Maiden Rafael Proven and Probable Reserves
Released
Released
Announcement PDF
Buru Energy Limited, Level 2, 16 Ord Street, West Perth WA 6005
Telephone: +61 8 9215 1800 Email: info@buruenergy.com ABN: 71 130 651 437
ASX Announcement
11 September 2026
Maiden Rafael Proved and Probable Reserves
Major Milestone Underpins Project Funding and Development
Highlights
• Maiden independently assessed reserves materially advances Rafael Project
− 2P (Proved plus Probable) Reserves: 15.25 MMboe including 65.7 Bscf (69.4 PJ) sales
gas, 98.5kt of LPGs and 2.9 MMstb of condensate.
− 1P (Proved) Reserves: 5.28 MMboe including 22.7 Bscf (24 PJ) sales gas, 34kt of LPGs and
1.0 MMstb of condensate.
• Robust Rafael development case: independent economic modelling of the reserves base supports
an initial 2-well, modular LNG and liquids project with first sales targeted by early 2029.
• Critical funding enabler: Reserves booking and independent validation of Rafael materially
strengthens technical and commercial foundation for project financing and partner discussions.
• Additional 2C Contingent Resources: for subsequent Rafael development
− 21.24MMboe including 105.7 Bscf of gas and 2.7 MMstb condensate
− further wells, compression and facility life extension underpin substantial Contingent
Resources beyond the initial development.
Buru Energy Limited (“Buru” or “the Company”) (ASX:BRU) announces the maiden independent
assessment of Proved and Probable Reserves for the Rafael gas-condensate field in its 100% owned
EP428, onshore Canning Basin, Western Australia. Based on the planned two wells, the assessment is a
major advance in the commercialisation of Rafael and an important foundation for project funding.
Comments from the Executive Chair, David Maxwell
“The Rafael Reserves result is a landmark for Buru and a major step for the Rafael Gas Project. The
maiden booking of independently assessed Reserves confirms a substantial, commercially robust
resource base for the foundation long-term Rafael two-well development. It provides great confidence to
Buru and other stakeholders as the project moves rapidly to a final investment decision.
“The material additional Contingent Resources demonstrate the scale of the longer-term opportunity
beyond the initial foundation development. There are also significant additional prospective resources
which are being updated by Buru in immediate proximity. These include the “T30” sand which had gas
shows in Rafael 1 above the main reservoir and the Flying Fox prospect beneath the Rafael Field.
“Importantly, the reserves certification materially strengthens the technical and commercial merits of the
Rafael opportunity which is a critical enabler for financing. Our focus now is converting the independent
technical validation into a funded development. We are progressing financing, commercial documentation,
approvals and preparations for the planned development wells, with the objective of delivering first sales
by 2029.”
Authorisation
This ASX announcement has been authorised for release by the Chair of the Board of Directors.
For further information, visit www.buruenergy.com or contact:
David Maxwell, Executive Chair
Maiden Rafael Reserves Booking
The evaluation was completed by independent energy consultancy Sproule ERCE in accordance with the
SPE Petroleum Resources Management System (SPE-PRMS), with an effective date of 31 August 2026.
It incorporates the Rafael 1 discovery, petrophysics and flow test from 2021/22, the Rafael 2023 3D
seismic survey, updated geological and geophysical interpretation, dynamic reservoir modelling and a
modular LNG and liquids processing facility.
The booked Reserves relate to the foundation development only. This comprises two production wells and
a modular LNG and liquids processing facility. Additional recoverable volumes associated with further
wells, compression and extension of facility life have been classified as Contingent Resources. As at the
effective date, Sproule ERCE assessed Buru’s net entitlement to the initial Rafael Reserves at 100%.
The independently assessed Reserves and Contingent Resources are summarised below:
Commodity Units 1P 2P 3P 1C 2C 3C
Sales gas Bscf 22.74 65.74 83.23 50.4 105.7 245.0
Condensate MMstb 1.00 2.89 3.89 1.4 2.7 6.6
LPG ktonnes 34.07 98.50 124.70 — — —
Total oil equivalent MMboe 5.28 15.25 19.54 10.24 21.24 49.58
Notes: Reserves are sales volumes and are presented on a field gross and net-interest basis because Buru’s assessed entitlement
was 100% at the effective date. They include Sproule ERCE’s allowances for fuel and flare (12%) plus gas shrinkage. Contingent
Resources are unrisked, Development Pending, exclude fuel and flare, and are reported as gas and condensate only; the CPR
does not separately report LPG or total oil-equivalent Contingent Resources. Contingent Resources MMboe have been calculated
by Buru using the gas conversions 1 Bscf = 1.055 PJ or 5.7 Mcf:1 boe and are rounded.
