Buru Energy

Buru nearly tripled Ungani's estimated remaining recoverable oil (2C Contingent Resources) to 660,000 bbls and is now assessing lower-cost restart options and offtake, after keeping the field under care and maintenance since August 2023.

resource reserve update

Buru Energy raised further capital via a placement of 47,500,000 shares plus 23,750,000 free-attaching shares at $0.02 each.

appendix 3b new issue

The 2026 AGM Chair's address recapped 2025's cost-cutting and portfolio streamlining toward a Rafael FID, and disclosed that CEO Thomas Nador had resigned for health reasons effective 8 May 2026.

investor presentation

Buru Energy raised ~$5.3 million via a two-tranche institutional placement (issuing ~355 million new shares) to fund the next stage of the Rafael Gas Project, alongside a project optimisation the company said increased its value.

capital raising announcement

CEO Thomas Nador (in the role since 2022) resigned for health reasons, with Chair David Maxwell and fellow directors Joanne Williams and Malcolm King stepping in to cover his executive duties on an interim basis - an abrupt, unplanned leadership gap arriving just as Buru pushes toward a final investment decision on its flagship Rafael gas project.

director officer appointment

Buru said it was running a global process to secure a funding partner for the roughly A$40 million 2026 Rafael resource/flow-rate validation program (drilling the new Rafael 2H well and recompleting Rafael 1), targeting partner selection in Q1 2026 and a Final Investment Decision in the second half of 2026, with first cashflow still guided for 2028.

drilling scheduled

Buru's Share Purchase Plan raised only $1.4 million of its $3 million target from existing shareholders, and the company had to place the shortfall privately with a single sophisticated investor to bring the total to $2.35 million - a sign that even after extending the closing date, shareholder demand fell short of what Buru was seeking.

capital raising announcement

Buru received Western Australian government approval of its Well Drilling Environment Plan for the 2026 Rafael appraisal campaign - covering a new high-impact Rafael 2H well (from the existing Rafael 1 pad, potentially deepened to test a separate Flying Fox prospect) and a sidetrack recompletion of Rafael 1 itself, both to be flow tested - a required de-risking step still subject to securing a funding partner.

regulatory community update

Buru raised $2.1 million through a share placement at just 2.0 cents a share - down from 6.2 cents in 2024, 11.5 cents in 2023, and 16 cents in 2021-22 - and launched a follow-on Share Purchase Plan targeting a further $3 million, with free bonus options attached to each new share for the first time. The steadily falling raise price and the added options sweetener both point to a company under real, growing financial strain funding its Rafael gas project through to a planned 2026 investment decision, even though the placement itself was completed.

capital raising announcement

Buru completed the sale of its wholly-owned natural-hydrogen/helium subsidiary 2H Resources to Koloma Australia, transferring all its South Australian/Tasmanian/WA exploration licence interests - closing out the hydrogen business Buru had built since 2023.

asset acquisition disposition

Buru resequenced the Rafael Gas Project to drill and test a new Rafael B appraisal well before recompleting Rafael 1 (aimed at reducing risk and raising the probability of higher reserves), pushing drilling to the June 2026 quarter while still targeting first production in late 2027.

drilling scheduled

The WA Government granted Buru a two-year extension (to 2 July 2027) to apply for a Production Licence over the Rafael gas and condensate field, preserving time to complete technical/commercial work with development partner CEFA.

regulatory community update

Buru identified a new gas prospect, Flying Fox, directly beneath the Rafael field on 3D seismic - assessed Prospective Resources of 60-614 Bscf gas (P50 247 Bscf) and 1.2-12.6 MMstb condensate (P50 5.0 MMstb), roughly matching Rafael's own existing contingent resource in size, testable via a incremental ~500m extension of a planned Rafael well.

resource reserve update

Buru sold its 2H Resources subsidiary - a side venture exploring for natural (geologic) hydrogen and helium - along with some non-core Canning Basin exploration acreage to Koloma Australia, for up to $2 million plus a right to buy back into any future hydrogen discovery. Following a late-2024 strategic review, this exits a business Buru had decided not to keep funding so it can focus its limited capital on the core Rafael gas project.

asset acquisition disposition

Buru's H1 2025 interim report showed cash down sharply to $2.3M (from $7.9M) and a half-year loss narrowed to $3.2M from $4.7M - a genuinely tight cash position.

other

The 2025 AGM Chair's address confirmed Buru's sharpened focus on Rafael, an orderly exit from the Battmin and 2H Resources subsidiaries, and a planned 60% reduction in total Canning Basin permit area.

investor presentation

Long-serving non-executive director Robert Willes (on the board since 2014, and chair of the audit committee) announced his retirement later in the year, with Buru choosing not to replace him - shrinking the board to just three non-executive directors, a modest cost-cutting move as the company's cash position tightened.

director officer appointment

Buru executed a Strategic Development Agreement with Clean Energy Fuels Australia (an Octa Group/I Squared Capital portfolio company) to co-develop the Rafael Gas Project's downstream LNG/liquids supply chain, targeting cashflow from H2 2027, with binding agreements expected in late 2025.

material agreement

Buru's Battmin subsidiary sold its 50% Barbwire Terrace interest to JV partner Sipa Resources in exchange for a 0.6% Net Smelter Return royalty (Sipa retaining a $0.6M buy-back option) - part of Buru's push to focus capital on the Rafael Project.

asset acquisition disposition

Buru advanced Rafael partnering/offtake talks (targeting 1Q 2025 agreements) and improved subsurface confidence in the resource, while announcing plans to surrender ~60% of its non-core Canning Basin acreage and to divest 2H Resources and Battmin in Q1 2025 to sharpen its Rafael focus.

joint venture update

At a shareholder meeting, Buru disclosed the results of a comprehensive business review aimed at redirecting the company's limited capital toward the Rafael gas project: a 40% headcount reduction, cuts to director fees, CEO Thomas Nador forfeiting his 2024 short-term bonus, and other measures together cutting about $3 million a year in costs. A real, material cost-cutting program - a clear sign of financial pressure, not routine investor communication.

investor presentation

Rafael Shallow 1 was drilled safely to 1,203m on time and budget but found no moveable hydrocarbons and will be plugged and abandoned - a disappointing result, though Buru stressed it doesn't affect the separate, already-proven Rafael (deep) gas and condensate resource that remains its core strategic priority.

drilling result

Rafael Shallow 1 spudded, drilled by the Rafael Shallow Joint Venture (Buru 75%, with Twinsouth Holdings and Jingie Investments - the entities that took up the interest after Sabre Energy's original farm-in didn't proceed - at 15%/10%), targeting shallow Poole/Grant sandstone oil reservoirs similar to the historic Blina Oilfield.

drilling spud

Buru terminated its farm-in agreements with Sabre Energy after Sabre failed to meet its funding obligations for the Rafael Shallow well and the Ungani oilfield, and quickly lined up replacement funding - two entities linked to existing long-term Buru shareholders committed $3 million to earn a combined 25% interest in Rafael Shallow instead. Alongside this, Buru completed an oversubscribed but scaled-back $6.7 million share placement at 6.2 cents a share (down sharply from 16 cents in 2022 and 11.5 cents the year before) to fund the Rafael Gas Project, the Rafael Shallow well, and restarting Ungani. A funding partner defaulting and each successive raise pricing lower than the last both point to real, tightening financial pressure, even though Buru quickly replaced the lost funding and the placement itself was oversubscribed.

capital raising announcement

New Chair (appointed 15 Aug 2024, succeeding founding Chair Eric Streitberg) wrote to shareholders naming the Rafael gas and condensate project as Buru's core medium-term priority for building long-term cashflow.

investor presentation

Founding director and 14-year Chairman Eric Streitberg retired from Buru's board; recently-appointed non-executive director David Maxwell was elected as his successor as Chair.

director officer appointment

Eric Streitberg, a Buru Energy director since near the company's founding, ceased to be a director, retaining 18,776,068 ordinary shares - by far the largest holding of any Buru director across this corpus.

director interest notice

Buru signed a Letter of Intent with Silver City Drilling for Rig 24 to drill a two-well 2024 Canning Basin campaign - the Rafael Shallow and Mars oil prospects - following new farm-in agreements with Sabre Energy covering both wells plus a restart of Ungani Oilfield production, with drilling expected late Q3/early Q4 2024. Rafael Shallow-1 did spud that October, but ultimately under a different joint venture (Twinsouth Holdings/Jingie Investments, not Sabre); Mars-1 remained undrilled as of the latest documents in this corpus.

