Great report out from Buru this morning on their up and coming...

Great report out from Buru this morning on their up and coming drill program. Buru mention some important points here:

1) The Goldwyer is 135 metres thick at Cyrene-1 location.
2) Conventional discovery could lead to quick commercialisation due to Ungani infrastructure and provide quick cashflows.
3) Goldwyer could be part of fracture stimulation program in early 2013.

Here's the snippet:

Companyinsight.net.au:

Cyrene-1 is a relatively new addition to the program. Can you provide a bit more background on this well and why you have decided to drill it now?

Executive Director, Eric Streitberg:

Cyrene-1 has been on the radar for a few years, but given the multitude of prospects we have ahd to drill and the appraisal work we have undertaken on our recent discoveries, we have not had the rig slot to drill it. That being said, it is a very exciting prospect with both conventional and unconventional targets.
The conventional target is an oil play with the potential to hold a mean recoverable volume of 5MMbbls of oil if hydro carbons are present. The good thing about a conventional oil discovery at Cyrene is that it could be quickly commercialised in parallel with the Ungani Field. On the unconventional side we will also be drilling through the Goldwyer Shale, which is in the oil windo at this location. The Goldwyer is 135 metres thick here, and we intend to comprehensively core it. When we put this information together with the historical well data and the extensive regional analysis we have undertaken, it should give us a very comprehensive and modern data set to help evaluate the oil potential of what could be another regional unconventional play.
Given that the majority of our work to date has focused on the Laurel Formation unconventional play, the testing of the unconventional potential of the Goldwyer is clearly very exciting and success will allow us to plan more wells and potentially include it in the proposed hydraulic stimulation program for 2012 which would form part of Buru’s broader unconventional evaluation program.