Located approximately 60km to the southeast of Broome, the well is planned to be drilled to a depth of 4,757ft using DDH1 Rig 31.
The Olympic 1 will primarily target the conventional oil reservoirs in the Willara Formation followed by underlying Nambeet Formation.
Buru Energy executive chairman Eric Streitberg said: "This is the second well in the Coastal Permits farmout funded by Apache and will test a well defined prospect on the Broome Shelf.
"This style of prospect has seen few valid tests and will provide very valuable data on the further prospectivity of the area.
The company plans to drill the second well in the exploration program using Atlas Rig 2 this year, to test a prospect on the Ungani trend.
Apache owns 50% stake in EP 473 while Buru Energy and Mitsubishi have 25% each.
