BURU Energy is celebrating an independent assessment of the Laurel formation in the Valhalla area of EP 371, located in the Canning basin.

The study focused on the evaluation of contingent and prospective resources using the results of a recent tight gas stimulation program at the Valhalla North 1 and Asgard 1 wells.

Completed by consulting group DeGolyer and MacNaughton (D&M), Buru said the results of the study confirmed its view the Valhalla area contains a significant multi trillion cubic feet wet gas accumulation.

“D&M are of the opinion that the Valhalla accumulation immediately surrounding the Valhalla North and Asgard wells, contains a gross 2C unrisked contingent recoverable volume of 1.53 trillion cubic feet (TCF) of gas and 32 million barrels of hydrocarbon liquids,” Buru said in an announcement.

“D&M are of the opinion that the unrisked mean recoverable prospective resource in the Valhalla accumulation on EP 371 is 13.02 TCF of gas and 232 million barrels of hydrocarbon liquids.”

Buru said it believed a work program including an additional well and flow tests had the potential to extend the contingent resources between the wells, adding up to 3 TCF of contingent resources, depending on the outcome of further drilling.

Buru chairman Eric Streitberg said the company was pleased with the results of the review, which he said validated Buru’s assessment of the potential of the Valhalla accumulation.

“It is anticipated that the contingent resources can be systematically converted to petroleum reserves by the planned forward program,” he said.