If the joint venture with Mitsubishi Corporation can be convinced they are viable targets they still won't be drilled until 2016 at the earliest, but they represent "a very good prize".

The gas targets are deeper than the Atlas Rig-2 can drill, below 2800m.

"We have taken the geological lessons from Ungani, and we see some very good prospectivity for conventional gas in the basin that we hadn't identified even as little as a year ago," Streitberg said.

There are now Ungani-style targets within the gas window, with liquids considered likely given the high oil generative capacity of the Ungani dolomite.

"Most of these gas fields should have oil associated with them, and if they are a gas cap on an oil leg they are likely to have substantial liquids contents," he said.

The key has been a greater understanding of the remote basin in conjunction with investment in the geology and geophysics, such as the Jackaroo 3D seismic survey, which has shown a much higher potential for conventional gas potential than previously recognised.

Streitberg said that while the disappointing Ungani-3 proved Buru had a long way to go to really understand the geology of the Ungani Trend and Fitzroy Trough, it was making great strides.

If proven the conventional gas play would be cheaper and quicker to develop, without the same social licence issues that unconventional gas had.

The prospects being defined have the scale needed to support not only a pipeline, but local power or petrochemical projects.

The lead prospect is Raphael, which will be covered with 2D seismic as part of this year's program. With 3D over the Bickley and Yakka Munga areas, Buru hopes to define sufficient robust structures for farm-out and drilling in 2016.

It could also place Buru in a position to start taking advantage of its gas sales agreement with Alcoa, which remains "on foot".

Negotiations are ongoing with Alcoa which pumped $40 million into Buru in the earliest days, of which $22 million remains escrowed.

Alcoa has promised to underwrite the proposed Great Northern Pipeline and is desperate for any gas Buru can deliver.

"Obviously we want to align with them, where the gas demand is," he said.

"We have had discussions with them. They have done the recent reals with Apache and Santos, but they still have a gap in 2020, a substantial gap, and we would be very hopeful we could fill that."

Alcoa is obliged to take gas from the Great Northern Pipeline.

Buru continues to focus on its unconventional program, with a plan for fracking the Yulleroo, Valhalla North and Paradise wells this year, but unconventional development is both slow and expensive.

Buru's 5-7 well program this year is focused on oil targets, starting with the Apache Energy-funded Olympic-1, although the contingent Ophir-1 well - updip of Paradise-1 - has potential for shallow Laurel Formation gas and could be a play opener.