27 Sept 2012drilling progress report▲ Good
Asgard-1 was deepened to 3,524m (past the original 3,400m prognosis) as strong gas shows continued, with wireline logging to follow.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2012farm in farm out agreement▲ GoodMajor
Buru agreed to acquire Gujarat NRE Oil Limited outright for $36 million cash, gaining an indirect 90% interest in exploration permits EP457 and EP458 (the "Fitzroy Blocks") in the Canning Basin - Rey Resources holds the other 10%, free-carried by Gujarat until production begins. Buru also gave Mitsubishi Corporation an option to buy half of Buru's new interest in these permits on the same terms.
25 Sept 2012drilling progress report▲ GoodMajor
Asgard-1 confirmed a 35km southeast extension of the Valhalla tight-gas trend after deepening to 3,524m for continued gas shows - a materially positive read on Valhalla's resource potential - and the rig was then released to resume the previously-suspended Ungani North-1 well, while the Ungani EPT continued to outperform its planned flow rate.
20 Sept 2012drilling progress report▲ GoodMajor
Asgard-1 reached 2,680m after intermediate casing at 1,957m; gas shows from the Upper Laurel Clastics top (1,919m) resembled Valhalla North-1's - an encouraging sign the regional Laurel gas accumulation extends some 35km from Valhalla.
13 Sept 2012drilling progress report● Neutral
Asgard-1 reached its 1,960m intermediate casing point, preparing for wireline logging.
6 Sept 2012drilling progress report● Neutral
Asgard-1 reached 554m with surface casing run, heading toward a 1,960m intermediate casing point.
3 Sept 2012drilling progress report▲ GoodMajor
Three months into the Ungani Field's Extended Production Test, pressure and production data lifted confidence to a minimum of 8 million barrels of mobile oil (up from 5 million), with Ungani-2 now producing over 85% clean oil.
30 Aug 2012drilling progress report● Neutral
Asgard-1 reached 107m, heading toward a first casing point around 550m.
30 Aug 2012drilling spud▲ GoodMajor
In a Company Insight interview, Buru confirmed it had just spudded Asgard-1 - 35km southeast of Valhalla-2, designed to test how far the Valhalla basin-centred gas accumulation extends - while also flagging Century Rig #7's release, Ensign Rig #32's move to complete Ungani North in mid-to-late October, and plans to drill Cyrene-1 and test the unconventional Goldwyer Shale. (Well registry note: Asgard-1's spudDate was corrected from 2012-05-07 to late August 2012 based on this interview - see accompanying data-quality fix.)
28 Aug 2012drilling spud● Neutral
Asgard-1 spudded at 00:00hrs on 28 August 2012 (Buru/Mitsubishi 50/50, EP371), sited to test whether the Valhalla Basin Centred Gas Accumulation extends some 35km further southeast.
21 Aug 2012drilling progress report▼ Bad
An incident on Ungani North-1 led Buru to terminate its Century Rig #7 contract; the plan became to finish Ungani North-1 and drill Cyrene-1 next with Ensign Rig #32, well order still subject to JV agreement.
20 Aug 2012drilling progress report▼ BadMajor
A mechanical failure in Century Rig #7's drawworks damaged the top drive during a routine bit trip on Ungani North-1; drilling was suspended and the well will likely be secured and finished later by Ensign Rig #32 after Asgard-1.
16 Aug 2012drilling progress report● Neutral
Ungani North-1 reached 2,266m, still slowed by rig issues and hard drilling, with continued poor oil shows in the Anderson Formation above the primary objective.
9 Aug 2012drilling progress report● Neutral
Ungani North-1 reached 2,090m, slowed by hard Lower Anderson Formation sections (as also seen near Yulleroo), with continued poor-to-fair oil shows.
6 Aug 2012drilling result▲ GoodMajor
Yulleroo-3 reached a revised total depth of 3,712 metres with stronger-than-expected gas shows continuing over 1,000 metres above the previously mapped top of the Yulleroo gas field, plus a surprise conventional-quality sand around 3,200m that could materially lift flow rates - results Buru said also pointed toward a broader basin-centred gas accumulation similar to Valhalla.
2 Aug 2012drilling progress report▲ Good
Ungani North-1 reached 1,927m (still rig-delayed) with poor-to-fair oil shows and minor mud gas increases over a 15m Anderson Formation interval, ahead of reaching the primary Ungani Dolomite objective.
2 Aug 2012drilling progress report▲ Good
Yulleroo-3 reached its 3,712m total depth (a further high-gas sand package found); casing was being run before releasing the rig to Asgard-1 - the last weekly report for Yulleroo-3.
26 July 2012drilling progress report▲ GoodMajor
Yulleroo-3 reached 3,603m; logs and sidewall cores identified a sand package (~3,200m) with porosity and permeability in the 'conventional' rather than 'tight' range - a genuinely encouraging reservoir-quality finding.
26 July 2012drilling progress report● Neutral
Ungani North-1 reached 1,040m, continuing to be slowed by rig maintenance and repairs.
19 July 2012drilling progress report● Neutral
Ungani North-1 reached 744m, delayed during the week by rig maintenance, still heading toward its 2,260m casing point.
19 July 2012drilling progress report▲ GoodMajor
Yulleroo-3's logs confirmed an extensive gas-charged section from ~2,130m to the 3,578m total depth - some 1,110m above the previously mapped gas top in Yulleroo-1, with good stratigraphic correlation between the two wells.
12 July 2012drilling progress report● Neutral
Ungani North-1 reached 624m with surface casing cemented at 620m, heading toward a 2,260m intermediate casing point.
12 July 2012drilling progress report▲ Good
A second Yulleroo-3 core (3,308.3-3,314.4m, 94.1% recovery) resembled the Laurel gas sands seen in Yulleroo-1/2; the well reached a preliminary 3,578m total depth ahead of logging and casing.
6 July 2012drilling spud● Neutral
Ungani North-1 spudded at 16:00hrs on 5 July 2012 using Century Rig #7.
5 July 2012drilling progress report▲ Good
Yulleroo-3 reached 3,290m near the top of a principal gas sand; a core (3,290-3,308.3m, 91.8% recovery) showed gas bleeding at surface with significant gas influx during coring.
28 June 2012drilling progress report▲ Good
Yulleroo-3 reached 3,200m; the Upper Laurel Clastics top (2,341m) brought gas shows from ~2,130m (3-30x background), shallower than in previous Yulleroo wells and with some Valhalla-like characteristics.
26 June 2012drilling result▲ GoodMajor
Paradise-1's deepening operation ended with live oil recovered to surface from the Lower Grant/Anderson zone during abandonment prep; Buru suspended the well (reversing the original plug-and-abandon plan) to allow further testing.
21 June 2012drilling progress report● Neutral
Poor hole conditions prevented wireline evaluation of Paradise-1's deepened section; the plan (as of this report) was to plug and abandon the well as originally intended - the last weekly report for this campaign, though the plan would be reversed days later after live oil was recovered during abandonment prep.
21 June 2012drilling progress report● Neutral
Yulleroo-3's intermediate casing was cemented to 2,199m after logging, preparing to drill ahead to the Upper Laurel objective.
14 June 2012drilling progress report● Neutral
Paradise-1's deepening held at its revised 2,798m total depth while LWD and wireline logs were run to evaluate the 6-inch hole section.