What the Maiden 15.25 MMboe Rafael 2P Reserves Booking Means for Buru Energy

Sonal Goyal

29 September 2026 10:53 PM AEST

What the Maiden 15.25 MMboe Rafael 2P Reserves Booking Means for Buru Energy

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Buru Energy Limited (ASX:BRU) announced on 11 September 2026 the maiden independently assessed Proved and Probable Reserves for the Rafael gas-condensate field in its 100%-owned EP428 in the onshore Canning Basin, Western Australia. The assessment was completed by Sproule ERCE in accordance with SPE-PRMS with an effective date of 31 August 2026. The 2P Reserves of 15.25 MMboe — comprising 65.7 Bscf (69.4 PJ) of sales gas, 98.5 kt of LPGs, and 2.9 MMstb of condensate — support an initial 2-well, modular LNG and liquids development case with first sales targeted by early 2029, and materially strengthen the technical foundation for project financing discussions.

Rafael Reserves Assessment

The Sproule ERCE assessment covers a planned two-well foundation development. The 2P (Proved plus Probable) Reserves are 15.25 MMboe, comprising 65.7 Bscf (69.4 PJ) of sales gas, 98.5 kt of LPGs, and 2.9 MMstb of condensate. The 1P (Proved) Reserves are 5.28 MMboe, comprising 22.7 Bscf (24 PJ) of sales gas, 34 kt of LPGs, and 1.0 MMstb of condensate. Additional 2C Contingent Resources of 21.24 MMboe (105.7 Bscf of gas and 2.7 MMstb of condensate) were identified for subsequent Rafael development phases, underpinned by further wells, compression, and Facility life extension.

Development Case and Financing Progress

Independent economic modelling supports an initial 2-well, modular LNG and liquids project targeting first sales by early 2029. The reserves certification is described as a critical enabler for financing — Buru is progressing financing discussions, commercial documentation, regulatory approvals, and preparations for the planned development wells. Executive Chair David Maxwell noted additional prospective resources adjacent to Rafael, including the T30 sand above the main reservoir and the Flying Fox prospect beneath the Rafael Field, providing exploration optionality beyond the foundation development.

About the Company

Buru Energy Limited holds 100% of EP428 in the onshore Canning Basin of Western Australia, where the Rafael gas-condensate discovery was made through the Rafael 1 well in 2021/22. The company's strategy is to commercialise Rafael through a modular LNG and liquids development targeting markets in Western Australia and potentially for export.

Risks

Project financing has not been secured. The reserves booking is a prerequisite enabler — the transition to a funded development requires lenders, Equity partners, or other Capital providers.

The 2P Reserves are based on a planned two-well development. The second development well has not been drilled, meaning subsurface performance at that location is untested.

The Canning Basin is remote with limited existing infrastructure. Modular LNG and liquids development involves significant logistical and cost challenges.

First sales targeted by early 2029 depends on financing close, regulatory approvals, drilling, and construction proceeding without material delays.

The larger 2C Contingent Resources require additional wells and infrastructure Investment beyond the initial two-well foundation case.

What to Watch Ahead

Announcement of project financing progress — any Debt facility, equity partnership, or government funding announcement would be the most significant catalyst.

Commercial documentation for gas or LNG sales from Rafael — offtake agreements would provide Revenue certainty ahead of FID.

Regulatory approvals for the development wells, including environmental and native title approvals in the Canning Basin.

Any FID announcement for the 2-well modular LNG project, committing development capital.

Further resource updates incorporating the T30 sand and Flying Fox prospect, potentially upgrading the total Rafael resource base.

FAQs

Q: What is the difference between 1P, 2P, and 2C in petroleum resources?

A: 1P (Proved) Reserves are those with at least 90% probability of being produced under current economic and operating conditions. 2P (Proved plus Probable) adds Probable Reserves — those with at least 50% probability — making 2P the most commonly cited project development case. 2C (2nd Contingent) Resources are potentially recoverable volumes that are not yet classified as reserves because they require further appraisal, development decisions, or commercial resolution before qualifying. Buru's 2P of 15.25 MMboe is the development basis; the 2C of 21.24 MMboe represents the longer-term upside.

Q: What is a modular LNG project and why is it appropriate for Rafael?

A: A modular LNG project uses smaller, pre-fabricated liquefaction trains rather than a large integrated facility, reducing upfront capital requirements and allowing production to start sooner. For a field like Rafael with 2P Reserves of 15.25 MMboe, a large LNG plant would be uneconomic. A modular approach — starting with 2 wells and a smaller liquefaction unit — allows Buru to begin generating revenue while preserving the option to expand as additional wells prove up more of the resource base. Modular LNG projects have been successfully deployed in Australia, Canada, and East Africa for similar-sized discoveries.

Q: What are the T30 sand and the Flying Fox prospect?

A: The T30 sand is a secondary reservoir interval identified above the main Rafael reservoir in the Rafael 1 well, which showed gas shows during drilling but has not been separately tested. The Flying Fox prospect is a structural feature identified beneath the Rafael Field on seismic data, representing a separate and deeper exploration target. Both represent additional resource optionality beyond the current foundation 2P Reserves and 2C Contingent Resources, and could be tested by future wells as the Rafael development progresses.

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