Buru Books Maiden 15.25 MMboe Rafael 2P Reserves

Buru Energy (ASX:BRU) announced the maiden independent assessment of Proved and Probable Reserves for the Rafael gas-condensate field in its 100% owned EP428, in the onshore Canning Basin of Western Australia. Proved plus Probable (2P) Reserves are 15.25 MMboe, comprising 65.74 Bscf of sales gas, 98.50kt of LPG and 2.89 MMstb of condensate, while Proved (1P) Reserves are 5.28 MMboe and 3P Reserves are 19.54 MMboe. The evaluation was completed by independent energy consultancy Sproule ERCE in accordance with the SPE Petroleum Resources Management System with an effective date of 31 August 2026, and incorporates the Rafael 1 discovery, petrophysics and flow test from 2021/22, the Rafael 2023 3D seismic survey, updated interpretation, dynamic reservoir modelling and a modular LNG and liquids processing facility. The booked Reserves relate to the foundation development only, being two production wells and the modular facility, and Sproule ERCE assessed Buru's net entitlement at 100%. The Reserves are sales volumes and include Sproule ERCE's allowances for fuel and flare of 12% plus gas shrinkage. Additional volumes from further wells, compression and facility life extension are classified as Contingent Resources, which are unrisked, Development Pending and exclude fuel and flare: 2C gas is 105.7 Bscf and 2C condensate 2.7 MMstb, which Buru calculates as 21.24 MMboe.

Rafael sits approximately 100 km east of Broome. The selected development concept comprises two horizontal development wells, Rafael 1H and Rafael 2H, feeding a proposed modular facility with a nameplate capacity of 300 tonnes of LNG per day, equivalent to approximately 18 MMscf/d of raw gas, which Clean Energy Fuels Australia is to build, own and operate; Buru states that its capital exposure is principally to the upstream wells, resource validation and approvals. The two wells are planned for drilling and flow testing in 2027, followed by facility construction in 2028 and first sales targeted by early 2029, with a final investment decision anticipated in 2027. Sproule ERCE's best-case production forecast for the two-well development supports an 11 MMscf/d plateau for approximately 14.9 years, with production remaining at or above plant turndown for approximately 20 years. Buru said documentation is being finalised for the Rafael Gas Project Referral to the Environmental Protection Authority of Western Australia.