Buru Energy (ASX:BRU) Rafael Gas Reserves Set the Stage for 2027 Wells

Aditi Sarkar

06 November 2026 02:54 PM AEDT

Buru Energy (ASX:BRU) Rafael Gas Reserves Set the Stage for 2027 Wells

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Highlights

Buru announced 2P proved and Probable Reserves of 15.25 million barrels of oil equivalent at Rafael, including 65.7 billion standard cubic feet of sales gas, 98.5 thousand tonnes of LPG and 2.9 million stock-tank barrels of condensate.
On 5 October 2026 the company referred Rafael to Western Australia’s Environmental Protection Authority.
Buru reassessed the Ungani oilfield and lifted its estimate of 2C contingent resources to 660,000 barrels from 220,000 barrels.
Funding discussions for the two-well Rafael programme remain important.

Buru Energy (ASX:BRU) has converted an important part of the Rafael gas development story into independently certified reserves while progressing the approvals and drilling programme for its Canning Basin project.

The September quarter brought reserve certification and groundwork for production permits, against a proposed pathway to first gas in early 2029.

Maiden Reserve Certification at Rafael

Buru announced 2P proved and probable reserves of 15.25 million barrels of oil equivalent at Rafael, including 65.7 billion standard cubic feet of sales gas, 98.5 thousand tonnes of LPG and 2.9 million stock-tank barrels of condensate. The 1P proved figure is 5.28 million barrels of oil equivalent. These are reserves within the evaluated development concept, not current quarterly production. The evaluation supports planning for a modular gas and liquids development.

Approvals and Production Tenure

On 5 October 2026 the company referred Rafael to Western Australia’s Environmental Protection Authority. It subsequently lodged an application for a petroleum production licence on 19 October. Regulatory consideration continues, and the referral does not constitute final development approval. Buru reported that it had approvals for drilling and flow testing of two planned Rafael wells in 2027, with the board approving that programme subject to funding.

Ungani Review Adds a Separate Option

Buru reassessed the Ungani oilfield and lifted its estimate of 2C contingent resources to 660,000 barrels from 220,000 barrels. Ungani remained in care and maintenance, with Options under review including regional use of locally refined crude. These resources are contingent rather than producing reserves. At the September quarter end the company reported AUD 2.5 million in cash and no debt.

Outlook: Next Development Priorities

Funding discussions for the two-well Rafael programme remain important. The company targets a final Investment decision in the second half of 2027 and first gas in early 2029, subject to regulatory and commercial conditions.

BRU shares traded at AUD 0.014 on 6 November 2026, with a daily change of 0.00%. Market Capitalisation was approximately AUD 19.02 million.

FAQs

Q: What is the main 2026 development for Buru Energy?

A: The September quarter brought reserve certification and groundwork for production permits, against a proposed pathway to first gas in early 2029.

Q: What does the company plan to do next?

A: Funding discussions for the two-well Rafael programme remain important. The company targets a final investment decision in the second half of 2027 and first gas in early 2029, subject to regulatory and commercial conditions.

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