drilling scheduled

Buru signed a new farm-in agreement with Sabre Energy for the Rafael Shallow oil prospect in permit EP428: Sabre will fully fund Buru's A$6 million share of drilling and testing the well to earn a 50% interest (Buru keeps the other 50% and stays operator), plus pay Buru a further A$1.5 million for prior exploration costs if the well leads to a declared commercial discovery. Buru's own resource estimate puts a best case of 19 million barrels of recoverable oil at Rafael Shallow.

farm in farm out agreement

Former Cooper Energy CEO David Maxwell joined Buru's board as a non-executive director, positioned to become Non-Executive Chair when founder Eric Streitberg retires the following month - a planned, externally-hired succession bringing outside Australian gas-industry leadership experience just as Buru pushed to advance its Rafael gas project.

director officer appointment

New 3D seismic analysis tightened Buru's Rafael contingent resource range, lifting the gross recoverable 1C estimate to 85 Bscf of gas and 1.8 million barrels of condensate - enough on its own, Buru said, to support a small-scale Phase 1 development entirely within its 100%-owned EP428 acreage - though the update trimmed the higher-end 3C upside pending further studies; the same regional seismic work also flagged a new set of untested prospects along the Fitzroy Trough's southern margin.

resource reserve update

Buru agreed a new Farm-in Agreement letting Sabre Energy earn 70% of the producing Ungani Oilfield (L20/L21) for a $6M carry - $1M toward restarting Ungani production and $5M toward drilling the nearby Mars prospect - with operatorship transitioning to Sabre and Buru retaining 30%.

farm in farm out agreement

Interpretation of the Rafael 3D data identified a new, sizeable shallow prospect (Rafael Shallow, 18 sq km, 125m+ closure) targeting the Poole Sandstones/Grant Formation, with Best Estimate prospective resources of 19 million recoverable barrels (range 3.2-79 MMstb) - while the main Rafael partner-selection process slipped to 2025.

resource reserve update

Rafael 3D seismic fast-track processing confirmed a major data-quality uplift over 2013-vintage 2D data and revealed new backfill/play prospectivity, as Buru received $3.4M from Roc Oil to release it from future Ungani decommissioning liabilities and withdrew from the non-core, low-prospectivity EP458 permit.

drilling progress report

Fast-tracked processing of Rafael's new 3D seismic survey shows a material data-quality improvement over the old 2D data, reconfirming Rafael's resource potential and revealing new prospectivity outside the main structure; several parties are in due diligence for an appraisal/development partnership.

other

Buru's Share Purchase Plan closed significantly oversubscribed, raising $3.7 million (well above its $2 million target) which the board chose to accept in full - taking the combined placement-plus-SPP raise to about $8.7 million to fund the 2024 Rafael appraisal drilling program and commercialisation work.

capital raising announcement

With a $5 million share placement and SPP just completed for balance-sheet strength, Buru ordered long-lead casing, wellheads, and accessories to keep the Rafael appraisal well and a Rafael 1 recompletion/test on schedule for the second half of 2024.

drilling scheduled

Buru raised $5 million through a share placement at 11.5 cents a share and launched a follow-on Share Purchase Plan for existing shareholders at the same price, earmarked for long-lead items in the planned 2024 Rafael gas appraisal drilling program - a notably smaller raise than Buru's 2021-2022 rounds, reflecting a more incremental, cash-conscious funding approach as Rafael appraisal work continued.

capital raising announcement

A ~72,500-barrel lifting (~A$4.0m to Buru) was the last before the Ungani oilfield's operations were suspended; CEO Nador noted the field has produced and sold over 2.3 million barrels since 2012 and pointed to the Rafael gas/condensate discovery as the company's next flagship asset.

production update

Roc Oil agreed to withdraw from and assign its 50% Ungani Oilfield interest to Buru (effective ~30 Sept 2023), following the decision to suspend Ungani operations; Roc remains liable for its share of suspension and eventual decommissioning costs, ending its role as JV partner since May 2018 after 22 shipped cargoes.

farm in farm out completion

WA's updated Domestic Gas Policy confirmed Canning Basin gas can be exported (15% reserved for domestic use), clearing a path for Buru's phased Rafael development - a Kimberley-focused domestic gas-to-power Phase 1 (FID targeted mid-2025) followed by an export-focused Phase 2.

resource reserve update

Buru sold its 25% non-operated Carnarvon Basin interests (EP510, L22-2, L22-4) to joint-venture partner EnRes for an immediate $5M cash payment, strengthening its balance sheet ahead of 2024 Rafael appraisal drilling.

asset acquisition disposition

Buru recommended suspending Ungani Oilfield operations after its next lifting, once Main Roads WA confirmed the Fitzroy River causeway would be replaced by a barge unsuitable for crude transport ahead of a permanent bridge not due until mid-2024 - a real, forced shutdown decision.

production update

Buru confirmed a phased Rafael development strategy - a small, low-cost Kimberley gas-to-power Phase 1 (targeting 2027 production, moving to FEED) followed by a larger Phase 2 (methanol/ammonia/LNG, informed by 2024 appraisal drilling) - based on concept studies with Petrofac, Transborders, and Technip.

material agreement

Ungani operations resumed once the flooded Fitzroy Crossing causeway reopened, but Buru flagged the coming wet season's river-crossing plan was still unresolved with a permanent bridge not expected until mid-2024.

production update

Fresh flooding closed the temporary Fitzroy River causeway again, and Ungani production was suspended on 5 July once onsite storage reached capacity; a full crude lifting is planned once the causeway reopens.

production update

Western Australia's mines department approved Buru's Declaration of Location for the Rafael gas/condensate discovery (potential 1+ TCF gas, 20 million barrels condensate) - a required regulatory step giving Buru up to four years to apply for a Production Licence - clearing the way for 3D seismic later in 2023 and appraisal drilling planned for 2024.

regulatory community update

Ungani production restarted 8 May 2023 at near-normal rates (500-600 bopd) after a four-month shut-in caused when ex-Cyclone Ellie damaged the Fitzroy River crossing and cut the export road to Wyndham; the next lifting was planned for Q3 2023.

production update

A pre-feasibility study with Transborders Energy and Technip Energies found a ~1.6 MTPA Kimberley-based Floating LNG facility a technically and commercially feasible, lower-cost path to commercialise Rafael's 1+ TCF gas/20+ MMbbl condensate resource, with further collaborative studies (methanol, ammonia) also underway.

material agreement

Buru submitted a Declaration of Location application for the Rafael discovery, the next regulatory step (after a May 2022 Discovery Assessment Report) toward the Production Licence needed to commercialise it.

regulatory community update

The Great Northern Highway floodplain section reopened via a temporary gravel road on 24 February, but the Fitzroy Crossing river crossing itself remains closed to heavy vehicles; WA is planning a temporary low-level crossing (targeting May 2023) and a permanent replacement bridge by end of 2024.

production update

Buru bought back Origin Energy's entire Canning Basin joint-venture stake (including Rafael) via a wholly-owned subsidiary, paying only a capped future reimbursement tied to gas-production success while Origin still funds up to $4M of the 2023 Rafael 3D seismic - Buru returns to 100% operator across ~22,500 km2 net (100% of EP129/391/428/431/436, 60% of EP457/458 with Rey).

farm in farm out completion

Buru's wholly-owned hydrogen/helium subsidiary 2H Resources was confirmed preferred applicant for six South Australian hydrogen exploration licences (~30,000 sq km) plus two gas-storage licences; RISC assessed prospective hydrogen resources of 49M-1.3B kg (best estimate 343M kg) across the areas.

resource reserve update

Lab assays disappointed relative to the earlier field readings: Barbwire Terrace's best zinc intersection was just 0.3% Zn over 5m (versus pXRF spot readings that had suggested up to 23.9% combined Zn+Pb) - the mineralisation runs along fracture/vein surfaces rather than through the rock mass, a real check on the project's economics.

joint venture update

Buru and EnRes won two more Northern Carnarvon Basin/Merlinleigh Sub-basin exploration areas (EnRes 75%/Buru 25%), making the JV the largest acreage holder in the region as it planned two EP510 exploration wells for 2024.

joint venture update

The Ungani facility and access road only sustained minor flood damage, but ex-Cyclone Ellie structurally damaged the Fitzroy Crossing bridge, severing the export route to Wyndham Port; CEO Thomas Nador says full restoration will likely take months.

production update

Ex-Tropical Cyclone Ellie flooding forced Buru to suspend Ungani Production Facility operations and evacuate field personnel, cutting off oil transport - the start of what would become a prolonged, field-ending disruption.

