30 July 2019drilling progress report● Neutral
Adoxa 1 drilled to 646m surface casing point.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
22 May 2019agm notice● Neutral
Buru Energy held shareholder information meetings ahead of its Annual General Meeting.
21 May 2019drilling progress report● Neutral
Ungani 6H drilled ahead to 1,304m after a successful formation integrity test.
16 May 2019agm notice● Neutral
Buru Energy convened its 2019 Annual General Meeting for 16 May 2019, with shareholders asked to adopt the remuneration report and re-elect director Eve Howell.
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.
16 May 2019agm notice● Neutral
Buru Energy shareholders approved the resolutions put to the vote at the company's 2019 Annual General Meeting.
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.
15 Apr 2019securities registry admin● Neutral
Buru Energy's Board approved a new grant of unlisted employee share options under its Employee Share Option Plan; no options were granted to the Executive Chairman or any other director.
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.