Buru Energy (ASX:BRU) reckons a new prospect might contain as much as 3.14 trillion cubic feet of recoverable gas and 42 million barrels of gas condensate.

A 2D seismic study of two permit areas dubbed the Butler prospect in the Canning Basin suggested those figures as the prospective resource, the loosest classification available, referring to the gas that might be recoverable from an undiscovered formation.

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A seismic survey is done by creating a shockwave above ground which travels into the earth. The time it takes the wave to echo back to the surface suggests what might be below.

The Butler prospect is onshore.

Buru owns one permit area and shares the other 50:50 with Doriemus (ASX:DOR), a formerly UK-focused shale explorer that came back to Australia on December 31 by buying the half share of the EP 487 permit and buying into another with Rey Resources (ASX:REY).

The two companies hope to have an exploration well drilled this year.

“We are very excited to have identified a play that we have been chasing in the Canning for some years and to now have a chance to get it tested,” said Buru Energy chairman Eric Streitberg.

Buru already has operations in the area and produces oil from the nearby Ungani field, from which it gets about 70,000 barrels of oil a month.

It’s one of the few oil producers in Australia and turned a $30m profit in 2018.

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