Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
21 Dec 2020farm in farm out agreement▲ GoodMajor
In a companion, larger deal, Origin Energy agreed to earn 50% of Buru's five wholly-owned Canning Basin permits by carrying $16M toward drilling Rafael 1 and Kurrajong 1 (plus $1M for past costs) and the first $3M of 2021 seismic acquisition.
1 Dec 2020production update▲ GoodMajor
A 67,757-bbl November lifting (~A$1.8M to Buru) went out under the new BP Singapore marketing deal as field production held ~1,000 bopd; 2021 exploration planning advanced (rig/seismic bids, heritage surveys) with the farm-out process 'proceeding satisfactorily' and expected to close before year-end, and Buru repaid its final $2M debt instalment.
30 Sept 2020quarterly cashflow report● Neutral
Buru Energy reported $23.3M cash on hand at the end of the quarter ended 2020-09-30, having used $2.1M in operating cash flow that quarter. Against $2.1M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 11.0 quarters of funding on hand.
28 Sept 2020production update● Neutral
A 71,038-barrel Ungani lifting was the first under Buru's new BP Singapore marketing agreement (Buru's share ~A$1.6-1.7m); field production is ~1,200 bopd after downtime to install an ESP on Ungani 7.
10 Sept 2020joint venture update▲ GoodMajor
Buru executed a marketing agreement with BP Singapore for Ungani oil sales, completed the Ungani 7 ESP install, and entered a new Canning Basin hydrothermal mineral exploration joint venture (Battmin) alongside planning for its 2021 exploration program.
10 Sept 2020joint venture update▲ GoodMajor
Sipa Resources and Buru formed a 50/50 Barbwire Terrace joint venture (Buru funding the first $250,000 of exploration to earn its half, Sipa operator) targeting Mississippi-Valley-Type base-metal mineralisation analogous to the Lennard Shelf deposits, identified partly using petroleum-industry data.
17 July 2020production update● Neutral
A 74,819-bbl July lifting (~A$1.6M to Buru) went out on a spot basis via the Buru/Roc Oil JV, with the next lifting deferred to October to allow an Ungani 7 ESP workover and a planned Ungani Far West 1 recompletion.
30 June 2020other▼ BadMajor
Buru's H1 2020 interim report showed cash down to $25.4M (from $32.4M) as the half-year loss widened sharply to $22.6M from $4.4M.
30 June 2020quarterly cashflow report● Neutral
Buru Energy reported $25.4M cash on hand at the end of the quarter ended 2020-06-30, having used $4.7M in operating cash flow that quarter. Against $4.7M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 5.0 quarters of funding on hand.
4 June 2020production update▲ GoodMajor
With the Petro-Diamond offtake contract ended, Buru sold its next Ungani lifting on a spot basis (mid-July) as production held near 1,250 bopd and an ESP was readied for Ungani 7, while a farm-out process for the Canning Basin acreage continued alongside new-ventures screening.
14 May 2020production update● NeutralMajor
A 76,817-bbl Ungani lifting (~A$1.2M to Buru) went out as the existing PDS offtake contract neared its 30 June 2020 expiry; the Buru/Roc joint venture was negotiating a successor deal and weighing a temporary Ungani suspension if terms didn't clear, while the exploration-acreage farm-out process continued.
8 May 2020other● Neutral
Shareholders approved amendments to Buru's Constitution at the 2020 AGM.
7 May 2020investor presentation● Neutral
At Buru's first-ever virtual AGM, the Executive Chairman reassured shareholders on the company's balance-sheet resilience through the COVID-19 pandemic and oil-price collapse, noting no permit commitments forced unwanted activity.
7 May 2020agm notice▲ Good
Buru Energy shareholders approved every resolution put to the 2020 Annual General Meeting.
7 May 2020agm notice● Neutral
Buru Energy convened its 2020 Annual General Meeting for 7 May 2020, with shareholders asked to adopt the remuneration report, re-elect director Robert Willes, approve a 10% additional placement capacity, and amend the constitution.
6 May 2020agm notice● Neutral
Buru Energy reminded shareholders that its Annual General Meeting was being held the next day.
1 May 2020investor presentation● Neutral
In an early-COVID investor update, Buru emphasised a deliberately conservative strategy to withstand market volatility: about $30 million cash and minimal debt (just $2 million due by year-end), fully discretionary exploration spending with no must-drill permit commitments, and a resilient base of existing Ungani oil production.
31 Mar 2020quarterly cashflow report● Neutral
Buru Energy reported $30.1M cash on hand at the end of the quarter ended 2020-03-31, having used $2.4M in operating cash flow that quarter. Against $2.4M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 13.0 quarters of funding on hand.
30 Mar 2020other▼ BadMajor
Responding to COVID-19, Buru cut corporate personnel costs by more than 50% (salary reductions of 20-75%, including the Executive Chairman -55% and NEDs -40%, plus some redundancies) and deferred all discretionary/capital spending, while keeping Ungani production running toward a mid-May lifting.
23 Mar 2020drilling progress report▼ BadMajor
Ungani 6H/ST1's coil-tubing drilling assembly became stuck while milling the shoe track; after repeated failed attempts to free it, the well was suspended and all equipment demobilised under COVID-19 protocols - the mechanical failure that would leave this well's horizontal completion permanently unfinished.
16 Mar 2020drilling progress report▼ BadMajor
A 63,780-barrel Ungani lifting brought in ~A$1.9m as Ungani 6H coil-tubing work commenced (with some mechanical delays); the global oil-price crash and market turmoil from COVID-19 prompted Buru to review and cut discretionary spending, though the field stays cash-flow positive above US$25/bbl.
9 Mar 2020drilling progress report● Neutral
A brief wet-season shut-in has passed with Ungani back to ~1,500 bopd; the coil-tubing unit for Ungani 6H's stalled completion has finally arrived on site (delayed by flooding) to begin a planned 21-day operation to mill out the shoe, re-drill the shale section, and drill the horizontal laterals.
13 Feb 2020production update▲ Good
Wet-season shut-ins allowed a tubing replacement on Ungani 5 that lifted its rates, with field production at 1,500-1,600 bopd and an ESP planned for Ungani 7H; the Ungani 6H coil-tubing unit's mobilisation slipped to early March after east-coast flooding delayed the contractor.
13 Jan 2020production update▲ GoodMajor
Ungani's largest lifting yet (~78,000 bbls, ~A$3.5M to Buru) reached Petro-Diamond Singapore, running late after the tanker's prior-port delay; the access road briefly closed for Cyclone Blake flooding before production resumed 12 January.
