Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2018drilling result▼ BadMajor
Ungani West 1 reached 2,322m with good porosity and oil shows, but a wireline pressure survey found no commercially producible oil column - a disappointing result, though encouraging for further exploration - and the well was suspended for future water injection.
13 Nov 2018drilling progress report▼ Bad
Ungani West 1's Reeves Formation fluid samples came back showing low oil saturation - likely the edge of the oil column rather than a producible accumulation - walking back the prior week's encouraging read; casing cemented to 2,194m and 3D remapping underway.
6 Nov 2018drilling progress report▲ Good
Ungani West 1 wireline logs indicate up to a 5m Reeves Formation oil column at the same stratigraphic level as Ungani Far West 1's 1.7km away, pending fluid-sample confirmation; drilled to 2,196m ahead of casing and the Dolomite objective.
30 Oct 2018drilling progress report▲ Good
Ungani West 1 reached 1,710m with oil shows in Reeves Formation sands (1,625-1,640m) resembling Ungani Far West 1's 23m Reeves oil column; wireline logging underway to assess significance before drilling on to the Dolomite target.
23 Oct 2018drilling progress report● Neutral
Ungani West 1 (new exploration well, 50/50 with Roc Oil, 1,600m west of the Ungani Production Facility) spud, drilled to 863m surface section using a casing-while-drilling system.
19 Oct 2018director interest notice▼ BadMajor
Buru Energy director Eric Streitberg sold 8,521,997 ordinary shares off-market, a large reduction in his holding.
19 Oct 2018form 605 ceasing substantial holder● Neutral
Director Eric Streitberg and his private companies ceased to be substantial Buru Energy shareholder.
16 Oct 2018drilling spud● Neutral
Ungani West 1 exploration well spudded at 17:45hrs on 16 October 2018 (Roc Oil 50/50 JV), testing a separate mapped structure midway between the producing Ungani and Ungani Far West oilfields, with tie-back materials pre-ordered for fast development if successful.
8 Oct 2018drilling progress report▼ Bad
Ungani 4ST1's liner was set at 2,136m but a mechanical fault in the liner top was found, needing specialised equipment not readily available in Australia; the well was temporarily suspended and the rig moved to spud the new Ungani West 1 exploration well while the part is sourced.
2 Oct 2018drilling progress report● Neutral
Ungani 4ST1 reached section TD at 2,136m at the Dolomite top; running the 4.5-inch liner before drilling ahead through the reservoir.
30 Sept 2018quarterly cashflow report● Neutral
Buru Energy reported $71.0M cash on hand at the end of the quarter ended 2018-09-30. Against its own $10.8M forecast for next-quarter outflows, that implied roughly 6.6 quarters of funding on hand.
26 Sept 2018farm in farm out completion▲ GoodMajor
Buru received the final $51 million of its Roc Oil Ungani sale once DMIRS registered the production-licence transfers - completing the transaction in full.
25 Sept 2018drilling progress report● Neutral
Ungani 4ST1 sidetrack drilled ahead to 1,890m.
18 Sept 2018drilling progress report▼ BadMajor
Ungani 4's productivity came in below expectations despite its large log-implied oil column, prompting a sidetrack (Ungani 4ST1, 50/50 with Roc Oil) to a new bottom hole location ~60m away; whipstock set and casing exit milled.
13 Sept 2018investor presentation● Neutral
Executive Chairman Eric Streitberg presented Buru's corporate story at the Good Oil Conference.
12 Sept 2018drilling spud● Neutral
Drilling began on the Ungani 4ST1 sidetrack, aiming to improve on Ungani 4's below-expectation productivity - the first confirmed instance in this corpus of Roc Oil (Canning) Pty Ltd holding a 50% equity/cost share in the Ungani wells and L20, a joint-venture partnership that carried through the field's later development wells.
