Oil and gas explorer Buru Energy has been pummelled on the market after reporting drilling results from its Ungani oil field in Western Australia that casts doubt both on production targets at the field and the potential of similar prospects in the Canning Basin.

Buru shares slumped 18.8 per cent to $1.60 on Monday on disappointment about the result, which investors had hoped would confirm that the Ungani field held 10 million barrels of oil, and possibly as much as 20 million.