28 Oct 2010drilling progress report● Neutral
Paradise-1 reached 771m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2010drilling progress report● Neutral
Paradise-1 (spudded 18 October) reached 248m after early mud-pump issues were resolved.
19 Oct 2010drilling spud▲ GoodMajor
Paradise-1 spudded at 18:00hrs on 18 October 2010 - the third well of the 2010 campaign and the first well of Buru's new Joint Exploration Program with Mitsubishi Corporation - testing a stacked-reservoir prospect with P50 potential of about 16 million barrels of oil plus over 200 Bcf of gas.
13 Oct 2010drilling scheduled● Neutral
Paradise-1 neared spud while the Yulleroo-2 flow test slipped to around 25 October after the stimulation contractor's equipment was stranded by Queensland floods; a seismic program continued in parallel to firm up targets for the 2011 six-well program.
13 Oct 2010drilling scheduled▲ GoodMajor
Buru's rig moved to Paradise-1, the first well drilled under its new Joint Exploration Program with Mitsubishi Corporation (which funds 80% of costs as part of a $22.4 million 2010 commitment to earn an initial 40% interest across most of Buru's permits); the target zone had shown an untested 11-metre oil column in a nearby 2007 ARC Energy well (Valhalla-1) that was never flow tested.
7 Sept 2010drilling result▼ Bad
The Leander-1ST1 sidetrack (re-entering Leander-1 to test a nearby hydrothermal dolomite anomaly) reached a total depth of 2,280m with no hydrocarbon zones warranting further testing on wireline logs; the well was suspended and the rig released ahead of the Yulleroo-2 frac/test and the Paradise-1 spud.
2 Sept 2010drilling progress report● Neutral
Leander-1ST1 reached 2,117m with fair-to-good hydrocarbon shows in the Laurel carbonates (without much reservoir development) and minor shows in the Yellowdrum Formation, heading toward the Nullara Formation - the Blina Field's productive horizon.
27 Aug 2010drilling progress report● Neutral
Buru Energy reported active drilling of the Leander-1ST1 sidetrack (at 1,602m), upcoming drilling at Paradise-1, and a planned fracture stimulation/flow test of Yulleroo-2 and drilling of Nangu-1 with JV partner Mitsubishi Corporation - part of the broader MC farm-in program.
26 Aug 2010drilling progress report● Neutral
Leander-1's sidetrack (now Leander-1ST1) succeeded on a second attempt after the first failed on equipment malfunction, reaching 1,523.5m.
19 Aug 2010drilling progress report▼ Bad
Leander-1's drill pipe became stuck during rig repairs; Buru cut the pipe above the bit and prepared to sidetrack around it.
12 Aug 2010drilling progress report● Neutral
Leander-1 remained suspended for Fairway Rig repairs, with the Anderson Sandstone objectives still expected once drilling resumes.
5 Aug 2010drilling progress report● Neutral
Leander-1 reached 1,668m before weather and rig repairs delayed further progress.
29 July 2010drilling progress report● Neutral
Leander-1 reached 1,508m after running 7-inch casing at 1,491m.
22 July 2010drilling progress report● Neutral
Leander-1 reached 1,359m, still heading toward its 1,500m casing point.
15 July 2010drilling progress report● Neutral
Leander-1 drilled to 666m with no hydrocarbons yet, heading toward 1,500m for 7-inch casing.
9 July 2010drilling spud● Neutral
Leander-1 spudded at 16:00hrs on 8 July 2010, the second well of the 2010 campaign, targeting Anderson Formation sands (up to ~1 million barrels recoverable P50) in the same play type already producing at the nearby Lloyd Oilfield.
30 June 2010drilling scheduled● Neutral
Buru's Fairway Rig moved to Leander-1 to begin rig-up for the 2010 campaign's second well, targeting about 1 million barrels of oil (P50) in the Anderson Formation - a 100%-Buru well that sits outside the new Mitsubishi farm-out.
24 June 2010farm in farm out completion▲ Good
A follow-up shareholder letter (one day after the first) again explaining the newly announced Mitsubishi Corporation farm-in and its up-to-A$152.4 million commitment - no new terms beyond what was already publicly announced.
23 June 2010farm in farm out completion▲ Good
Buru's Executive Director wrote to shareholders explaining the newly announced Mitsubishi Corporation farm-in (Mitsubishi committing up to A$152.4 million over 2010-2012) in plain terms, calling it "transformational" - reiterating, not adding to, the terms already publicly announced.
22 June 2010farm in farm out agreement▲ GoodMajor
New Standard Energy (a 10% Buru shareholder) highlighted an independent RISC report confirming large Goldwyer shale gas potential (40-480 Tcf GIIP) alongside Buru's newly announced $152.4M farm-in with Mitsubishi Corporation over adjacent Canning Basin acreage.
21 June 2010drilling result▼ Bad
Fairwell-1 reached total depth (1,871m) with no economically significant zones identified on logs or sidewall cores; the well was plugged and abandoned, with the rig moving on to spud Leander-1 around 4 July as the campaign's second well.
17 June 2010drilling progress report▼ Bad
Fairwell-1 reached 1,849m; the Yellow Drum Formation showed no porosity or hydrocarbons, and the Nullara Formation below it only minor shows, with total depth expected imminently.
15 June 2010farm in farm out completion▲ GoodMajor
Buru signed a landmark, up-to-A$152.4 million Farm-in Agreement with Mitsubishi Corporation (MC) to jointly explore and develop its entire Canning Superbasin position: MC can earn up to a 50% interest across most of Buru's exploration permits by funding up to $102.4 million of exploration costs ($62.4M conventional, $40M unconventional) plus up to $50 million of future development costs, and separately has the right to buy into Buru's production permits at a price set by an independent expert off proved-plus-probable (2P) reserves. This is the founding deal behind the Buru-Mitsubishi Joint Exploration Program that drove Buru's exploration activity for years afterward.
10 June 2010drilling progress report▲ Good
Fairwell-1 reached 1,619m in the Laurel Formation with good gas shows in the Upper Laurel Shales as expected; the well's total depth was revised up to ~1,900m.
3 June 2010drilling progress report● Neutral
Fairwell-1 reached 1,378m in the Anderson Sands after a bit trip for slow drilling, still heading toward the Yellow Drum Formation.
31 May 2010drilling progress report● Neutral
Fairwell-1 reached 1,253m; the Grant Formation sands (843m) showed no hydrocarbons, with drilling heading toward the Yellow Drum Formation at 1,520m.
27 May 2010drilling progress report● Neutral
Fairwell-1 reached 716m after casing at 509m and a fully-recovered Noonkanbah Shale core (650-659m), heading toward the Grant Formation at 1,250m.
20 May 2010drilling progress report● Neutral
Fairwell-1 drilled to 403m with no hydrocarbons yet, heading toward a 9⅝-inch casing point (~500m) then a core of the Noonkanbah Shale at 650m.
18 May 2010drilling spud▲ GoodMajor
Fairwell-1 spudded at 01:00hrs on 18 May 2010, the first well of Buru's six-well 2010 Canning Basin campaign, targeting a combined P50 4.8 million barrels of oil across the Grant and Yellow Drum Formations.
10 May 2010drilling scheduled▲ GoodMajor
Buru kicked off its six-well 2010 Canning Basin drilling campaign, mobilising the refurbished Fairway Rig to spud the shallow Fairwell-1 well - targeting a combined P50 4.8 million barrels of oil across two horizons - as the campaign's first well.