production update

Eric Streitberg - Buru's Executive Director since its 2008 split from ARC Energy and Executive Chair since 2014, credited with the original Ungani oil discovery and the newer Rafael gas discovery - stepped back from day-to-day executive duties to become Non-Executive Chair, formally handing operational leadership to recently-appointed CEO Thomas Nador. This ends founder-led executive management at Buru, a planned, orderly succession rather than a sign of trouble.

director officer appointment

Ungani's third and final CY2022 lifting (~73,000 bbls, ~A$3.8M) brought the year's total to ~220,000 bbls exported; Buru also flagged Origin Energy's move to exit its Canning Basin interests, progress on the Geovault carbon-capture JV with EnRes, imminent Battmin zinc-lead assay results, and hydrogen business 2H Resources.

production update

Buru signed an agreement with Transborders Energy to study a compact, marinised LNG plant as a faster, cheaper alternative pathway to commercialise Rafael gas than exporting via the North West Shelf.

material agreement

Buru noted a Brookfield/MidOcean Energy consortium's non-binding offer to acquire Origin Energy would transfer Origin's Canning Basin JV interest to MidOcean (backed by EIG, a $40bn+ energy investor) - relevant given Origin had already flagged its intent to exit its Canning Basin position.

joint venture update

The Commonwealth's $7M CCS grant to Geovault (offered April 2022) was cancelled after the October 2022 Federal Budget cut CCS funding; Buru said Geovault would pursue an expected 2023 replacement grant round while continuing its EnRes CCS joint venture regardless.

regulatory community update

All three planned Barbwire Terrace holes were completed with base-metal sulphides in each (handheld XRF spot readings up to 23.9% Zn+Pb), though these preliminary field readings still needed lab assay confirmation before being relied on.

joint venture update

Buru appointed Paul Bird - previously CFO of fellow ASX-listed gas producer Metgasco - as its new Chief Financial Officer, filling the gap left by Shane McDermott's departure two months earlier after a formal executive search.

director officer appointment

Origin Energy told Buru it intended to divest its 50% joint-venture stake in the Canning Basin (acquired via its 2020 farm-in), after the two companies failed to agree on a forward program - including Buru's proposal to test and run 3D seismic over the Rafael discovery alone - stalling out. Buru said Origin's exit reflected Origin's own funding priorities, not any problem with the Canning Basin assets, but a major joint-venture partner heading for the door over an unresolved operational disagreement is a real setback, not routine news.

joint venture update

Barbwire Terrace's second hole found visible galena over a 38m interval with handheld-XRF readings up to 19.8% combined lead+zinc - an encouraging early indicator, pending lab assay confirmation.

joint venture update

Barbwire Terrace's first diamond hole (410m) hit dolomitised Pillara Limestone shallower than expected, with vuggy, veined, sulphide-bearing rock - a real technical proof-of-concept for the target mineral system.

joint venture update

Sipa Resources began diamond drilling up to four holes at Barbwire Terrace (50/50 JV with Buru, Sipa operator, co-funded by a WA Government EIS grant), testing base-metal targets analogous to the Lennard Shelf lead-zinc deposits.

joint venture update

Shane McDermott - CFO and Company Secretary for over 13 years, one of Buru's longest-serving executives - resigned; commercial manager Alex Forcke stepped in as interim Company Secretary while Buru searched for a permanent CFO. A genuine loss of institutional knowledge after more than a decade, though handled as a planned, orderly exit rather than a sudden departure.

director officer appointment

A record ~75,000-bbl Ungani lifting (~A$5.5M to Buru, over $1M above the prior record) went out as Origin Energy asked for more time on internal approvals, delaying Buru's planned Rafael 3D seismic survey and further flow test toward early 2023.

production update

Buru's rights issue raised about $9.2 million (entitlements, shortfall applications, and a placement to new investors combined) despite what Executive Chairman Eric Streitberg called challenging market conditions - fully funding the next phase of appraisal work, including flow testing and 3D seismic, at its Rafael gas and condensate discovery.

capital raising announcement

Buru chose a coil-tubing unit (cheaper, less formation-damage risk than a workover rig) to clean up and individually flow-test multiple Rafael 1 zones in Q3 2022, including the gas-influx zone behind casing and a light-oil-bearing Upper Laurel Dolomite zone; the update also references a Carnarvon Basin (L20-1) farmout for a CCS program and a rights issue backed by major shareholders.

other

Buru and Energy Resources Limited (EnRes, a Mineral Resources Limited subsidiary) agreed to restructure their Carnarvon Basin L20-1 permit (Buru 25%/EnRes 75% and operator, EnRes carrying Buru's first two 2023 wells) and formed an aligned Geovault carbon-capture-and-storage joint venture on the same equity split.

farm in farm out agreement

Buru appointed Thomas Nador (from Beach Energy) as Chief Executive Officer to lead day-to-day operations and Rafael commercialisation, with Executive Chairman Eric Streitberg transitioning to Non-Executive Chair.

director officer appointment

Buru mailed the prospectus for a 1-for-6 rights issue to raise up to $14.4 million at $0.16 a share, earmarked to fund a multi-phase appraisal program and commercial feasibility studies for its Rafael gas and condensate discovery.

capital raising announcement

Buru Energy launched a 1-for-6 non-renounceable rights issue to raise ~$14.4 million at $0.16/share (a ~24% discount), funding an appraisal program for the Rafael gas condensate discovery.

capital raising announcement

ERCE's independent certification found Rafael 1's Ungani-Dolomite-equivalent reservoir holds Gross 3C Contingent Resources of ~1.02 TCF of gas and 20.5 million barrels of condensate (1C: 59 BCF/1.2 MMbbl), with pressure data suggesting the gas column could be even larger than mapped.

resource reserve update

Buru launched a 1-for-6 renounceable Rights Issue at 16 cents a share (a 24% discount) to fund appraisal of its newly confirmed, independently-assessed 1+ TCF Rafael gas/condensate discovery, including 2022 well testing and seismic work and a further drilling program planned for the following year.

capital raising announcement

Buru was offered a ~$7M Commonwealth grant over three years to fund a Geovault carbon-capture feasibility study in the onshore Carnarvon Basin, near its L20-1 permit application.

regulatory community update

Buru's independent Rafael resources report neared completion (delayed by lab workload and new seismic reprocessing) while Ungani, now at just ~600 bopd, got a workover of Ungani Far West 1 to recomplete it back to its originally productive Ungani Dolomite zone.

resource reserve update

Detailed analysis confirmed Rafael 1's flow test results were genuinely positive: ideal gas composition, ~6,200 psi initial pressure with no depletion or boundaries seen, no formation water, and evidence the gas column is likely larger than what the well itself penetrated.

flow test result

Rafael 1's completed flow test reached rates up to 7.6 mmcfd (flared) with consistent condensate yields (~40 bbl/mmcf, ~1,570 boe combined), confirming the discovery's flow potential before the well was shut in for pressure-buildup analysis.

flow test result

Rafael 1's initial flow test brought gas and condensate to surface at 4-5 mmcfd with excellent gas quality (2% CO2) and bottom-hole pressure above 6,000 psi - the first real flow confirmation of the Rafael discovery - before being suspended for Cyclone Anika.

flow test result

Ungani 8H development well spudded at 17:00hrs on 18 December 2021 (Roc Oil 50/50 JV), targeting undrained oil in the Ungani Field's central fault block using a larger-casing design informed directly by the operational lessons from Ungani 6H/6H ST1 and Ungani 7H.

drilling spud

With Ungani 8H's spud expected within days, Buru also flagged that the Rafael 1 flow test had slipped to mid-January (specialist crews blocked by WA's COVID-era border and quarantine rules) and that further log analysis had found a second, shallower hydrocarbon-bearing zone in Rafael 1 - a dolomitised Upper Laurel Carbonate section with up to 75m of gross wet-gas column - adding a new conventional play type alongside the main Ungani Dolomite intersection.

drilling scheduled

Wireline logs over Rafael 1 confirmed a 165m gross gas column in a dolomite reservoir section resembling Ungani's productive interval; the well was being completed with an uncased 'barefoot' section below casing to maximise flow potential ahead of testing.

drilling progress report

Rafael 1 reached 4,141m total depth with good-excellent wet-gas shows (rich in LPG/condensate) over a 120m interval below the previously reported gas influx zone - drilling parameters suggest a real conventional reservoir; logging and a flow-test completion follow.

drilling progress report

Rafael 1 hit gas-charged vugular dolomite while drilling ahead in 8½-inch hole to 3,872m, prompting Buru to run casing before continuing into 6-inch hole - encouraging wireline log and pressure data ahead of a planned flow test on what would become the Rafael gas/condensate discovery.

