28 Mar 2022agm notice● Neutral
Buru Energy set its 2022 Annual General Meeting date (19 May 2022) and director-nomination closing date under its standard listing-rule disclosure.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2022flow test result▲ GoodMajor
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.
8 Mar 2022flow test result▲ GoodMajor
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.
1 Mar 2022flow test result▲ GoodMajor
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.
25 Feb 2022flow test result● Neutral
Rafael 1's flow-test program began with an initial cleanup flow, after some minor operational delays; definitive rate and gas-composition results are expected next week.
18 Feb 2022drilling progress report● Neutral
The Rafael 1 test crew reached site and began rigging up equipment, with the planned 7-10 day flow test expected to start within days.
11 Feb 2022drilling result▼ Bad
Roc Oil's sole-risk sidetrack of Ungani 8HST1 hit stuck pipe again at 2,473m in the Ungani Shale; Roc (bearing all costs) decided to suspend the well, closing out the 2021 drilling campaign.
8 Feb 2022drilling progress report● Neutral
WA's eased quarantine rules let the Rafael 1 test crew start about a week earlier than planned, moving the flow test to mid- rather than late-February.
7 Feb 2022drilling progress report● Neutral
The Rafael 1 flow-test crew cleared COVID quarantine delays and remobilised, pushing the test toward late February, while Ungani delivered a ~70,000-bbl lifting and the Ungani 8H ST1 sidetrack progressed on schedule.
24 Jan 2022drilling progress report▼ Bad
WA's hard border COVID restrictions delayed the Rafael 1 flow-test crew's mobilisation to around late February, while on Ungani 8H the drill string became stuck retrieving from 2,605m and had to be backed off and abandoned in the hole at 2,206m.
7 Jan 2022drilling progress report● Neutral
Ungani 8H drilled ahead to 2,088m toward its casing point, while the planned Rafael 1 flow test was delayed past early February by Western Australia's COVID-era interstate border closures, which stopped the specialist test crew from reaching site from Queensland and South Australia.
31 Dec 2021securities registry admin● Neutral
Two option tranches (BRUAQ, BRUAR) lapsed unexercised on 31 December 2021, totalling 5.65 million options.
31 Dec 2021remuneration report● Neutral
Buru Energy's FY2021 remuneration report covered a board in transition - Robert Willes continuing throughout, Eve Howell and Sarah Tough both departing by May, and new directors Joanne Kendrick and Malcolm King joining in February - led by Executive Chairman Eric Streitberg at $606,953.
31 Dec 2021other● Neutral
Buru published its inaugural 2021 Sustainability Report, covering climate, environment, safety, community, and governance performance.
31 Dec 2021quarterly cashflow report● Neutral
Buru Energy reported $23.7M cash on hand at the end of the quarter ended 2021-12-31, having used $9.2M in operating cash flow that quarter. Against $9.2M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 2.6 quarters of funding on hand.
31 Dec 2021other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2021.
29 Dec 2021drilling progress report● Neutral
Ungani 8H (new development well 700m NNW of Ungani 1/2) drilling ahead toward its ~2,565m Dolomite casing point with no incidents so far.
20 Dec 2021drilling spud▲ GoodMajor
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.
13 Dec 2021drilling scheduled▲ GoodMajor
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.
6 Dec 2021drilling progress report▲ Good
Rafael 1's drilling rig was released after running 4½-inch tubing inside 7-inch casing, leaving the interpreted Ungani Dolomite reservoir section uncased ('barefoot') to maximise flow potential ahead of a mid-December production test; the rig then remobilised to the Ungani Oilfield, with Ungani 8H expected to spud before Christmas.
23 Nov 2021drilling progress report▲ GoodMajor
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.
19 Nov 2021trading halt request● Neutral
Buru Energy requested a trading halt pending wireline log evaluation results at the Rafael-1 exploration well.
17 Nov 2021drilling progress report▲ GoodMajor
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.
9 Nov 2021drilling progress report▲ GoodMajor
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.
3 Nov 2021drilling progress report▲ GoodMajor
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.
26 Oct 2021other● Neutral
Buru lodged its mandatory JobKeeper payments disclosure covering FY2020 and FY2021.
25 Oct 2021drilling progress report▲ Good
Rafael 1 reached its 3,500m casing point (9⅝-inch casing about to run) after slow drilling through hard Anderson Formation sandstones - encouragingly, the basal Anderson section showed elevated mud-gas readings up to 4%, about 10x background.
21 Oct 2021resource reserve update▲ Good
2H Resources (already flagged as a Buru energy-transition business by mid-2021) had been granted over 29,000 sq km of South Australian permits on trend with legacy natural hydrogen discoveries, with on-ground prospecting to follow.
13 Oct 2021production update▲ Good
A ~74,000-bbl Ungani lifting to BP (~A$3.7M to Buru on a strong Brent price) came as the field held a stable ~800 bopd; Buru confirmed Ungani 8, a horizontal well targeting an undrained fault block near Ungani 6H, for after Rafael 1 finishes drilling.
11 Oct 2021well test result▼ BadMajor
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.