Buru Energy announced that it has re-commenced oil production from the Ungani Oilfield located in the Canning Basin in northwest Western Australia.
The field restart program was completed on time and under budget with no incidents.
During the next week, a series of reservoir performance tests including interference tests and shut-in and buildup Der.ods will be carried out to gather reservoir information from the field. Oil will be produced into the onsite storage tanks during this phase with the first truck loading for transport to Wyndham Port expected to be late next week. A further update will be provided once the test program is completed and routine production operations are underway.
Eric Streitberg, Buru's Executive Chairman said:
We are delighted to be able to report that we are back in production. The small and dedicated Buru team have done a great job to deliver the restart on time and on budget. The restart comes soon after our recent transaction with Mitsubishi which saw us acquire the 50% of the field we didn't already own, and gives us access to 100% of the cash flow from the field.
We are one of the few companies of our size that has a substantial early life conventional oil production asset and a diverse conventional oil exploration portfolio. After the reservoir data acquisition program is completed we will be boking to increase production to a steady 1,250 barrels a day while we work on the next phase of devebpment of the We are very much boking forward to getting on with the business of making money in a transformed Buru."