drilling progress report

Rafael 1 reached 3,872m, penetrating the top of its main objective carbonate section with encouraging light-oil-to-wet-gas mudgas indications across several zones, though significance awaited wireline logging and any warranted flow test.

drilling progress report

Swab testing confirmed good reservoir quality across all four porous zones logged in Currajong 1, but recovered no oil - pressure data showed the zones are water-bearing, closing out Buru's first well of the 2021 Canning Basin program as non-commercial despite a real westward extension of the Ungani-style dolomite play; the well was suspended pending further review.

well test result

Rafael 1 spudded at 01:45am on 22 August 2021, targeting 69 million barrels of mean prospective resources on a large structure likened to prolific Devonian carbonate plays in Western Canada, to be followed by the Ungani 8 development well.

drilling spud

Currajong 1 reached 2,340m with oil-saturated zones resembling Praslin 1's reservoir (to be confirmed by a planned cased-hole flow test), and a specialised hydrogen mudgas detector found up to 6% hydrogen over a 6m interval - an early, real signal of natural hydrogen in the Canning Basin.

drilling progress report

Currajong 1 spudded at 10:00am on 1 July 2021, a large 3D-seismic-defined structure targeting 28 million barrels of mean prospective resources (Buru/Origin 50/50), to be followed by Rafael 1.

drilling spud

A 'Driving the Integrated Energy Transition' deck introduced Buru's new energy-transition portfolio alongside its core oil/gas business: 2H Resources (natural hydrogen), Geovault (CCUS), Battmin (battery minerals), and an integrated gas-and-solar project (REP).

investor presentation

Buru's 2021 Canning Basin exploration campaign kicked off: the Ensign 963 rig is rigging up at Currajong 1 (spud likely after 24 June due to an equipment delay), the Rafael 1 pad is being prepped for the rig's next move, and a seismic crew is expected in late June/early July.

drilling progress report

Buru's Share Purchase Plan closed, raising a further $1.02 million from 133 shareholders at $0.16 a share - completing, together with the earlier $15 million institutional placement, a combined roughly $16 million raise. Executive Chairman Eric Streitberg said Buru was now fully funded for its 2021 Canning Basin program, with the first new exploration well (Currajong) about to spud.

capital raising announcement

Buru's 2021 Canning Basin campaign formally got underway with the Ensign 963 rig at Currajong 1, targeting a combined 97 million barrels across Currajong 1 and Rafael 1 (to be drilled back-to-back) funded by Origin's farm-in carries, with the seismic program to start in late June.

drilling progress report

Buru completed a $15 million share placement to institutional, professional, and sophisticated investors, and launched a follow-on Share Purchase Plan targeting a further $5 million from existing shareholders - together up to $20 million to strengthen its balance sheet for a 2021 Canning Basin exploration and development program. Executive Chairman Eric Streitberg noted this was Buru's first capital raise bringing in shareholders from outside its existing base since 2014, a sign of renewed investor interest in the company's exploration story.

capital raising announcement

Mineral Resources Limited and Buru jointly won new WA gas exploration permits including L20-1 in the Northern Carnarvon Basin, forming a 50/50 joint venture with Buru as operator - the origin of what later became the Buru-EnRes L20-1/Geovault relationship.

joint venture update

Buru's own announcement confirmed the 50/50 joint venture with Mineral Resources won bid block L20-1 in the onshore Carnarvon Basin (Buru operator), covering a play type similar to its Canning Basin acreage near existing Tubridgi/Wheatstone gas infrastructure.

joint venture update

Buru set out plans for a major Canning Basin campaign starting mid-2021 - two exploration wells plus a new development well at the Ungani oilfield (Ungani 8) and a regional seismic program - funded largely by the farm-in agreements Origin Energy (and Rey Resources) signed in December 2020, under which Buru is carried for $16 million of the two exploration wells' drilling costs plus a further seismic-program carry.

joint venture update

Buru appointed three new independent non-executive directors - Joanne Kendrick, Malcolm King, and Samantha Tough - bringing finance, project-development, and energy-transition expertise to the board, timed to coincide with long-serving director Eve Howell's planned retirement at the end of March. A deliberate board refresh ahead of a major exploration push, not a response to any problem.

director officer appointment

Buru signed a binding letter agreement for Origin Energy to farm into EP457/458 alongside existing partner Rey Resources - post-completion equity split Buru 40%/Origin 40%/Rey 20% - with Origin funding the first $3M of a 2D seismic survey (Celestine).

farm in farm out agreement

Origin Energy agreed to farm into seven Canning Basin permits (20,000 km²) held by Buru - and, on two of them, jointly with Rey Resources - taking a 50% equity share in five permits and 40% in the other two, in exchange for carrying $12.3 million of Buru's (and Rey's) work-program costs over two years, plus an option to carry a further $10.6 million over four more years and the right to become operator of any future gas or carbon-capture-and-storage development. Origin's total planned two-year spend is about $35 million, including a two-well drilling program.

farm in farm out agreement

In a companion, larger deal, Origin Energy agreed to earn 50% of Buru's five wholly-owned Canning Basin permits by carrying $16M toward drilling Rafael 1 and Kurrajong 1 (plus $1M for past costs) and the first $3M of 2021 seismic acquisition.

farm in farm out agreement

A 67,757-bbl November lifting (~A$1.8M to Buru) went out under the new BP Singapore marketing deal as field production held ~1,000 bopd; 2021 exploration planning advanced (rig/seismic bids, heritage surveys) with the farm-out process 'proceeding satisfactorily' and expected to close before year-end, and Buru repaid its final $2M debt instalment.

production update

Buru executed a marketing agreement with BP Singapore for Ungani oil sales, completed the Ungani 7 ESP install, and entered a new Canning Basin hydrothermal mineral exploration joint venture (Battmin) alongside planning for its 2021 exploration program.

joint venture update

Sipa Resources and Buru formed a 50/50 Barbwire Terrace joint venture (Buru funding the first $250,000 of exploration to earn its half, Sipa operator) targeting Mississippi-Valley-Type base-metal mineralisation analogous to the Lennard Shelf deposits, identified partly using petroleum-industry data.

joint venture update

Buru's H1 2020 interim report showed cash down to $25.4M (from $32.4M) as the half-year loss widened sharply to $22.6M from $4.4M.

other

With the Petro-Diamond offtake contract ended, Buru sold its next Ungani lifting on a spot basis (mid-July) as production held near 1,250 bopd and an ESP was readied for Ungani 7, while a farm-out process for the Canning Basin acreage continued alongside new-ventures screening.

production update

A 76,817-bbl Ungani lifting (~A$1.2M to Buru) went out as the existing PDS offtake contract neared its 30 June 2020 expiry; the Buru/Roc joint venture was negotiating a successor deal and weighing a temporary Ungani suspension if terms didn't clear, while the exploration-acreage farm-out process continued.

production update

Responding to COVID-19, Buru cut corporate personnel costs by more than 50% (salary reductions of 20-75%, including the Executive Chairman -55% and NEDs -40%, plus some redundancies) and deferred all discretionary/capital spending, while keeping Ungani production running toward a mid-May lifting.

other

Ungani 6H/ST1's coil-tubing drilling assembly became stuck while milling the shoe track; after repeated failed attempts to free it, the well was suspended and all equipment demobilised under COVID-19 protocols - the mechanical failure that would leave this well's horizontal completion permanently unfinished.

drilling progress report

A 63,780-barrel Ungani lifting brought in ~A$1.9m as Ungani 6H coil-tubing work commenced (with some mechanical delays); the global oil-price crash and market turmoil from COVID-19 prompted Buru to review and cut discretionary spending, though the field stays cash-flow positive above US$25/bbl.

drilling progress report

Ungani's largest lifting yet (~78,000 bbls, ~A$3.5M to Buru) reached Petro-Diamond Singapore, running late after the tanker's prior-port delay; the access road briefly closed for Cyclone Blake flooding before production resumed 12 January.

production update

Roc Oil withdrew from its 50% stake in exploration permits EP428/436/391 effective 31 Dec 2019, exercising a walk-away option in its 2018 farm-in agreement with no shortfall funding owed - Buru regained 100% of the three permits (including the future Rafael prospect) while Roc kept its 50% of the producing Ungani joint venture.

farm in farm out completion

Ungani field production rose to ~1,700 bopd after the Ungani 7H tie-in (its planned third lateral still pending equipment fixes), while the Ungani 6H coil-tubing liner operation was suspended after mechanical issues and demobilised until January 2020.

drilling progress report

Ungani 7H's second and third horizontal laterals extended cleanly with no drilling problems, and combined pre-pump cleanup flows already indicated around 1,400 bopd, while Miani-1 was found to have only tight, non-producible reservoir across its hydrocarbon-show intervals and was plugged; Buru also lifted a further roughly 73,800 barrels of Ungani crude for about A$2.95 million.

