BRU 2.86% 6.8¢ buru energy limited

more drilling ?, page-45

  1. 325 Posts.
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    I'm not too sure, but think I'll offer up an explanation that I think is most feasible.
    I think the company was confident U3 would have the same attributes (but potentially with a bigger oil column) as U1 and U2. If this was the case, the major purpose of this well was to strike the oil column and finish it as a producer. However, this unfortunately was not the case.

    Now that this has not happened, and they've found the Nullara far shallower than expected, I think their attitude is, "well... we are in there now, unfortunately the dolomite doesn't look as good, but we may as well test the Nullara considering we are already at the top of it.."

    By all means, they may've considered testing the Nullara in the future, but this was definitely not the major objective of this well.. It was to kick off the development and allow for the FID decision - which may require a re-jig now..

    Whilst U3 has been disappointing so far, at least the company will learn more about the geology, and hopefully they can prove up this additional Nullara play.

    I keep thinking, this well sounds like it may be similar to Ungani North, in the poorer reservoir development, but this gives me more hope that other areas in Ungani North may well have similar porosity as U1 and 2, of course this would be a positive development, but only time and the drillbit will tell.

    GLTA
 
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