Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2019drilling progress report▼ Bad
Ungani 6H reached 2,390m total depth with the Dolomite hit as predicted at 2,380m, but 5.5-inch casing met obstructions in the Ungani Shale (2,358-2,380m); a cleanout trip failed to clear the hole, so the well will be sidetracked through the shale section before re-running casing.
11 June 2019drilling progress report● Neutral
Ungani 6H drilled to 2,358m just above the Dolomite target; once cased, the rig will move to drill the equivalent section on a new sister well, Ungani 7H, before a coil-tubing package drills underbalanced horizontal reservoir sections in both.
4 June 2019drilling progress report▼ Bad
Ungani 6H reached 2,013m; a lost circulation zone, plugged drill string, and motor/hydraulic maintenance caused delays and above-budget costs, though still within the program's overall contingency.
28 May 2019drilling progress report● Neutral
Ungani 6H reached 1,918m measured depth after a bit trip to exchange a downhole motor.
27 May 2019trading halt request● Neutral
ASX temporarily paused trading in Buru shares on 27 May 2019 pending a further announcement.
27 May 2019price query● Neutral
Buru Energy responded to an ASX price/volume query, saying it wasn't aware of any undisclosed information explaining the recent trading.
21 May 2019drilling progress report● Neutral
Ungani 6H drilled ahead to 1,304m after a successful formation integrity test.
16 May 2019investor presentation● Neutral
Buru's 2019 AGM presentation pitched the company as a profitable low-cost oil producer with extensive controlling acreage, a near-term drilling program, and a balanced asset portfolio.
15 May 2019drilling progress report▲ Good
Ungani 6H drilling got underway (first casing set) and Ungani 7H's site was finished, while Yakka Munga and Rafael access roads/sites advanced and Buru supported Doriemus's Butler prospect drilling prep ahead of its 16 May AGM.
14 May 2019drilling progress report● Neutral
Ungani 6H (new horizontal development well) spud, drilled with a casing-while-drilling system to 945m in the Nura Nura Shale on prognosis; rig performing well.
6 May 2019drilling spud● NeutralMajor
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.
11 Apr 2019drilling scheduled● Neutral
Buru mobilised the NGD 405 rig for its 2019 drilling program, with Ungani 6's site construction complete and spud expected the first week of May, followed by Ungani 7 (site works underway) and then the Yakka Munga 1 exploration well.
11 Apr 2019resource reserve update● Neutral
A second, same-day lodgement of the Butler prospect ERCE resource announcement (identical content to the joint release with Doriemus).
11 Apr 2019resource reserve update▲ GoodMajor
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%.
31 Mar 2019quarterly cashflow report● Neutral
Buru Energy reported $61.5M cash on hand at the end of the quarter ended 2019-03-31. Against its own $7.4M forecast for next-quarter outflows, that implied roughly 8.3 quarters of funding on hand.
28 Mar 2019farm in farm out completion▲ Good
Rey Resources completed acquiring a further 15% of the Fitzroy Blocks (EP457/458) from Mitsubishi's Diamond Resources (Barbwire) subsidiary for A$480,000, taking Rey to 40% (with Buru free-carrying 6.664% of Rey's interest); Buru remains operator.
26 Mar 2019investor presentation● Neutral
Buru issued an updated corporate presentation ahead of the Executive Chairman presenting at the Australian Energy and Minerals Investor Conference in Brisbane.
18 Mar 2019production update▲ Good
A 70,278-bbl March lifting (~A$3M net to Buru) came as field production averaged 1,200 bopd, Ungani 6 site construction began, and the Buru/Rey EP457/458 interest transfer neared completion.
25 Feb 2019drilling progress report▲ GoodMajor
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.
2 Jan 2019production update▲ Good
A ~70,000-bbl December/January lifting completed as Ungani 4's flow tests continued to support an oil/water contact near the original field level, with the NGD 405 rig contract executed for the 2019 program.
31 Dec 2018other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2018.
31 Dec 2018remuneration report● Neutral
Buru Energy's FY2018 remuneration report disclosed pay for its 3-director board - Executive Chairman Eric Streitberg, and non-executive directors Eve Howell and Robert Willes - led by Streitberg at $719,478.
31 Dec 2018quarterly cashflow report● Neutral
Buru Energy reported $64.0M cash on hand at the end of the quarter ended 2018-12-31. Against its own $3.1M forecast for next-quarter outflows, that implied roughly 20.6 quarters of funding on hand.
13 Dec 2018production update▲ Good
Ungani 4ST1 began cleanup production as field output (ex-4ST1) averaged ~1,150 bopd, the 2018 drilling program wrapped up, and Buru completed its purchase of an additional 22.5% of EP457/458 to reach 60%.
10 Dec 2018asset acquisition disposition▲ GoodMajor
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.
10 Dec 2018asset acquisition disposition▲ GoodMajor
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.
3 Dec 2018drilling progress report▲ Good
Ungani 4ST1 reached 2,247m with good reservoir zones and an oil/water contact near the field's original level; with it and Ungani West 1 complete, the JV wrapped up the 2018 drilling season ahead of the wet season, targeting an April/May 2019 restart with a larger rig.
27 Nov 2018regulatory community update▲ GoodMajor
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.
27 Nov 2018drilling progress report▲ Good
Ungani 4ST1's remedial liner top packer was set and pressure-tested successfully; drilled ahead to 2,148m with oil shows in cuttings consistent with the original Ungani 4 well.
20 Nov 2018drilling progress report● Neutral
Ungani 4ST1 operations recommenced: the equipment needed to fix the liner top fault (suspended since 8 October) was mobilised once Ungani West 1's drilling freed it up, resuming ~11 days of work to drill into the Dolomite.