drilling progress report

Ungani 7H reached 2,235m total depth with the Dolomite hit as prognosed and good-excellent oil shows; casing set into the reservoir as planned - a clean result, in contrast to Ungani 6H's mechanical troubles.

drilling progress report

The WA Government formally lifted its fraccing moratorium over most of Buru's existing permits, following through on the intention flagged after the 2018 scientific inquiry, while designating the Dampier Peninsula a permanent "frac-free zone" - clearing the way for Buru to resume appraising the Canning Basin gas resource on its unrestricted titles.

regulatory community update

Ungani 7H development well spudded around 26 August 2019, drilled with larger casing sizes than Ungani 6H specifically to avoid the operational issues that had hampered that well's horizontal section - a design change Buru said had already worked well on the concurrent Adoxa 1 well.

drilling spud

The first lifting under Buru's new offtake partner Petro-Diamond Singapore (75,413 bbls at ~A$80/bbl) went out as production held ~960-1,000 bopd; Ungani 6H/7H drilling continued and a Rafael 1 sole-risk notice was issued for a potential 100%-Buru drilling option.

production update

Wireline logs identified a specific interval in Adoxa 1 - the '1900 zone' (1,891-1,902m) in the Upper Anderson section - interpreted to have real potential to flow oil, with casing now being run for a definitive production test; other hydrocarbon-show zones in the well were found to be either tight or water-wet, but Buru said the result validated the petroleum system and upgraded several smaller nearby prospects.

drilling result

Adoxa 1 drilled to 1,609m; good-excellent oil shows with live oil at surface were confirmed over a 10m interval at 1,443m in the target Reeves Formation, plus lesser shows at 970m and 1,565m.

drilling progress report

Buru's first well of its 2019 program, Adoxa-1, reached 1,609m with good-to-excellent oil shows and live oil observed at surface over a 10-metre interval in the Reeves Formation - an encouraging early read on the same play type behind several of Buru's other Canning Basin oil finds, though a completed flow test never confirmed commerciality anywhere later in this record.

drilling progress report

Ungani 6HST reached 2,362m total depth with the Dolomite hit as planned at 2,346m, but the 5.5-inch casing couldn't reach its planned depth and was cemented short at 2,310m; an expandable liner will be needed via coil tubing, and the well is suspended while the rig moves to spud Adoxa 1 - the mechanical trouble that would ultimately leave this well's horizontal completion unfinished.

drilling progress report

Ungani 6H drilling hit difficulties nearing completion (delaying Ungani 7H) while Adoxa 1 was queued next, Rafael 1's access road finished, and Buru weighed participation levels in Rafael, Ungani North re-evaluation, Miani, Butler, Lennard Shelf, and Yulleroo programs.

drilling progress report

Ungani 6 development well spudded at 04:40hrs on 4 May 2019 as a deviated well targeting the Ungani Dolomite reservoir - Buru's first well of the shift from appraisal to a horizontal-drilling development phase at Ungani, with a coiled-tubing unit to later drill the underbalanced horizontal reservoir section.

drilling spud

An independent ERCE review confirmed the Butler prospect (EP487/EP129, near Derby) could hold 3.14 Tcf of gross unrisked mean recoverable gas plus 42 million barrels of condensate, as Doriemus PLC farmed in to earn a 50% interest in EP487 from Buru's existing 100%.

resource reserve update

Buru's NGD 405 automated rig neared mobilisation for a minimum four-well 2019 program (Ungani 6 first), after a well-performance review found the Ungani field wasn't being effectively drained by existing wells and needed at least two more central-fault-block wells.

drilling progress report

Rey Resources reported that it and Buru had agreed to buy out Mitsubishi's remaining EP457/458 interest, lifting Buru's stake to 60% (operator) and Rey's to 40% - Rey citing the Victory 1 well's earlier-confirmed conventional oil prospectivity as validation.

asset acquisition disposition

Buru's own announcement confirmed it would pay $720,000 to lift its EP457/458 interest from 37.5% to 60%, with Rey exercising pre-emptive rights to reach 40%, buying out Mitsubishi's Diamond Resources (Barbwire) subsidiary entirely.

asset acquisition disposition

An independent scientific inquiry found hydraulic fracturing (fraccing) low-risk when properly regulated, and the WA Government signaled it will lift the moratorium that had blocked Buru from further appraising and developing the gas resource it already found in the Canning Basin - a major unlock for its shale gas plans, though the moratorium was not yet formally lifted.

regulatory community update

Ungani West 1 reached 2,322m with good porosity and oil shows, but a wireline pressure survey found no commercially producible oil column - a disappointing result, though encouraging for further exploration - and the well was suspended for future water injection.

drilling result

Buru Energy director Eric Streitberg sold 8,521,997 ordinary shares off-market, a large reduction in his holding.

director interest notice

Buru received the final $51 million of its Roc Oil Ungani sale once DMIRS registered the production-licence transfers - completing the transaction in full.

farm in farm out completion

Ungani 4's productivity came in below expectations despite its large log-implied oil column, prompting a sidetrack (Ungani 4ST1, 50/50 with Roc Oil) to a new bottom hole location ~60m away; whipstock set and casing exit milled.

drilling progress report

Buru began sidetracking the underperforming Ungani 4 well toward a new bottom hole ~60m southwest (aiming to fix a suboptimal original completion), ahead of drilling the Ungani West 1 exploration well, while Ungani Far West 1 flowed at up to 1,000 bfpd (~50% oil cut) in early production testing.

drilling progress report

Ungani neared its millionth cumulative barrel as the JV decided to sidetrack the underperforming Ungani 4 well (reservoir damage suspected from its original completion) and awaited approval to start Ungani Far West 1 production.

production update

Ungani 4's beam pump was installed and it is now producing ~310 bopd (previously unable to flow naturally) while Ungani 5 resumed production 21 July; total field capacity could reach 1,800 bopd; this update also references the May 2018 sale of 50% of the Ungani Field to Roc Oil (Canning) Pty Ltd ($13m received upfront, $51m pending regulatory approval).

drilling progress report

Buru's H1 2018 interim report showed cash up to $20.0M (from $16.9M) and swung to a $30.7M half-year profit, largely the one-off gain from the Roc Oil Ungani/farm-in transactions.

other

The first Ungani lifting split under the new Roc Oil deal (Buru 58,616 bbls / Roc 14,106 bbls, ~A$6.55M gross) went out as Buru received the first $13M of the $64M Ungani sale price, with the remaining $51M pending DMIRS approval and the farm-in on EP391/428/436 still conditional on a WA Parliament Act.

farm in farm out completion

Buru agreed to sell Roc Oil (Canning) Pty Ltd a 50% stake in the producing Ungani licences (L20/L21) for $64M cash, and separately let Roc farm into 50% of exploration permits EP391/428/436 by funding $20M of a $25M program - Buru's 100%-owned Laurel unconventional gas (including Yulleroo) was carved out of the farm-in.

farm in farm out agreement

Ungani 1 and 2 ramped to a combined 1,700 bopd (29% watercut) with the first Trafigura oil lifting from Wyndham due in early June, while Ungani 4's own flow test measured an anomalously low 350 bopd still under investigation.

well test result

Buru Energy's 2017 non-renounceable entitlement issue and shortfall offer completed, issuing 68,000,662 shares under the entitlement offer plus a further 24,023,593 shares placed under the shortfall.

appendix 3b new issue

Ungani 1 and 2 restarted at a combined 2,400 bopd with lower water cut than before their January shut-in; Ungani 5 flow-tested up to 1,226 bopd of clean oil, confirming the Eastern Fault Block extension, while Ungani 4's test ran at lower-than-expected rates pending flowline hookup and further analysis.

flow test result

The Ungani access road reopened after an unusually wet season kept the field shut in for over three months; crude trucking and the Ungani 1/2 production restart are now underway alongside Ungani 4/5 flowline tie-ins.

drilling progress report

RISC substantially raised Yulleroo's contingent and prospective gas/liquids resources (2C sales gas up to 714 PJ net to Buru), reflecting Buru's move to 100% interest in EP391/EP436 via its 2017 asset swap with Mitsubishi plus new well data.

resource reserve update

Rig returned to the suspended Ungani 4 well; basic logs confirmed the Dolomite top at 2,134m, implying a gross oil column of ~74m - better than Ungani 1ST1 (58m) and Ungani 2 (54m) - once the drill-in completion liner is run.

