BURU Energy has suspended its Sunbeam 1 well in permit area EP 129, 85 kilometres southeast of Derby, after failing to find any significant hydrocarbons.

Wireline logs were acquired when the well reached the grant formation channel fill sands it had predicted were there, reaching a measured depth of 1,200 metres.

In an announcement, Buru said it would suspend the well for possible re-entry and deepening to the underlying Emanuel prospect during the coming dry season.

Buru Energy chairman Eric Streitberg said that while the findings were disappointing, the campaign had delivered a significant reduction in drilling costs and a reduction of the project’s environmental footprint.

“The Sunbeam well was drilled on a fixed cost basis for the DDH1 rig component of the well, and the total well cost will be less than half the cost of similar wells in the area,” he said.