Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2017regulatory community update● NeutralMajor
Buru, Mitsubishi, and the WA Government agreed to mutually terminate the 2012 Canning Basin State Agreement (subject to a parliamentary ratification act expected in 2018); the underlying permits EP371/391/428/431/436 remain valid on their existing terms through 2023-2024.
28 Nov 2017production update▲ GoodMajor
New ESPs delivered design-rate fluid (up to 1,800 bopd, managed down to ~1,200 bopd on storage/trucking limits) and a ~55,000-bbl lifting at ~A$75/bbl, while Ungani 4 confirmed a 60m+ oil column ahead of its completion and Ungani 5 (appraising the Ungani 3 oil pool) was set to spud shortly.
27 Nov 2017drilling progress report▼ BadMajor
Ungani 4 wireline logging failed after the shale section above the reservoir bridged off (extended open-hole time); the well was temporarily suspended and the rig moved to spud Ungani 5 while specialised equipment is sourced - flowline construction proceeds regardless given the well's positive results to date.
24 Nov 2017drilling progress report▼ Bad
Ungani 4 logging delayed by mechanical problems with the contractor's wireline unit, expected resolved within 24 hours.
22 Nov 2017drilling progress report▲ GoodMajor
Ungani 4 reached 2,249m total depth with oil shows and an oil-water contact consistent with the field; implies a gross oil column over 60m, pending log confirmation - better than Ungani 1ST1's 58m and Ungani 2's 54m.
21 Nov 2017drilling progress report● Neutral
Ungani 4: 7-inch casing cemented to 2,110m; drilled ahead to 2,137m in the lower Ungani Shale with the Dolomite objective expected imminently.
14 Nov 2017drilling progress report● Neutral
Ungani 4 reached 2,113m in the Ungani Shale just above the Dolomite target; prepping 7-inch casing before drilling into the reservoir.
7 Nov 2017drilling progress report● Neutral
Ungani 4 drilled ahead to 1,444m.
31 Oct 2017drilling progress report● Neutral
Ungani 4: surface casing cemented at 878m, BOP tested; minor rig repairs before drilling ahead to the next casing point at ~2,000m.
30 Oct 2017investor presentation▲ Good
Buru's investor presentation showed a $0.26 share price (~$112 million market cap) and $25.6 million cash on hand, reflecting continued strength following the 2017 rights issue and start of the Ungani development drilling program.
27 Oct 2017production update▲ GoodMajor
Ungani's newly-installed electric submersible pumps in Ungani 1ST1 and Ungani 2 came online as designed, lifting test rates as high as 3,000 bopd field-wide (individual wells over 1,600 bopd) even as output was deliberately constrained to 1,250 bopd while transport was recommissioned toward a 1,500 bopd target; an extra perforation lifted Ungani 2's productivity over 50%, and a water-injection test on Ungani 3 came in far better than expected, while Ungani 4 continued drilling toward a mid-November reservoir intersection.
24 Oct 2017drilling progress report● Neutral
Ungani 4 (new development well, additional drainage point in the Ungani Oilfield) spud, drilled to 880m surface casing point.
20 Oct 2017drilling spud▲ GoodMajor
Ungani 4 development well spudded at 19:00hrs on 19 October 2017, an additional drainage point in the Ungani Oilfield intended to verify reservoir continuity and help take field production toward its 3,000 bopd target.
17 Oct 2017drilling progress report▲ Good
The Ungani 2 ESP workover was completed on time and on budget, adding extra perforations that opened up previously bypassed oil pay; the rig then moved to the Ungani 4 location, with spud expected 19 October 2017.
16 Oct 2017other▲ Good
Fitzroy River Corporation received its first royalty payment from Buru ($36,880, a 2% net royalty) since Ungani drilling resumed in mid-2017 - real confirmation the resumed field was generating income.
10 Oct 2017drilling progress report▲ Good
Ungani 1ST1's ESP workover completed successfully on time and budget; Ungani 2's workover is underway with an extra 12m of reservoir to be perforated before its own ESP is run.
3 Oct 2017drilling progress report● Neutral
Ungani 1ST1 and Ungani 2 production wells shut in for a workover campaign: recovering old completion strings to re-complete both with electric submersible pumps (ESPs), after which the rig moves to spud the new Ungani 4 development well.
30 Sept 2017quarterly cashflow report▼ Bad
Buru Energy reported $25.6M cash on hand at the end of the quarter ended 2017-09-30. Against its own $13.6M forecast for next-quarter outflows, that implied roughly 1.9 quarters of funding on hand.
26 Sept 2017drilling progress report▲ Good
Buru's DDGT1 rig began workovers to fit electric submersible pumps to the existing Ungani 1 and 2 wells (shutting in production for about 18 days), on schedule ahead of the new Ungani 4 development well, expected to spud the week of 16 October 2017.
13 Sept 2017investor presentation▲ Good
Buru's investor presentation, issued just after the 2017 rights issue closed, showed the company's position transformed: 432 million shares, a $0.20 share price (~$86 million market cap), and $27 million cash on hand post-raising.
11 Sept 2017cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for a 24,023,593-share placement at $0.15 completed 11 September 2017.
11 Sept 2017form 604 change substantial holder● Neutral
Director Eric Streitberg and his private companies reduced their Buru Energy shareholding from 8.5% to 6.9% of votes.
11 Sept 2017capital raising announcement▲ GoodMajor
Buru confirmed the rights issue raised a final $13.8 million (including the top-up placement), with new shares allotted and no shortfall shares needed - alongside news of Buru's first oil export lifting from Wyndham and mobilisation of the drilling rig for the newly-funded Ungani development wells, tying the successful capital raise directly to on-the-ground progress.
7 Sept 2017capital raising announcement▲ GoodMajor
The rights issue raised $14.5 million in total - well above the original $10.2 million target - once a small top-up placement to sophisticated investors was included, fully funding Buru's Ungani development drilling program with room to spare.
5 Sept 2017regulatory community update● NeutralMajor
Buru noted the WA Government's new fraccing moratorium pending a scientific inquiry, pointing out that a prior 2013-2015 parliamentary inquiry (and several other independent reviews) had already found hydraulic fracturing poses negligible risk if properly regulated.
4 Sept 2017capital raising announcement▲ GoodMajor
Buru's rights issue closed substantially oversubscribed, with applications already exceeding the $10.2 million target before final processing - a strong show of shareholder support.
1 Sept 2017capital raising announcement● Neutral
In a letter accompanying the rights issue prospectus, Executive Chairman Eric Streitberg told shareholders the raise was needed to fund two additional Ungani wells, made possible by Buru's recent asset swap with Mitsubishi that gave it full (100%) ownership of the Ungani oil field, and noted the company's two largest shareholders had already committed to take up their full entitlements.
25 Aug 2017capital raising announcement● Neutral
Buru sent a follow-up shareholder letter reminding eligible holders of the details and closing date of the ongoing rights issue.
23 Aug 2017drilling scheduled▲ Good
Buru locked in its drilling rig, crew, and Halliburton well services ahead of a planned drilling program while flagging its first Ungani oil-lifting cargo (via Trafigura) was on track for early September 2017 - the build-up behind the Ungani 4 and Ungani 5 wells spudded later that year.
16 Aug 2017capital raising announcement● Neutral
The BPAY payment error affecting some rights-issue applications was resolved by the responsible bank, clearing the way for affected shareholders to complete their payments.
