18 Mar 2019production update▲ Good
A 70,278-bbl March lifting (~A$3M net to Buru) came as field production averaged 1,200 bopd, Ungani 6 site construction began, and the Buru/Rey EP457/458 interest transfer neared completion.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2019drilling progress report▲ GoodMajor
Buru's NGD 405 automated rig neared mobilisation for a minimum four-well 2019 program (Ungani 6 first), after a well-performance review found the Ungani field wasn't being effectively drained by existing wells and needed at least two more central-fault-block wells.
2 Jan 2019production update▲ Good
A ~70,000-bbl December/January lifting completed as Ungani 4's flow tests continued to support an oil/water contact near the original field level, with the NGD 405 rig contract executed for the 2019 program.
31 Dec 2018other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2018.
31 Dec 2018remuneration report● Neutral
Buru Energy's FY2018 remuneration report disclosed pay for its 3-director board - Executive Chairman Eric Streitberg, and non-executive directors Eve Howell and Robert Willes - led by Streitberg at $719,478.
31 Dec 2018quarterly cashflow report● Neutral
Buru Energy reported $64.0M cash on hand at the end of the quarter ended 2018-12-31. Against its own $3.1M forecast for next-quarter outflows, that implied roughly 20.6 quarters of funding on hand.
13 Dec 2018production update▲ Good
Ungani 4ST1 began cleanup production as field output (ex-4ST1) averaged ~1,150 bopd, the 2018 drilling program wrapped up, and Buru completed its purchase of an additional 22.5% of EP457/458 to reach 60%.
10 Dec 2018asset acquisition disposition▲ GoodMajor
Rey Resources reported that it and Buru had agreed to buy out Mitsubishi's remaining EP457/458 interest, lifting Buru's stake to 60% (operator) and Rey's to 40% - Rey citing the Victory 1 well's earlier-confirmed conventional oil prospectivity as validation.
10 Dec 2018asset acquisition disposition▲ GoodMajor
Buru's own announcement confirmed it would pay $720,000 to lift its EP457/458 interest from 37.5% to 60%, with Rey exercising pre-emptive rights to reach 40%, buying out Mitsubishi's Diamond Resources (Barbwire) subsidiary entirely.
3 Dec 2018drilling progress report▲ Good
Ungani 4ST1 reached 2,247m with good reservoir zones and an oil/water contact near the field's original level; with it and Ungani West 1 complete, the JV wrapped up the 2018 drilling season ahead of the wet season, targeting an April/May 2019 restart with a larger rig.
27 Nov 2018regulatory community update▲ GoodMajor
An independent scientific inquiry found hydraulic fracturing (fraccing) low-risk when properly regulated, and the WA Government signaled it will lift the moratorium that had blocked Buru from further appraising and developing the gas resource it already found in the Canning Basin - a major unlock for its shale gas plans, though the moratorium was not yet formally lifted.
27 Nov 2018drilling progress report▲ Good
Ungani 4ST1's remedial liner top packer was set and pressure-tested successfully; drilled ahead to 2,148m with oil shows in cuttings consistent with the original Ungani 4 well.
20 Nov 2018drilling progress report● Neutral
Ungani 4ST1 operations recommenced: the equipment needed to fix the liner top fault (suspended since 8 October) was mobilised once Ungani West 1's drilling freed it up, resuming ~11 days of work to drill into the Dolomite.
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 2018director interest notice● Neutral
Buru Energy director Eric Streitberg bought 200,000 ordinary shares on-market.
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.