Updated its operations: Buru Energy Limited’s (ASX: BRU) stock fell 4.7% on July 11, 2018 after the company gave update on its operations. The company has completed July oil lifting from CGL storage Tank 10 at Wyndham of approximately 53,329 barrels of Ungani crude oil (gross, Buru’s share 50%), by Trafigura on 10 July with the “MT Palanca Muscat”. The company’s Ungani Oilfield gross oil production are affected by rate tests on the Ungani 1 and 2 wells which will determine the most efficient production rate to maximise oil recovery, and also by well operations at Ungani 5. The total field production with the current well configuration is in the range of approximately 1,600 to 1,800 bopd with a target field production rate of about 2,000 bopd after the current well testing program and the beam pump installation on Ungani 4 gets completed. Moreover, the operations on Ungani North are in progress with the re-perforation of the upper zone completed and swabbing operations to start shortly. Additionally, DDGT1 rig is being prepared for the 2018 drilling program to start at the end of August. The stock has fallen about 13.7% in last one month.
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