Buru Energy (ASX:BRU) said that a new target prospect called Flying Fox was identified in EP 428 and EP 457 in Western Australia's Canning Basin, lying immediately beneath the Rafael gas and condensate field at a depth of approximately 4,015 meters true vertical depth subsea, according to a Thursday Australian bourse filing.
The prospect was assessed to contain gross unrisked prospective resources of between 60 billion standard cubic feet and 614 billion standard cubic feet of gas, with a best estimate volume of 247 billion standard cubic feet, and between 1.2 million stock tank barrels and 12.6 million stock tank barrels of condensate with a best estimate of 5 million stock tank barrels.
The company's shares jumped over 13% in recent trading on Thursday.
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