2 June 2021capital raising announcement● Neutral
Buru reminded eligible shareholders of the closing date for its Share Purchase Plan, a routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2021drilling progress report▲ GoodMajor
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.
28 May 2021drilling scheduled▲ Good
The Ensign 963 rig began mobilising to the Currajong 1 site (the first of two Origin-farm-in exploration wells), with site prep already complete and spud expected mid-June once the camp and rig assembly finished.
20 May 2021capital raising announcement● Neutral
Buru extended its Share Purchase Plan's closing date by about two weeks (to 4 June 2021) to give eligible shareholders more time to weigh a same-day drilling-program update before deciding whether to apply for up to $30,000 of shares at 16 cents each.
20 May 2021drilling scheduled● Neutral
Kurrajong 1 was renamed Currajong 1 (an offshore name conflict) with Rafael 1 confirmed as the program's second well, spudding back-to-back in mid-June and late July/early August respectively.
13 May 2021drilling scheduled▲ Good
Kurrajong 1 site preparation neared completion (rig loads departing the Northern Territory 24 May) as Buru's Origin-carried 97-million-barrel two-well campaign stayed on track for a mid-June start.
6 May 2021cleansing notice● Neutral
Buru Energy lodged a routine cleansing notice confirming its 30 April 2021 placement of 100,000,000 new shares at $0.15 (raising $15 million) complied with disclosure rules and can trade freely.
6 May 2021appendix 2a quotation● Neutral
Buru Energy listed for quotation 100,000,000 new ordinary shares, taking total shares on issue from 432,074,241 to 532,074,241.
6 May 2021capital raising announcement● Neutral
Buru opened its Share Purchase Plan, letting eligible shareholders buy up to $30,000 of new shares each at $0.16 - the same price as the $15 million institutional placement completed a week earlier - without paying any brokerage.
1 May 2021investor presentation● Neutral
Buru issued an investor presentation branding itself an 'experienced oil producer unlocking the value of petroleum resources in the Canning Basin', around the time of its May 2021 Share Purchase Plan.
30 Apr 2021capital raising announcement● Neutral
The formal ASX lodgement form for Buru's April 2021 capital raise: an offer of up to 31,250,000 new shares combining an institutional placement with a follow-on Share Purchase Plan for existing shareholders - the structured cover sheet for the raise announced the same day (see companion announcement), not a separate event.
30 Apr 2021capital raising announcement▲ GoodMajor
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.
29 Apr 2021trading halt request● Neutral
Buru Energy requested a trading halt pending a capital-raising announcement.
27 Apr 2021production update▲ Good
An ESP retrofit on Ungani 5 (replacing its beam pump) lifted field oil rates - alongside stabilising rates from Ungani 7 - to over 1,000 bopd, up from around 800 bopd previously, with water-handling capacity also upgraded ahead of further ESP work and the planned horizontal Ungani 8 development well.
14 Apr 2021drilling scheduled▲ Good
Buru confirmed Ensign 963 (fresh from Origin Energy's Beetaloo Basin program) as the rig for its three-well 2021 Canning Basin program, with Kurrajong 1 on track to spud early-to-mid June.
9 Apr 2021production update● Neutral
A ~70,000-bbl Ungani lifting to BP (~A$2.5M to Buru) was delayed by wet-season road closures; field production continued its expected natural decline per reservoir modelling, offset partly by ESP and water-injection upgrades.
1 Apr 2021investor presentation● Neutral
Buru issued an investor presentation branding itself an 'experienced oil producer unlocking the value of petroleum resources in the Canning Basin', around the time of its April 2021 capital raise.
1 Apr 2021investor presentation● Neutral
Buru issued a routine investor corporate update around the time of its April 2021 capital raise.
31 Mar 2021quarterly cashflow report● Neutral
Buru Energy reported $20.4M cash on hand at the end of the quarter ended 2021-03-31, having used $1.1M in operating cash flow that quarter. Against $1.1M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 18.0 quarters of funding on hand.
29 Mar 2021joint venture update▲ GoodMajor
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.
29 Mar 2021joint venture update▲ GoodMajor
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.
22 Mar 2021joint venture update▲ GoodMajor
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.
23 Feb 2021director officer appointment▲ GoodMajor
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.
31 Dec 2020remuneration report● Neutral
Buru Energy's FY2020 remuneration report disclosed pay for its 3-director board - Executive Chairman Eric Streitberg, and non-executive directors Eve Howell and Robert Willes, both taking a 20% fee cut that year - led by Streitberg at $529,072.
31 Dec 2020investor presentation▲ Good
Buru's investor update described the company as 'positioned for growth': a strong balance sheet with about $20 million cash projected at year-end and no debt, a newly-concluded high-value farm-in (Origin Energy taking up to 50% of new exploration acreage), and an agreed 2021 drilling program targeting large conventional oil prospects.
31 Dec 2020other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2020.
31 Dec 2020quarterly cashflow report● Neutral
Buru Energy reported $21.4M cash on hand at the end of the quarter ended 2020-12-31, having generated $333K in operating cash flow that quarter.
21 Dec 2020farm in farm out agreement▲ GoodMajor
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).
21 Dec 2020farm in farm out agreement▲ GoodMajor
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.
21 Dec 2020farm in farm out agreement● Neutral
Rey Resources' own announcement of the same EP457/458 Origin farm-out added the legal detail that Origin must complete by 12 April 2021 (paying a $3M Completion Payment split with Buru) if a formal Farm-in Agreement isn't executed first.