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Apache Spuds Commodore-1 Farm-in Well on EP 390 Permit

Source: www.gulfoilandgas.com 11/21/2014, Location: Not categorized

Buru Energy has advised that drilling operations on the Commodore 1 well commenced November 21 2014. Commodore 1 is the first well to be drilled as part of the Apache Corp 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 Commodore 1 well is located in exploration permit EP 390 and completion of the well will satisfy the Year 4 work commitment on that permit.

Buru Energy and Mitsubishi Corp both have a 25% equity interest in the well and in EP 390 with Apache having the remaining 50% equity interest. The well is located some 140 kms to the south of Broome and some 100 kms inland from the Great Northern Highway. The well has a maximum programmed total depth of 1,550 metres and is expected to take some 35 days to drill. The Commodore 1 well primary objective is conventional oil reservoirs in the Grant Formation with secondary objectives in the underlying Nita carbonates. Click here for a prospect review for the well.

Buru Energy’s Executive Chairman, Eric Streitberg, commented on the commencement of drilling operations: 'We are delighted to be once more drilling exploration wells, and particularly the Commodore 1 well which is a test of a highly prospective play type using a rig which should substantially reduce our exploration costs. This is the first well in the Coastal Permits farmout funded by Apache and provides a pathway to cost effective exploration drilling in both the Coastal permits and the wider Canning Basin.'

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