Key points
- Maiden reserves booked for Rafael project
- 15.25 MMboe of 2P Reserves, 5.28 MMboe of 1P Reserves
- Initial 2-well LNG project planned for 2029
Full summary
Buru Energy Limited has announced the maiden independent assessment of Proved and Probable Reserves for its Rafael gas-condensate field in the Canning Basin, Western Australia. The assessment, conducted by Sproule ERCE, confirms 15.25 MMboe of 2P (Proved plus Probable) Reserves and 5.28 MMboe of 1P (Proved) Reserves. This major milestone underpins the Rafael Project's development, supporting an initial 2-well, modular LNG and liquids project with first sales targeted by early 2029. The reserves booking strengthens the technical and commercial foundation for project financing and partner discussions.
Guidance
Buru Energy expects first sales from Rafael by early 2029.
Outlook
The Rafael Reserves result is a landmark for Buru, confirming a substantial resource base for the project's foundation development and providing confidence for a final investment decision.