final drill report

Final Drilling Report Olympic 1


Exploration Well www.buruenergy.com Buru Energy Limited (Buru Energy) provides the following weekly update on drilling operations at the Olympic 1 well as at 06:00hrs, 25 June 2015 (AWST). Since the last progress report, the well has been cored ahead in 3-4/5” (96mm) hole to the total depth of 1,447 metres in the Nambeet Formation with excellent core recovery.
Open-hole wireline logs have been also acquired over the cored section. No significant hydrocarbons have been observed. Consequently, the well is currently being plugged and abandoned and DDH1 Rig 31 will be released.

This is the last weekly drilling report in respect of the Olympic 1 well. Olympic 1 is the second well to be drilled as part of the Apache Onshore Holdings Pty Ltd (Apache) farm out announced in November 2013. The cost of the well will be fully funded by Apache under the terms of the farmout which includes a commitment by Apache to fund a $25 million exploration program on EP 390, 438, 471 and 473.

The Olympic 1 well is located in exploration permit EP 473 and the drilling of the well will satisfy the Year 4 work commitment on that permit. Buru Energy and Mitsubishi Corporation (Mitsubishi) both have a 25% equity interest in the well and in EP 473 with Apache having the remaining 50% equity interest. The well is located approximately 60 kilometres to the southeast of Broome and some 22 kilometres inland from the Great Northern Highway