Buru Power Ltd mentioned potential backers are conducting evaluations of its bid to boost round AUD 40 million ($26.8 million) for subsequent yr’s useful resource and flowrate validation program for the Rafael gasoline and condensate subject onshore the Canning Basin.
“The method has attracted worldwide and home events who’re enterprise detailed due diligence on the chance to take part in a high-value enterprise with important progress alternatives”, West Perth-based Buru Power mentioned in a inventory submitting. “The events embody however usually are not restricted to E&P corporations, utilities, commodity merchants, asset managers, funding banks, institutional traders, non-public fairness, non-public credit score and royalty corporations.
“The method is continuous over the Christmas and New Yr interval and into 1Q 2026.
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“Conducting Rafael useful resource and flowrate validation and unbiased reserves certification is the first situation to finalizing binding agreements with Buru’s strategic improvement companion, Clear Power Fuels Australia (CEFA), and reaching a Remaining Funding Resolution for the mission within the second half of 2026”.
On September 8, 2025, Buru mentioned it had obtained environmental approval from Western Australia’s Division of Mines, Petroleum and Exploration for the appraisal drilling.
“Rafael drilling is deliberate to start in 2Q 2026, topic to the passable conclusion of the upstream funding companion choice course of which is the corporate’s major focus within the brief time period”, Buru mentioned then.
“The permitted EP [Environment Plan] is a crucial milestone in progressing and derisking the 2026 drilling program and the supply of the one hundred pc Buru-owned Rafael Fuel Mission in EP 428”.
“Actions included within the EP are the drilling of the high-impact Rafael 2H effectively (beforehand named Rafael B) from the present Rafael 1 effectively pad and the recompletion of the present Rafael 1 effectively with a sidetrack”, the September assertion mentioned. “Each wells are more likely to embody horizontal sections to maximise reservoir contact, optimize effectively deliverability and doubtlessly enhance the evaluation of assets, and can be flow-tested”.
The September assertion added, “The approval additionally permits for the potential deepening of the Rafael 2H effectively to check the Flying Fox exploration goal”.
The Flying Fox prospect, recognized in EP 428 and EP 457 by way of Rafael 3D seismic knowledge, lies instantly beneath the sphere at about 4,015 meters (13,172.57 ft) True Vertical Depth Subsea, in keeping with Buru.
In Flying Fox, Buru assessed gross unrisked potential assets of 60-614 billion customary cubic ft (Bscf) gasoline with a greatest estimate (P50) quantity of 247 Bscf, and 1.2-12.6 million inventory tank barrels (MMstb) of condensate with a greatest estimate of 5 MMstb.
“That is comparable in dimension to the contingent assets assessed for the first Rafael reservoir interval which at present kinds the idea for the Rafael Fuel Mission”, Buru introduced August 14.
“While Buru’s instant focus is the well timed commercialization of the Rafael Fuel Mission, future exploration success at Flying Fox might have important additive advantages for the mission, each by way of potential useful resource addition to a base improvement in addition to the potential to keep up ‘greater for longer’ gasoline circulation charges”, chief government Thomas Nador mentioned.
Buru has tweaked the timeline for Rafael. Below the brand new timeline, as a substitute of recompleting the 2021 discovery effectively as a producer earlier than drilling the second effectively, Rafael 2H or Rafael B, Buru will now drill and take a look at Rafael 2H first.
The change goals “to scale back threat and enhance the chance of upper reserves”, Buru mentioned in a regulatory disclosure July 17.
On April 2 Buru introduced a take care of CEFA to co-develop Rafael. CEFA would personal the downstream elements of the mission together with a liquefaction plant with a capability of 300 metric tons a day, in keeping with Buru.
On July 7 Buru mentioned it had acquired authorities approval for a two-year extension of time for Rafael to use for a manufacturing license. Authorities gave the mission till July 2027.
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