drilling progress report

Cyclone Hilda forced a temporary Ungani Field shut-in and may delay Ungani 5's completion, but full logs confirmed a ~53m oil column in Ungani 5 (comparable to Ungani 2); a facility upgrade completed doubling oil handling capacity to 4,900 bopd.

drilling progress report

Ungani 5 reached 2,239.5m total depth; the Ungani Dolomite top was hit on prognosis at 2,122.4m (unlike the anomalously thin section in nearby Ungani 3) with good-excellent oil shows and mud gas peaks to 6.27% through the reservoir.

drilling progress report

Ungani 5 appraisal well spudded at 14:30hrs on 1 December 2017 to test whether the oil pool found by the earlier Ungani 3 well (in the previously untapped Eastern Fault Block) could be properly accessed with a new completion, after Ungani 3's own completion was judged to have missed the productive interval.

drilling spud

Buru, Mitsubishi, and the WA Government agreed to mutually terminate the 2012 Canning Basin State Agreement (subject to a parliamentary ratification act expected in 2018); the underlying permits EP371/391/428/431/436 remain valid on their existing terms through 2023-2024.

regulatory community update

New ESPs delivered design-rate fluid (up to 1,800 bopd, managed down to ~1,200 bopd on storage/trucking limits) and a ~55,000-bbl lifting at ~A$75/bbl, while Ungani 4 confirmed a 60m+ oil column ahead of its completion and Ungani 5 (appraising the Ungani 3 oil pool) was set to spud shortly.

production update

Ungani 4 wireline logging failed after the shale section above the reservoir bridged off (extended open-hole time); the well was temporarily suspended and the rig moved to spud Ungani 5 while specialised equipment is sourced - flowline construction proceeds regardless given the well's positive results to date.

drilling progress report

Ungani 4 reached 2,249m total depth with oil shows and an oil-water contact consistent with the field; implies a gross oil column over 60m, pending log confirmation - better than Ungani 1ST1's 58m and Ungani 2's 54m.

drilling progress report

Ungani's newly-installed electric submersible pumps in Ungani 1ST1 and Ungani 2 came online as designed, lifting test rates as high as 3,000 bopd field-wide (individual wells over 1,600 bopd) even as output was deliberately constrained to 1,250 bopd while transport was recommissioned toward a 1,500 bopd target; an extra perforation lifted Ungani 2's productivity over 50%, and a water-injection test on Ungani 3 came in far better than expected, while Ungani 4 continued drilling toward a mid-November reservoir intersection.

production update

Ungani 4 development well spudded at 19:00hrs on 19 October 2017, an additional drainage point in the Ungani Oilfield intended to verify reservoir continuity and help take field production toward its 3,000 bopd target.

drilling spud

Buru confirmed the rights issue raised a final $13.8 million (including the top-up placement), with new shares allotted and no shortfall shares needed - alongside news of Buru's first oil export lifting from Wyndham and mobilisation of the drilling rig for the newly-funded Ungani development wells, tying the successful capital raise directly to on-the-ground progress.

capital raising announcement

The rights issue raised $14.5 million in total - well above the original $10.2 million target - once a small top-up placement to sophisticated investors was included, fully funding Buru's Ungani development drilling program with room to spare.

capital raising announcement

Buru noted the WA Government's new fraccing moratorium pending a scientific inquiry, pointing out that a prior 2013-2015 parliamentary inquiry (and several other independent reviews) had already found hydraulic fracturing poses negligible risk if properly regulated.

regulatory community update

Buru's rights issue closed substantially oversubscribed, with applications already exceeding the $10.2 million target before final processing - a strong show of shareholder support.

capital raising announcement

Buru launched an Entitlement Issue to accelerate Ungani's development, citing independently certified resources (1C 2.08mmbbl/2C 6.6mmbbl/3C 18+mmbbl) and a target of 3,000 bopd by early-to-mid 2018 via a two-well drilling and workover program.

capital raising announcement

Ungani ramped toward its first Wyndham crude lifting in early September at ~1,000 bopd (with a downhole pump upgrade planned for October), while Buru lined up its 2017 drilling program (two workovers, two wells) and ran an Entitlement Issue roadshow after despatching its prospectus.

production update

Buru announced a 1-for-5 rights issue (an offer letting every existing shareholder buy one new share for every five they already own) to raise about $10.2 million at $0.15 a share, a 22% discount to its recent trading price. The money was earmarked to speed up development of its wholly-owned Ungani oil field by drilling two more wells in 2017, and Buru's two largest shareholders had already committed to take up their entitlements.

capital raising announcement

Buru notified option holders of its 1-for-5 non-renounceable Entitlement Issue at $0.15/share, aiming to raise ~$10.2 million.

capital raising announcement

Buru Energy announced a proposed non-renounceable entitlement offer of up to 67,999,416 new shares to raise further capital.

appendix 3b new issue

Buru restructured its balance sheet by rescheduling repayment of Alcoa's original $40M gas prepayment, varying terms first agreed in August 2016.

debt financing

Ungani's restart ramped toward its 1,250 bopd initial target with first oil delivered via a new quad road-tanker system, as Buru progressed oil-marketing talks, a Yulleroo resource review, and paperwork for its recently announced Mitsubishi Asset Swap.

production update

Buru restarted Ungani Oilfield production on time and under budget, with reservoir performance testing to follow before routine operations and the first Wyndham truck loading.

production update

Buru executed a major asset swap with Mitsubishi's Diamond Resources subsidiaries: Buru gained 100% of the Ungani production licences (L20/L21) and exploration permits EP391/428/431/436, while giving up its 50% of EP371 - letting each party focus on the acreage suited to its own technical/commercial strengths.

joint venture update

Buru finalised its Ungani restart plan around a larger 80,000-barrel Wyndham storage tank (versus the previous 30,000-barrel tank), enabling bigger ships and lower per-barrel costs, targeting a mid-2017 restart at 1,200 bopd with ESPs planned later.

production update

Further Asgard 1 gas testing added confidence in the Laurel tight-gas accumulation as DMP accepted both the Asgard/Valhalla Discovery Assessment Report and a new Special Prospecting Authority application, while Ungani restart engineering and oil-drilling heritage clearances progressed.

drilling progress report

The Yungngora Aboriginal Corporation agreed an Indigenous Land Use Agreement over EP371 (Noonkanbah Station), supporting future tenure grants for Buru's Laurel tight-gas development.

regulatory community update

Buru completed the Yakka Munga Pastoral Lease sale for $9.878M (over $1M above the original contract price, for extra cattle) and restructured its Alcoa debt repayment terms, leaving cash at ~$38.1M.

asset acquisition disposition

The Laurel tight-gas wells posted peak blowdown rates up to 44 mmcfgpd (average up to 13.5 mmcfgpd) with high liquids content (25-38 bbl/mmcf) and low CO2, confirming commercial potential, alongside a substantial independent upgrade to Ungani's own resources.

flow test result

DeGolyer and MacNaughton's independent review confirmed the Valhalla area holds a nationally significant multi-TCF wet gas accumulation, defining initial Contingent Resources around the two stimulated TGS wells - a key step toward commercialising the Laurel tight gas play.

resource reserve update

Ungani Far West 1's middle zone tested water-bearing with no oil influx; after further pressure surveys the well would be suspended, having confirmed the Ungani Dolomite's reservoir quality is better than logs alone had suggested.

well test result

Ungani Far West 1's upper zone tested a minimum 15m oil column with productivity estimated at over twice the existing Ungani wells - a very encouraging result for the wider Ungani area - while the lower zone tested water-bearing with extremely high permeability.

well test result

Ungani Far West 1's upper zone flowed strongly at up to 1,680 barrels of fluid per day, 50-70% of it high-quality 41.6-degree API oil, before being shut in for a pressure buildup survey.

well test result

Buru agreed to sell the Yakka Munga Pastoral Lease (bought for $7M in Jan 2015) to Shanghai Zenith for A$8.75M, subject to government approvals and an ongoing petroleum-access agreement, expected to complete in H1 2016.

asset acquisition disposition

Ungani Far West 1 wireline/pressure testing identified a 5m high-permeability (~450md) oil-bearing sandstone in the Anderson Formation at 1,560m with a potential 14m oil column; an oil sample was recovered and oil reached surface.

drilling progress report

The Asgard 1 and Valhalla North 1 tight-gas wells began flowing back stimulation fluid with gas and condensate, showing excellent gas quality, strong shut-in pressures, and evidence the Laurel Formation accumulation extends over 1,500m vertically.

flow test result

Both Fitzroy Blocks wells concluded negatively: Senagi 1 was logged and abandoned after cutting 286m of core (97% recovery, useful for future reservoir correlation) with no commercial result, and Victory 1 was plugged and abandoned after casing problems made it too costly to properly test its ambiguous porosity zone.

