23 Oct 2019drilling progress report▲ Good
Miani 1's early logs suggested extra prospectivity in a deeper, unpenetrated part of the Nullara carbonate section, so the well is being deepened from 2,689m to ~3,000m to fully evaluate it.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2019drilling progress report● Neutral
Miani 1 reached 2,689m through tight limestones with only minor hydrocarbon shows still to be evaluated by wireline logs, while Ungani 7H's coiled-tubing horizontal drilling got underway, with both Ungani 6H and 7H expected to be completed and brought onto production by the end of November.
15 Oct 2019drilling progress report● Neutral
Miani 1 drilled to 2,142m in the Lower Laurel Shales/Gumhole Formation, approaching the primary Nullara Formation target.
8 Oct 2019drilling progress report● Neutral
Miani 1 drilled to 974m.
3 Oct 2019drilling progress report● Neutral
Miani 1 (new exploration well, 100% Buru, near the Blina Oilfield) spud, testing a novel Devonian-reef stratigraphic trap play type new to the Canning Basin.
30 Sept 2019quarterly cashflow report● Neutral
Buru Energy reported $46.7M cash on hand at the end of the quarter ended 2019-09-30. Against its own $16.7M forecast for next-quarter outflows, that implied roughly 2.8 quarters of funding on hand.
24 Sept 2019drilling progress report▲ Good
Ungani 7H's liner was run and cemented into the Dolomite; the rig was released to spud Miani 1, with coiled-tubing horizontal drilling of the reservoir section to follow later - the final weekly report for this phase.
17 Sept 2019drilling progress report▲ GoodMajor
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.
10 Sept 2019drilling progress report● Neutral
Ungani 7H drilled to 2,037m building hole angle as planned, on schedule.
6 Sept 2019regulatory community update▲ GoodMajor
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.
5 Sept 2019drilling progress report● Neutral
Ungani 7H's surface casing was set and drilling continued in modified (larger) casing sizes to manage the shale instability seen on Ungani 6H, while Ungani North was reperforated with larger equipment to improve on earlier low-rate oil production.
3 Sept 2019drilling progress report● Neutral
Ungani 7H (new horizontal development well) spud, drilled to 1,281m.
1 Sept 2019investor presentation● Neutral
Buru's investor update highlighted its large, still-underexplored Canning Basin acreage (5.5 million gross acres), ongoing Ungani oil production, and its liquids-rich tight-gas portfolio as the core of its investment case.
27 Aug 2019drilling spud▲ GoodMajor
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.
15 Aug 2019production update▲ GoodMajor
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.
14 Aug 2019drilling result▲ GoodMajor
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.
13 Aug 2019trading halt request● Neutral
Buru Energy requested a trading halt pending wireline log and pressure data results at the Adoxa-1 exploration well.
13 Aug 2019drilling progress report▼ Bad
Adoxa 1 reached its 2,300m total depth with no further significant oil shows beyond the earlier Reeves Formation interval; wireline logging now underway to assess it.
8 Aug 2019drilling progress report● Neutral
Adoxa 1 drilled ahead from 1,609m to 1,916m, encountering fair-to-poor hydrocarbon shows in several sand bodies below the top of the Anderson Formation objective (1,730m) - encouraging but not yet decisive, pending wireline logs at total depth.
6 Aug 2019drilling progress report▲ GoodMajor
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.
5 Aug 2019drilling progress report▲ GoodMajor
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.
30 July 2019drilling progress report● Neutral
Adoxa 1 drilled to 646m surface casing point.
25 July 2019drilling progress report● Neutral
Adoxa 1 (new exploration well, 50/50 with Roc Oil, EP 428) spud, testing the same conventional Reeves Formation oil play that worked at Ungani Far West 1.
18 July 2019investor presentation● Neutral
Buru issued an updated corporate presentation ahead of a condensed version being presented at the Noosa Mining & Exploration Investor Conference.
9 July 2019drilling progress report▼ BadMajor
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.
2 July 2019drilling progress report▲ Good
Ungani 6H's sidetrack (now Ungani 6HST) succeeded, drilling ahead to 2,036m toward the Dolomite target.
30 June 2019quarterly cashflow report● Neutral
Buru Energy reported $58.8M cash on hand at the end of the quarter ended 2019-06-30. Against its own $14.8M forecast for next-quarter outflows, that implied roughly 4.0 quarters of funding on hand.
30 June 2019other● Neutral
Buru's H1 2019 interim report showed cash of $58.8M (down slightly from $64.0M) and a half-year loss of $4.4M.
27 June 2019drilling progress report● NeutralMajor
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.
25 June 2019drilling progress report▼ Bad
Ungani 6H's planned in-hole sidetrack around a shale casing obstruction failed on the first attempt (drilled to 2,280m); a second cement kick-off plug is being set to try again.