Flow testing on Buru Energy’s Rafael well recommenced on 4 March after suspension due to safety concerns regarding the effects of Cyclone Anika.
Since recommencement, the flow period was completed on 7 March and the well has now been shut-in for pressure buildup.
The pressure data will be downloaded from the down-hole gauges after the current shut-in is completed and will be analysed for additional reservoir information.
The initial shut-in pressure prior to flow commencing was around 4,500 psi, producing estimated rates of 7.6 million cubic feet per day (mmcfpd), equating to some 1,570 barrels of oil equivalent.
An independent resource review of the gas and liquids contained in the Rafael structure is currently being undertaken by ERCE and will be completed once the data from the analysis of the pressurised samples is taken.
A final report is expected in 3-4 weeks, according to Buru.
Following the successful flow test at Rafael, the Buru Board has appointed a new chief executive officer, and the appointment of a CEO will ensure the company has the appropriate management depth to move quickly to progress the appraisal.
Buru is currently being led by executive chairman Eric Streitberg, who will remain in an executive role to complete onboarding of a new appointment once an appropriate candidate has been found.
“This is a transformational time for Buru and the industry generally, particularly with the current resurgence in energy prices and the growth of renewables,” said Streitberg.
“It is very much an appropriate time to add depth and capability to our management team through the appointment of a CEO so I can focus my energy on the longer term strategic direction of the company.”
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