Rafael Gas Project
Rafael is a pre-development gas-condensate project located in EP428 in the onshore Canning Basin,
approximately 100 km east of Broome, Western Australia. The selected development concept comprises
two horizontal development wells (Rafael 1H and Rafael 2H) feeding a modular LNG and liquids
processing facility on a slightly expanded existing Rafael 1 well pad (Figure 3).
The proposed facility has a nameplate capacity of 300 tonnes LNG per day, equivalent to approximately
18 MMscf/d raw gas, and is designed to produce LNG, LPG and condensate-derived products for regional
markets. The development concept is that Clean Energy Fuels Australia will build, own and operate the
midstream facility. Buru’s capital exposure is principally to the upstream wells, resource validation and
approvals.
Rafael 1H and Rafael 2H are planned for drilling and flow testing in 2027, followed by facility construction
in 2028 and first sales targeted by early 2029. Sproule ERCE’s best-case production forecast, based on a
2 well development, supports an 11 MMscf/d plateau for approximately 14.9 years, with production
remaining at or above plant turndown for approximately 20 years.
Beyond the initial development, the 2C Contingent Resources reflect the potential recovery with additional
wells, compression and extension of facility life. These opportunities provide a clear pathway to increase
total recovery and extend the value generated from the Rafael field as the project matures. The initial
drilling and testing of Rafael 1H and 2H and the sustainable production through the initial facility will provide
valuable information and assist Buru in optimising subsequent development.
Qualified Petroleum Reserves and Resources Evaluator Statement
The Reserves and Contingent Resources information in this announcement is based on, and fairly
represents, information and supporting documentation prepared by Sproule ERCE under the supervision
of Mr Matteo Caniggia, Head of Reservoir Engineering for Europe, Africa and Asia. Mr Caniggia is a
Qualified Reserves Evaluator and a member in good standing of the Society of Petroleum Evaluation
Engineers. Mr Caniggia has approved the form and content of the Resources information in this
announcement. Sproule ERCE is an independent consultancy, and its estimates were prepared in
accordance with SPE-PRMS, with an effective date of 31 August 2026.
Figure 1: Location of Rafael Gas Field
Figure 2 – Rafael Dolomite Depth Structure Map
Figure 3 - Indicative Well Illustrations for Rafael 1H and Rafael 2H
Appendix
Additional information required by ASX Listing Rule 5.31
5.31.1 Material economic assumptions used to
calculate the estimates of petroleum reserves.
Economic evaluations used Buru’s internal
assessment of the Kimberley LNG pricing,
diesel price linked to the Broome Terminal Gate
Price, propane price and butane price linked to
Perth and Darwin supply hub pricing, and the
forecast oil price linked to Dated Brent.
5.31.2 Company’s working interest Buru Energy (100% and operator)
5.31.3 Location of and details of the permit or
lease and type
Canning Basin, onshore Western Australia
exploration permit EP 428, within declared
Location STP-LNA-0011.
5.31.4 The basis for confirming commercial
producibility and booking petroleum reserves;
the analytical procedures used to estimate the
petroleum reserves and the proposed
extraction method
The work completed to confirm the basis for
confirming commercial producibility and estimate
the petroleum reserves incorporates the data
gathered from the Rafael 1 discovery and flow
test, the Rafael 2023 3D seismic survey and
regional data.
To this data, standard petroleum evaluation
techniques consistent with the PRMS have been
applied to estimate the range of 1P, 2P and 3P
reserves including geological, geophysical and
petrophysical interpretation, production
performance, PVT analysis, dynamic reservoir
modelling and a consideration of the
performance of analogue fields.
The booked Reserves relate to the foundation
Rafael development only. This comprises
production wells Rafael 1H and Rafael 2H tied-
back to a modular LNG and liquids processing
facility.
5.31.5 Undeveloped Petroleum Reserves Initial Rafael 1H and Rafael 2H Development
1P – 5.28 MMboe
2P – 15.25 MMboe
3P – 19.54 Mmboe
5.31.6 Current status of the Rafael Gas Project Final investment decision for the initial Rafael
development is anticipated in 2027 with first gas
by Q1 2029.
The market for LNG, LPG and diesel is
particularly strong in the Kimberley with all
hydrocarbon products used in the region being
transported in from the Pilbara or further away.
The Company is working with Clean Energy
Fuels Australia (CEFA), a well-known gas
aggregator and marketer to develop the Rafael
gas resource.
CEFA will build own and operate an LNG plant
and the LNG, LPG and Condensate products
will be transported by truck to customers using
existing roads.
Documentation is currently being finalised for
the Rafael Gas Project Referral for submission
to the Environmental Protection Authority
Western Australia (EPA). This is the primary
environmental approval document required.
5.31.7 Unconventional petroleum resources Not applicable
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