Announcement PDF ASX Release ABN 71 130 651 437 Level 2, 88 William Street Perth, Western Australia 6000 Ph: +61 8 9215 1800 Fax: +61 8 9215 1899 www.buruenergy.com 31 December 2015 Weekly Drilling Report - Ungani Far West 1 Buru Energy Limited (Buru Energy) provides the following weekly update on drilling operations at the Ungani Far West 1 well as at 06:00hrs, 31 December 2015. Since the last progress report, the well has been drilled ahead in 6-1/8” (156mm) hole to the current depth at 06:00 hours today of 2,205 metres. The well will continue to be drilled ahead to the top of the Ungani Dolomite reservoir where 5” (127mm) casing will be run and Atlas Rig 2 will then be released. Specialist coring rig DDH1 Rig 31 will then be rigged up and conduct coring operations through the Ungani Dolomite reservoir section. Since the last report, oil shows have been observed in cuttings samples and mud log gas readings in sandstones of the interpreted Anderson Formation over the interval 1,855 to 1,907 metres drill depth with the highest mud log gas readings over the interval 1,870 to 1,884 metres. Once section TD is reached the significance of the shows will be investigated by wireline logs, and if considered sufficiently encouraging, by wireline pressure and sampling operations. The well is located on an all weather drilling pad approximately one kilometre off the Ungani access road within Production License L21, 97 kms east of Broome and 3.3 kms southwest of Buru Energy’s Ungani Oilfield in the Canning Basin of northwestern Australia. The well is being drilled under the terms of the Ungani Development Funding agreement with Diamond Resources (Fitzroy) Pty Ltd. Equity and contributing interest for the well are as follows: Company Buru Energy Diamond Resources (Fitzroy) Equity Interest 50% 50% Contributing Interest 0% 100% Visit www.buruenergy.com for information on Buru Energy’s current and future activities. For investor inquiries please contact Buru Energy: Telephone: +61 8 9215 1800 Freecall: 1800 337 330 Email: info@buruenergy.com Media Enquiries: Paul Armstrong Read Corporate +61 8 9388 1474/ 0421 619 084 1 ASX Release About Buru Energy Buru Energy Limited (ASX: BRU) is a Western Australian oil and gas exploration and production company headquartered in Perth with an operational office in Broome. The Company’s petroleum assets and tenements are located onshore in the Canning Basin in the southwest Kimberley region of Western Australia. Its flagship high quality conventional Ungani Oilfield project is owned in 50/50 joint venture with Diamond Resources (Fitzroy) Pty Ltd. As well as Ungani, the Company’s portfolio includes potentially world class tight gas resources. The company’s goal is to deliver material benefits to its shareholders, the State of Western Australia, the Traditional Owners of the areas in which it operates, and the Kimberley community, by successfully exploring for and developing the petroleum resources of the Canning Basin in an environmentally and culturally sensitive manner. Competent Persons Statement Information in this release related to exploration and production results and petroleum resources is based on information compiled by Eric Streitberg who is an employee of Buru Energy Limited. Mr Streitberg is a Fellow of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors, and a member and Certified Petroleum Geologist of the American Association of Petroleum Geologists. He has over 40 years of relevant experience. Mr Streitberg consents to the inclusion of the information in this document. 2 ASX Release Ungani Far West 1 PERMIT The Ungani Far West 1 well is located in production license permit L21, 97 kilometres to the east of Broome and 3.3 kilometres west of the Ungani Oilfield. WELL LOCATION Latitude: Longitude: BURU ENERGY’S INTEREST Buru Energy Limited holds a 50% beneficial interest in the well DATE OF PROGRESS REPORT 06:00 hours, 31 December 2015 (AWST) PROPOSED TOTAL DEPTH Maximum 2,600 metres CURRENT DEPTH 2,205 metres PROGNOSED DRILLING TIME 48 days SPUD DATE 28 November 2015 DAYS SINCE SPUD 33 days CURRENT TARGET FORMATION The primary well objectives are conventional hydrocarbons in the Laurel lower (Ungani Dolomite) section. OPERATIONS SINCE LAST PROGRESS REPORT Since the last progress report, the well has been drilled ahead in 6-1/8” (156mm) hole to the current depth at 06:00 hours today of 2,205 metres. HYDROCARBON INDICATIONS Oil shows have been observed in cuttings samples and mud log gas readings in sandstones of the interpreted Anderson Formation over the interval 1,855 to 1,907 metres drill depth with the highest mud log gas readings over the interval 1,870 to 1,884 metres. Once section TD is reached the significance of the shows will be investigated by wireline logs, and if considered sufficiently encouraging, by wireline pressure and sampling operations. FORWARD OPERATIONS The well will continue to be drilled ahead to the top of the Ungani Dolomite reservoir where 5” (127mm) casing will be run and Atlas Rig 2 will then be released. Specialist coring rig DDH1 Rig 31 will then be rigged up and conduct coring operations through the Ungani Dolomite reservoir section. 0 17 59’ 58.9” S 0 123 08’ 03.7” E Ungani Far West 1 Location Map 3 Easting: 514,225 m Northing: 8,009,842 m