Buru Energy revealed Friday that RISC, an independent evaluation group, has completed an assessment of the prospective resources for all of the company's onshore permit areas in the Canning Superbasin.
The evaluation report confirmed that the Basin Centred Gas System in the Laurel Formation, spanning around 6,708 square miles (17,373 square kilometers), contains an unrisked gross recoverable volume of 47 trillion cubic feet of gas and 1,177 million barrels of condensate.
RISC has only considered the reservoirs in the overpressured part of the Laurel Formation in their analysis, Buru noted in a statement.
More work is required to quantify the resources in the extensive overlyinggas accumulation in the normally pressured section, generally above 8,202 feet (2,500 meters), Buru added.
RISC also stated its view that the existing analysis identified reservoirs which are a combination of conventional and unconventional reservoirs; the latter will likely to require stimulation.
Buru, in a joint agreement with Mitsubishi Corp, owns five permits that lie on the onshore Canning Superbasin. In November last year, the company signed an agreement with Western Australia's state government for EP 71, 391, 428, 431 and 436. The contract runs for 25 years, and comes with a separate 25-year extension option.
Buru said in November last year that the agreement provides a framework for the development of a project to deliver gas to a liquefied natural gas facility in the Pilbara, once sufficient gas has been identified to sustain domestic consumption. The JV is required to submit a proposal for the development of a domestic gas project and pipeline by June 30, 2016.