- 01BRU books 2P reserves: 15.25 MMboe at Rafael.
- 022P: 65.74 Bscf gas, 98.5 kt LPG, 2.89 MMstb condensate.
- 03Two-well, 300 tpd LNG plant; first sales by 2029.
Buru Energy (ASX: BRU) has booked maiden independently assessed proved plus probable (2P) reserves of 15.25 million barrels of oil equivalent (MMboe) for its 100%-owned Rafael gas-condensate field in Western Australia’s onshore Canning Basin.
The 2P reserves comprise 65.74 billion standard cubic feet (Bscf) of sales gas, 98.5 thousand tonnes of LPG, and 2.89 million stock tank barrels (MMstb) of condensate.
Independent economic modelling supports an initial two-well development feeding a modular liquefied natural gas and liquids processing facility, with first sales targeted by early 2029.
Buru considers the reserves booking an important technical and commercial foundation for project financing and partner discussions as it advances Rafael towards a final investment decision.
Independent Assessment
Independent energy consultancy Sproule ERCE assessed the reserves with an effective date of 31 August 2026, drawing on the Rafael 1 discovery and flow test, a 3D seismic survey completed in 2023, and updated geological, geophysical, and reservoir modelling.
The booked reserves relate only to the foundation development comprising Rafael 1H and Rafael 2H and the modular LNG and liquids facility, with Buru’s net entitlement assessed at 100% at the effective date.
Proved (1P) reserves total 5.28MMboe, including 22.74Bscf of sales gas, 34.07kt of LPG, and 1.00MMstb of condensate, while the 2P case materially increases the recoverable volumes assigned to the initial project.
“The maiden booking of independently assessed reserves confirms a substantial, commercially robust resource base for the foundation long-term Rafael two-well development, providing great confidence to Buru and other stakeholders as the project moves rapidly to a final investment decision,” executive chair David Maxwell said.
“We are progressing financing, commercial documentation, approvals, and preparations for the planned development wells, with the objective of delivering first sales by 2029.”
2029 Development Path
The selected development concept involves two horizontal wells feeding a facility with nameplate capacity of 300 tonnes of LNG per day, designed to produce LNG, LPG, and condensate-derived products for regional markets.
Clean Energy Fuels Australia is slated to build, own, and operate the midstream facility, leaving Buru’s capital exposure principally focused on the upstream wells, resource validation, and approvals.
Buru plans to drill and flow test Rafael 1H and Rafael 2H in 2027, followed by facility construction in 2028 and—subject to the project reaching a final investment decision— first sales by early 2029.
Sproule ERCE’s best-case production forecast for the two-well development supports a plateau of about 11 million standard cubic feet per day for approximately 14.9 years, with production remaining at or above plant turndown for around 20 years.
Beyond the foundation project, Buru has additional Contingent resources of 21.24MMboe associated with further wells, compression, and extending facility life, providing scope for subsequent development as operating data from the initial wells and facility becomes available.
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