield in the western parts of the country with the spudding of the Praslin-1 conventional well.
Praslin-1 is located at a 15km from the existing Ungani field and is in the Jackaroo 3D seismic data grid.
Ungani oilfield is a 50:50 joint venture between Buru Energy and Mitsubishi.
Initial production rate for Ungani oilfield is 1,250 barrels of oil per day (bopd). It is expected to be raised to 2,500bopd, and then to a further 3,000bopd within the year.
Buru Energy executive chairman Eric Streitberg said: "The cash flow from Ungani marks the next chapter in Buru Energy's growth.
"Combined with our strong cash position ($41.9m at 30 June 2015), we have the financial strength to fund our aggressive exploration programme and create further growth for shareholders.
See more at: http://commoditiesaustralia.blogspo...hi-start-commercial.html#sthash.xZztWqkD.dpuf
Australian oil and gas firm Buru Energy and Japanese Mitsubishi...
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