drilling result

Victory 1 reached its 2,600m total depth still suffering complete lost circulation (over 10,000 barrels of water lost, with no sample returns); wireline logs were being acquired, with any test to use 3½-inch production casing configured to maximise low-cost oil recovery chances.

drilling progress report

Victory 1 reached 1,976m after remediating its casing issues, but hit complete lost circulation at 1,945m (with erratic drilling rates similar to the Ungani Dolomite elsewhere); managed pressure drilling didn't stop the losses, and no sample returns meant hydrocarbon presence in this zone couldn't yet be assessed.

drilling progress report

Praslin 1's swab test recovered formation fluid but no moveable hydrocarbons - a disappointing result, though the well confirmed the Ungani Dolomite's good reservoir characteristics extend 15km along trend; it was suspended, possibly for use as a water injection point.

well test result

Praslin 1 entered testing and the Laurel tight-gas stimulation program showed encouraging early results, but Ungani production was temporarily shut in for operational reasons even as Victory 1 drilled ahead and Senagi 1 neared spud.

quarterly activities report

Victory 1 spudded on the Ungani Trend in EP 457 (Buru operator, Rey Resources holding 25% equity/16.7% cost), targeting a considerably larger structure than Ungani itself - Buru's own pre-drill estimate put the prospect at a best case of 40 million barrels of recoverable oil (range 7-98 million).

drilling spud

Praslin 1's flow test was imminent as Victory 1 spudded, Senagi 1 site works began, Ophir 1 planning progressed, TGS stimulation finished at Asgard/Valhalla North, and a second Ungani oil cargo sale was agreed.

drilling progress report

Praslin 1 reached its 2,512m total depth with further hydrocarbon indications below the interpreted Ungani Dolomite, ahead of wireline logging to decide on production casing and testing.

drilling progress report

Praslin 1 reached 2,125m with casing cemented at 2,122m after hitting a dolomitic section with drilling breaks and hydrocarbon indications; drilling continued with managed pressure techniques.

drilling progress report

Commercial oil production began at Ungani (1,250 bopd initial, targeting 3,000 bopd, Buru 50%) - the Canning Basin's first commercial oil since the 1981 Blina discovery - with facility upgrades completed on time and incident-free.

production update

The Buru/Mitsubishi joint venture was granted Production Licences for the Ungani oil field, the final approval step after executing Native Title Agreements with all three Traditional Owner groups - clearing the way for commercial production to start around mid-July.

regulatory community update

Ungani's production licence offers arrived with the facility upgrade on track for mid-July output start and a new, improved oil-trucking contract signed; site works began for the Praslin-1 exploration well and a coastal-permit farm-in restructure brought in a significant cash injection.

quarterly activities report

Olympic 1 was cored to its 1,447m total depth in the Nambeet Formation with no significant hydrocarbons found; the well was plugged and abandoned and the rig released - the last report for Olympic 1.

drilling progress report

Buru launched a fully-funded two-rig, five-to-seven-well Canning Basin exploration program using lower-cost drilling techniques, signed Native Title agreements for Ungani (a Kimberley first), and set commercial oil production at Ungani to begin mid-July 2015.

quarterly activities report

The WA Supreme Court ruled against Fitzroy River Corporation's bid for a gross royalty, confirming Buru/Mitsubishi's calculation method (a 2% net-wellhead royalty) and ordering Fitzroy to pay costs - resolving the 2013 dispute in Buru's favour.

other

The WA Supreme Court dismissed Fitzroy River Corporation's claim over the Canning Basin Royalty Deed, confirming Buru/Mitsubishi's 2%-net-wellhead calculation and ordering Fitzroy to pay costs.

other

All three Traditional Owner groups (Nyikina Mangala, Karajarri Yanja, and now Yawuru) had executed Native Title Agreements for Ungani, clearing the way for Buru/Mitsubishi to complete their Production Licence application.

regulatory community update

The Yawuru People authorised entry into an Indigenous Land Use Agreement for the Ungani Oil Field, the last of the three native title approvals needed for Ungani's Production Licence.

regulatory community update

The Nyikina Mangala and Karajarri Yanja People agreed to a Native Title Agreement clearing the way for Ungani's Production Licence applications, with only the Yawuru People's vote still outstanding.

regulatory community update

Commodore 1 was cored to its 1,600m total depth through the Goldwyer Shale Formation with excellent recovery; despite some oil shows, no producible hydrocarbon zones were found and the well was plugged and abandoned - the last report for Commodore 1.

drilling progress report

Buru's Share Purchase Plan closed, raising $3.0 million from 376 shareholders - completing (together with an equity placement announced 22 September 2014) a combined $31.1 million raise that Executive Chairman Eric Streitberg said left Buru fully funded through the end of 2015, though he noted difficult market conditions had limited retail take-up of the SPP.

capital raising announcement

Buru Energy raised $28 million via a placement of 12.5% of its equity at $0.75/share, with $20 million subscribed by Coogee Chemicals (via its holding company Chemco Pty Ltd), which became a new cornerstone substantial shareholder, fully funding Buru's 2014-2015 work program.

capital raising announcement

Eve Howell and Robert Willes joined the Board as independent Non-Executive Directors as Managing Director Keiran Wulff relinquished his executive role and resigned as a director, with Executive Chairman Eric Streitberg assuming his duties.

director officer appointment

DMP approved Buru's Laurel Formation Tight Gas Pilot Exploration Program, completing the regulatory approval process (Environment, Operational and Safety Plans) following the earlier EPA/Environment Minister sign-off.

regulatory community update

Chairman Graham Riley resigned; Eric Streitberg was appointed Executive Chairman, leaving a three-person board (Streitberg, Peter Jones, Keiran Wulff) while Buru moved to add more independent NEDs.

director officer appointment

At Buru Energy's 2014 AGM, shareholders voted decisively against adopting the remuneration report (about 72% of votes cast against), a formal 'strike' under Australia's two-strikes executive pay rule, even as the sole director candidate up for re-election was returned. A second consecutive strike the following year would have triggered a board spill vote.

agm notice

Ungani 2 produced 74,000 bbls with zero water cut since the EPT restarted in December, beating modelled expectations, with a second 38,000-bbl export shipment complete and a third sold into Singapore; the Ungani 3 appraisal well found an oil-saturated 70m dolomite interval but missed the vuggy dolomite that makes the Central Field productive.

production update

At the Macquarie Australia Conference, Buru presented an independent expert's contingent resource estimate of over 47 TCF of gas and preliminary Rafael prospect volumetrics of 50 million barrels of oil or 0.5 TCF of unrisked prospective resources.

investor presentation

Ungani 3 was completed with 7-inch production tubing after cores confirmed live oil in the same Ungani Dolomite interval as prior wells, though the reservoir was generally tight with only one zone showing further-test potential; the deeper Nullara section was barren.

drilling result

Buru completed its first Ungani crude load-out from Wyndham Port, now in transit to a Southeast Asian refinery - an important milestone establishing the export market for Ungani oil.

production update

Founding director Eric Streitberg (Buru's largest shareholder at 9.6%) moved from Executive to Non-Executive Director as part of a planned succession following Keiran Wulff's appointment as Managing Director a year earlier.

director officer appointment

Ungani 2 kept producing strongly (rate-capped to trucking capacity) as Ungani 1 began clean-up, Buru concluded its first 40,000-barrel Asian crude sale contract, and the Crusader 405 rig mobilised to spud Ungani 3.

production update

Buru acquired a further 25% of EP438 (to 62.5%) from Key Petroleum's Gulliver Productions and Indigo Oil in exchange for its L15 and R1 interests, ahead of transferring 50% of EP438 to Apache Energy under the deal announced in November 2013 - completing Key Petroleum's exit as a Buru JV partner.

asset acquisition disposition

Ungani oil production resumed with the first 700-barrel load-out to Wyndham; a post-workover Ungani 2 flowed up to 1,795 bopd (vs ~500 bopd pre-workover), with output planned to ramp to 1,500 bopd as the system was fully commissioned.

production update

The completed Ungani 3D survey confirmed the field's potential and validated the Ungani North structure, as workovers on Ungani 1 and 2 finished ahead of first oil into on-site tanks and the Crusader rig prepared to spud Ungani 3.

production update

Buru and Mitsubishi Corporation signed binding agreements bringing Apache Energy (a subsidiary of the US oil major, later renamed Quadrant Energy) into their Canning Basin joint venture: Apache can earn up to 50% of the "Coastal Permits" (EP390/438/471/473) by funding a A$25 million 2014 exploration program, and separately holds an option - for a fee of at least $7.2 million - to earn 40-50% of a second permit group (the "Acacia Permits", EP472/474/476-478) by funding further surveys and, if exercised, 80% of the first two exploration and appraisal wells there. Buru stays operator of both permit groups for now, with Apache able to take over operatorship after a transition period.

