Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2011drilling spud▲ GoodMajor
Ungani-2 spudded at 07:00hrs on 2 November 2011, the fourth well of the 2011 Buru-Mitsubishi program, drilled to confirm the extent of the oil accumulation and the oil/water contact already found by Ungani-1ST1 - an early step in proving up what became the Ungani Oilfield.
27 Oct 2011drilling progress report▼ Bad
Lawford-1 was logged with no hydrocarbon indications and is being plugged and abandoned; the rig will move to deepen Paradise-1 - the last drilling report for Lawford-1.
24 Oct 2011drilling progress report● Neutral
Lawford-1's deepening reached 2,690m in the interpreted Lower Anderson Formation with no distinctive markers yet found and slow drilling encountered.
20 Oct 2011drilling progress report● Neutral
Ungani-1ST1 was shut in and the rig released to spud the Ungani-2 appraisal well from the same pad - the last drilling report for Ungani-1ST1.
20 Oct 2011drilling progress report● Neutral
Lawford-1 reached 2,483m.
19 Oct 2011drilling progress report▲ GoodMajor
Ungani-1ST1 flowed 1,500 barrels of fluid per day on a small choke at 230psi and was cleaning up well (up to 15% filtrate/formation fluid) before being shut in at 430psi ahead of moving the rig to Ungani-2 - a genuinely encouraging early sign for the eventual Ungani discovery.
13 Oct 2011drilling progress report● Neutral
New Standard Energy's own weekly Lawford-1 update: the well reached 1,953m.
13 Oct 2011drilling progress report● Neutral
Ungani-1ST1's 7-inch casing was run to 2,204m, with preparations underway to perforate and test the reservoir.
13 Oct 2011drilling progress report● Neutral
Lawford-1 reached 1,953m.
7 Oct 2011drilling progress report▲ Good
Preliminary LWD interpretation at Ungani-1ST1 indicated a potential ~57m gross (likely oil) hydrocarbon column with an estimated 11.7m net pay in the Upper Laurel dolomite; the plan became to case with a slotted liner and run an immediate cased-hole test given poor hole conditions.
6 Oct 2011drilling progress report● Neutral
Buru's own weekly Lawford-1 deepening update (operating for the EP417 JV): the well reached 1,725m.
6 Oct 2011farm in farm out completion● Neutral
New Standard's joint-venture partner Green Rock Energy completed its farm-in into permit EP417, earning a 15% interest by funding and participating in the deepening of the Lawford #1 well (drilled using Buru's rig under a delegation from New Standard's operatorship) - the drilling also triggered a final $200,000 back-cost payment to New Standard under Green Rock's original 2011 farm-in terms. Buru's own 35% EP417 stake was unaffected.
6 Oct 2011drilling progress report● Neutral
Green Rock Energy forwarded New Standard's weekly Lawford-1 update: the well reached 1,725m.
6 Oct 2011drilling progress report▲ Good
Ungani-1ST1's sidetrack reached 2,324m with severe mud losses and good gas/oil shows in the equivalent 2,160-2,210m interval seen in the original wellbore; LWD logging was underway due to hole problems.
6 Oct 2011drilling progress report● Neutral
New Standard Energy's own weekly Lawford-1 update: the well reached 1,725m.
29 Sept 2011drilling progress report● Neutral
The Ungani-1 sidetrack (now Ungani-1ST1) reached 2,062m.
28 Sept 2011drilling progress report● Neutral
Buru began deepening the suspended Lawford-1 well (EP417, Buru 35% non-operating, operated for New Standard under a delegation agreement), testing both large conventional gas potential and the regional Laurel Formation unconventional play.
23 Sept 2011drilling progress report● Neutral
The Ungani-1 JV approved a sidetrack to 2,750m to properly evaluate the hydrocarbon indications seen at 2,160-2,210m, 2,580m and 2,700m; sidetrack operations began.
22 Sept 2011drilling progress report▼ Bad
Ungani-1 reached 3,593m total depth, but the drill string became stuck and parted at 2,216m during logging prep, preventing evaluation of a good-oil-shows zone (2,160-2,210m); the JV began weighing a sidetrack.
15 Sept 2011drilling progress report▲ Good
Ungani-1 reached 3,355m in the Laurel Formation with background gas over 100 units and gas peaks (with minor fluorescence) at 2,580m and 2,700m, significance pending total depth and logging.
8 Sept 2011drilling progress report▼ Bad
Ungani-1 was cased at 1,993m after logs indicated the earlier Grant/Anderson oil shows were residual (no moveable hydrocarbons); drilling continued into the tight Upper Laurel Formation (2,244m) with modest background gas.
1 Sept 2011drilling progress report▲ GoodMajor
Ungani-1 reached its 1,997m section total depth in the top Laurel carbonates, with oil shows noted in both the Grant Sandstones (945-970m) and Anderson Formation (1,500-1,530m) - significance still to be determined.
1 Sept 2011drilling progress report▲ GoodMajor
Pictor East-1 reached its 1,706m total depth; logs and pressure data confirmed a significant hydrocarbon column (~7m net porous section) in the Nita Formation, with composition (oil vs gas) pending lab analysis of pressurised samples.
28 Aug 2011farm in farm out completion● Neutral
Green Rock Energy confirmed drilling had commenced to deepen the Lawford #1 well (EP417, operated by New Standard Energy) - Green Rock stood to earn a 15% interest in EP417 on completion of the drilling, with Buru operating the rig under its existing arrangement with New Standard.
25 Aug 2011drilling progress report● Neutral
Ungani-1 reached 1,078m after casing at 619m, heading toward a 2,000m intermediate casing point.
25 Aug 2011drilling progress report▲ Good
Pictor East-1 reached 1,075m after a fully-recovered core (899-917m); the Nita Formation was found close to prognosis with mudlog shows similar to the earlier Pictor-1 well.
18 Aug 2011drilling progress report● Neutral
Pictor East-1 (spudded 9 August, second well of the 2011 Mitsubishi program) reached 709m, heading toward the Nita Formation that had tested oil and gas at nearby Pictor-1.
18 Aug 2011drilling progress report● Neutral
Ungani-1 (spudded 13 August, third well of the 2011 Mitsubishi program) reached 622m, preparing to case ahead of drilling toward its Anderson Formation target.
15 Aug 2011drilling spud▲ GoodMajor
Ungani-1 spudded at 16:00hrs on 13 August 2011, the third well of the 2011 Buru-Mitsubishi program (Mitsubishi carrying 80% of cost), targeting oil in the Grant/Anderson Formations and gas in the Laurel Formation near the Yulleroo Field - the well that would go on to deliver Buru's flagship Ungani oil discovery.
10 Aug 2011drilling spud● Neutral
Pictor East-1 spudded at 19:00hrs on 9 August 2011, the second well of the 2011 Buru-Mitsubishi program (Mitsubishi carrying 80% of the well's cost), appraising a 1984 BHP discovery (Pictor-1) with P50 potential of up to 10 million barrels of recoverable oil.