3 Sept 2018drilling progress report● NeutralMajor
Buru began sidetracking the underperforming Ungani 4 well toward a new bottom hole ~60m southwest (aiming to fix a suboptimal original completion), ahead of drilling the Ungani West 1 exploration well, while Ungani Far West 1 flowed at up to 1,000 bfpd (~50% oil cut) in early production testing.
20 Aug 2018production update▲ Good
A further lifting of 51,962 bbls (Buru share 25,981) went out at ~A$88.38/bbl as Buru planned a beam pump for Ungani 5, awaited regulatory approval to start Ungani Far West 1 production, and prepped the Ungani 4 sidetrack - with the WA Parliament Act clearing the way for the Roc farm-in nearly through both houses.
10 Aug 2018production update▲ GoodMajor
Ungani neared its millionth cumulative barrel as the JV decided to sidetrack the underperforming Ungani 4 well (reservoir damage suspected from its original completion) and awaited approval to start Ungani Far West 1 production.
23 July 2018drilling progress report▲ GoodMajor
Ungani 4's beam pump was installed and it is now producing ~310 bopd (previously unable to flow naturally) while Ungani 5 resumed production 21 July; total field capacity could reach 1,800 bopd; this update also references the May 2018 sale of 50% of the Ungani Field to Roc Oil (Canning) Pty Ltd ($13m received upfront, $51m pending regulatory approval).
11 July 2018production update▲ Good
A 53,329-bbl July lifting (at a then-record ~A$93.90/bbl) continued Ungani's steady post-restart ramp, with field production at 1,600-1,800 bopd while rate tests on Ungani 1/2 and further work on Ungani 5 targeted a 2,000 bopd goal.
30 June 2018quarterly cashflow report● Neutral
Buru Energy reported $20.0M cash on hand at the end of the quarter ended 2018-06-30. Against its own $3.3M forecast for next-quarter outflows, that implied roughly 6.1 quarters of funding on hand.
30 June 2018other▲ GoodMajor
Buru's H1 2018 interim report showed cash up to $20.0M (from $16.9M) and swung to a $30.7M half-year profit, largely the one-off gain from the Roc Oil Ungani/farm-in transactions.
18 June 2018farm in farm out completion▲ GoodMajor
The first Ungani lifting split under the new Roc Oil deal (Buru 58,616 bbls / Roc 14,106 bbls, ~A$6.55M gross) went out as Buru received the first $13M of the $64M Ungani sale price, with the remaining $51M pending DMIRS approval and the farm-in on EP391/428/436 still conditional on a WA Parliament Act.
28 May 2018investor presentation● Neutral
Following the 2018 AGM, Buru invited shareholders to information meetings in Melbourne, Sydney, and Brisbane with Executive Chairman Eric Streitberg.
25 May 2018investor presentation● Neutral
Buru issued another updated investor corporate presentation, a routine refresh less than three weeks after the last one.
21 May 2018farm in farm out agreement▲ GoodMajor
Buru agreed to sell Roc Oil (Canning) Pty Ltd a 50% stake in the producing Ungani licences (L20/L21) for $64M cash, and separately let Roc farm into 50% of exploration permits EP391/428/436 by funding $20M of a $25M program - Buru's 100%-owned Laurel unconventional gas (including Yulleroo) was carved out of the farm-in.
14 May 2018well test result● NeutralMajor
Ungani 1 and 2 ramped to a combined 1,700 bopd (29% watercut) with the first Trafigura oil lifting from Wyndham due in early June, while Ungani 4's own flow test measured an anomalously low 350 bopd still under investigation.
8 May 2018appendix 3b new issue● NeutralMajor
Buru Energy's 2017 non-renounceable entitlement issue and shortfall offer completed, issuing 68,000,662 shares under the entitlement offer plus a further 24,023,593 shares placed under the shortfall.
8 May 2018appendix 3b new issue● Neutral
Buru Energy issued 52,908 new ordinary shares, taking total shares on issue from 432,021,333 to 432,074,241.