farm in farm out agreement

Fitzroy River Corporation began legal proceedings disputing how Buru calculates its Canning Basin royalty (including over the Ungani permit); Buru rejected the claim and called it immaterial - the case would conclude in Buru/Mitsubishi's favour in April 2015 (a confirmed 2% net-wellhead royalty).

other

Buru raised $35 million via an oversubscribed institutional placement at $1.65/share (an 8.8% discount), fully funding its forward program.

capital raising announcement

Buru Energy secured a $100+ million funding package to fully fund Ungani oil development, exploration and the Laurel Wet Gas appraisal program: up to $27.5 million non-dilutive funding from JV partner Mitsubishi Corporation, $20 million released from escrow by Alcoa, a new $30 million Reserve Base Loan Facility from National Australia Bank, and a $35 million underwritten placement plus $5 million Share Purchase Plan.

capital raising announcement

The Canning Basin State Agreement passed both houses of WA Parliament and awaited royal assent - a major step toward developing what could be Australia's largest onshore gas resource.

joint venture update

Buru reached an engagement-framework agreement with the Nyikina Mangala and Karajarri Traditional Owners, clearing the way to resume Canning Basin field activity - including remobilising the seismic crew and restarting the drilling campaign - after operations had been suspended amid a native-title/heritage concern.

regulatory community update

Buru's own completion announcement confirmed the Fitzroy Blocks sale to Mitsubishi and Rey Resources closed once regulatory approvals cleared, with Buru receiving the full ~$21.059M cash consideration.

farm in farm out completion

Rey Resources completed its additional 15% acquisition in the Fitzroy Blocks (EP457/458), paying Buru $6.017 million once DMP and FIRB approvals cleared - leaving Buru 37.5% (operator), Mitsubishi 37.5%, and Rey 25% (10% free-carried).

farm in farm out completion

A Company Insight interview confirmed Yulleroo 4 as a strong result validating a Basin Centred Gas System with independent consultant RISC estimating over 6 TCF of recoverable gas net to Buru in the greater Yulleroo area, and described the completed Ungani production test as showing excellent oil deliverability, quality, and pressure support.

investor presentation

Yulleroo 4 confirmed a very significant gas column supporting Yulleroo as part of the regional Laurel Basin Centred Gas System (RISC: over 6 TCF net to Buru in the Yulleroo area), while Cyrene 1 confirmed regional Goldwyer Shale prospectivity as prognosed and Ungani production was briefly suspended for logging.

drilling progress report

Rey Resources agreed to buy an additional 15% interest in the Fitzroy Blocks (EP457/EP458) from Buru for $6.017 million, taking its total stake to 25% (its original 10% had been free-carried by Gujarat NRE Oil, which Buru had bought outright in 2012). As part of the same transaction, Mitsubishi Corporation bought a 37.5% interest in the Fitzroy Blocks from Buru, with Buru remaining operator - Rey must now fund 16.7% of forward capital costs on its enlarged stake, rather than being carried.

farm in farm out completion

Mitsubishi and Rey Resources paid Buru a combined $21.058M cash to take stakes in the Fitzroy Blocks (EP457/EP458), diluting Buru's interest from 90% to 37.5% (Mitsubishi 37.5%, Rey 25%).

farm in farm out completion

Yulleroo 4's logging finished and 5½-inch casing was being run for suspension; gas shows spanned a substantial 1,686m interval (2,160m to the 3,846m total depth), confirming a very large gas column.

drilling progress report

Yulleroo 4 reached 3,649m, intersecting the Upper/Lower Laurel Formations and Yulleroo Gas Sands on prognosis (~200m structurally lower than Yulleroo 3) with gas signatures matching the other Yulleroo wells; higher mud weights gave more stable hole conditions than earlier wells.

drilling progress report

Ungani's production test neared completion of its initial data-gathering phase while Buru drilled the Yulleroo 4 appraisal well and cored strong oil/gas shows at Cyrene 1's Goldwyer Shale interval.

quarterly activities report

Cyrene-1 cored the Goldwyer Formation to 1,014m RT with further oil and gas shows; Key's MD called the results 'extremely significant' for both conventional and unconventional potential, confirming an oil-generating source rock.

drilling progress report

RISC's first whole-of-permit independent assessment of the Laurel Formation Basin Centred Gas System (drawing on 22 wells, including five drilled by the Buru/Mitsubishi JV) confirmed the potential already suggested by in-house and earlier independent analyses.

resource reserve update

Coring began on Cyrene-1's Goldwyer shale; oil shows so far were consistent with those at Hedonia-1 (160m away), supporting the JV's view that the Goldwyer Shale here sits in the oil generation window.

drilling progress report

Cyrene-1 reached its 958m Goldwyer coring point with oil shows across a 43m interval (915-958m) in the lower Grant/Goldwyer Formations - an active-source-rock indication with unconventional potential, at the same depth the Goldwyer top was found in nearby Hedonia-1.

drilling progress report

Ungani's EPT performance kept improving as Yulleroo 4 neared spud (testing for a Yulleroo Basin Centred Gas System) and Cyrene 1 prepared to resume drilling toward both a conventional oil target and the Goldwyer Shale play, with new MD Keiran Wulff starting 14 January.

drilling progress report

Independent estimates by RISC lifted Ungani Field's 2C contingent resources to 9.9 million barrels (Buru's 50% share) - up 1.9 million barrels on production data alone - and put Ungani North's Ungani Dolomite section at about 6 million barrels 2C, with further upside pending 2013 seismic, appraisal drilling, and flow testing.

resource reserve update

Ungani North-1's evaluation/testing program was under review pending approvals; the well showed a thicker sealing shale and an interpreted ~40m oil column atop a much thicker dolomite reservoir than at Ungani, though the reservoir itself didn't match Ungani's porosity development.

drilling progress report

Dr Keiran Wulff - a former Oil Search COO who had joined Buru's board as a non-executive director about a year earlier alongside Austin Miller - was appointed Managing Director, with Executive Director Eric Streitberg stepping back into a less visible support role; Streitberg also gave an encouraging but still-inconclusive early readout on Ungani North-1 (a roughly 40m oil column atop a thicker but less porous dolomite section than at Ungani, still likely commercial given proximity to existing infrastructure, with test timing still under review).

director officer appointment

Logging over Ungani North-1's Nullara section (previously only seen in Ungani-1) found fractured, potentially vugular limestones with strong gas and some oil shows, though a flow test will be needed to determine any commercial potential; casing to total depth is underway.

drilling progress report

Dr Keiran Wulff, previously a Non-Executive Director, was appointed Managing Director effective 14 January 2013, taking responsibility for day-to-day operations alongside Executive Director Eric Streitberg.

director officer appointment

Ungani North-1 was deepened to a revised 3,701m total depth after oil shows in the Nullara Formation and strong gas shows (up to 2,800 units) in the lower Nullara section.

drilling progress report

Preliminary evaluation of Ungani North-1 suggested up to a 44m oil column atop the Ungani Dolomite with vugular porosity over 280m+, though apparently less well-developed than at Ungani itself - further testing needed to confirm flow potential.

drilling progress report

Ungani North-1 reached 2,578m; the top of the dolomitic reservoir (~2,553m) showed oil shows, vuggy porosity indications, and mud gas over 10x background - encouraging signs of an active, oil-prone system similar to Ungani.

drilling progress report

Ungani North-1 reached its 2,550m casing point; the sealing shale seen at the Ungani Oilfield was confirmed present, and the underlying limestone showed oil fluorescence and a mud gas increase - encouraging signs of a similar active petroleum system.

drilling progress report

Buru and Mitsubishi Corporation executed a 25-year State Agreement with the WA Government over EP371/391/428/431/436 - the first such agreement covering onshore exploration/development in the state - giving long-term tenure and a path to domestic gas and eventual LNG development.

joint venture update

Buru added Dr Keiran Wulff - a petroleum geologist with 17 years at the much larger Oil Search Limited - to its board after a formal director search, a deliberate move to bring in commercialisation and large-gas-project experience as Buru worked to grow the Ungani discovery into a bigger business.

director officer appointment

Buru completed its $36M cash acquisition of Gujarat NRE Oil Limited (giving it an indirect 90% interest in EP457/458), funded by its recent institutional placement, while rejecting Rey Resources' objection that the deal breached JV agreement terms.

asset acquisition disposition