Buru Energy (ASX: BRU) Books Maiden Rafael 2P Reserves

Buru Energy has booked maiden independently assessed reserves at its Rafael gas-condensate field in Western Australia’s onshore Canning Basin, establishing a firmer technical base for a proposed two-well development.

The field has been assigned proved plus probable, or 2P, reserves of 15.25 million barrels of oil equivalent. That includes 65.74 billion standard cubic feet of sales gas, 98,500 tonnes of LPG and 2.89 million barrels of condensate.

Proved, or 1P, reserves stand at 5.28 million barrels of oil equivalent, comprising 22.74 billion standard cubic feet of sales gas, 34,070 tonnes of LPG and 1 million barrels of condensate.

Independent Assessment Establishes Reserve Base

Independent energy consultancy Sproule ERCE completed the assessment under the SPE Petroleum Resources Management System, with an effective date of Aug. 31, 2026.

The evaluation incorporated data from the Rafael 1 discovery and flow test completed in 2021 and 2022, along with Buru’s 2023 three-dimensional seismic survey, updated geological interpretation and dynamic reservoir modelling.

Buru’s net entitlement to the assessed reserves was 100% at the effective date. The company operates and owns exploration permit EP428, which contains the Rafael field.

Importantly, the reserves apply only to the initial development concept rather than the field’s full potential.

Two-Well Development Underpins Booking

Rafael lies about 100 kilometres east of Broome. Buru’s foundation development envisages two horizontal production wells, Rafael 1H and Rafael 2H, supplying a modular LNG and liquids facility.

The proposed plant would have nameplate capacity of 300 tonnes of LNG a day, equivalent to processing about 18 million standard cubic feet of raw gas daily.

It would produce LNG, LPG and condensate-derived products for regional markets.

Clean Energy Fuels Australia is expected to build, own and operate the midstream facility, limiting Buru’s direct capital exposure largely to upstream drilling, resource validation and approvals.

Independent economic modelling supports the two-well development concept, although Buru did not disclose capital costs, revenue forecasts or a project valuation.

First Gas Targeted for 2029

The reserve booking gives Buru an independently validated technical basis for financing and partner discussions, but does not amount to a final investment decision or confirmation that project funding has been secured.

The company is targeting a final investment decision in 2027, with development drilling and flow testing also planned for that year. Facility construction is expected to follow in 2028.

First gas is targeted for the first quarter of 2029.

Sproule ERCE’s best-case forecast supports a production plateau of about 11 million standard cubic feet a day for roughly 14.9 years. Output is expected to remain above the plant’s minimum operating level for about 20 years.

Further Resource Upside Remains

Beyond the booked reserves, Rafael contains 21.24 million barrels of oil equivalent in 2C contingent resources.

That inventory includes 105.7 billion standard cubic feet of gas and 2.7 million barrels of condensate.

Those volumes remain classified as development pending and are unrisked. Bringing them into production would require additional wells, compression and an extension of the facility’s operating life.

Buru is also finalising documentation for referral to Western Australia’s Environmental Protection Authority, a key step in the project’s environmental approvals process.