Buru Energy has re-commenced oil production from the onshore Ungani Oilfield in Western Australia’s north-west.
The company said it now plans to undertake a series of reservoir performance tests including interference tests and shut-in and buildup periods 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.
“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,” Buru’s Executive Chairman Eric Streitberg said.
“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 looking to increase production to a steady 1,250 barrels a day while we work on the next phase of development of the field. We are very much looking forward to getting on with the business of making money in a transformed Buru,” he added.