Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2010drilling progress report● Neutral
Buru Energy reported the Fairway Rig had completed refurbishment and safety inspection ahead of mobilising to the Canning Basin, with all Traditional Owner and government approvals in place to begin its 2010 drilling season at the Fairwell-1 well.
13 Apr 2010drilling scheduled▲ GoodMajor
Buru confirmed the first three wells of its six-well 2010 Canning Basin campaign - Leander-1 and Fairwell-1 (near the producing Sundown/Blina fields) and Paradise-1 (a larger oil/gas/condensate structure) - and engaged Terrex Seismic for 2D surveys later that year to firm up further targets.
15 Jan 2010farm in farm out completion● Neutral
Empire Oil & Gas confirmed that it (via subsidiary Gulliver Productions) and Indigo Oil signed a Farmin Agreement with Buru on 12 January 2010 for permit EP438 (Broome Arch, Canning Basin): Buru will spend a further $3 million on exploration there - including drilling one well - to earn a 75% interest, with Empire retaining 20% and Indigo 5%, both carried through that spend.
15 Jan 2010farm in farm out completion● Neutral
Buru restructured a multi-party Canning Basin permit position with Empire Oil & Gas (via subsidiary Gulliver Productions), Indigo Oil, and United Orogen: Buru gave up its 5% stake (and the associated $3 million farm-in funding commitment) in permit EP448, in exchange for the right to earn a further 70% interest in the neighbouring EP438 permit - taking its total stake there to 75% - by spending $3 million on further exploration, including a planned well.
15 Jan 2010farm in farm out completion● Neutral
Empire Oil & Gas confirmed Buru has formally relinquished its 5% interest (and the associated $3 million farm-in funding commitment) in permit EP448 - the other half of the EP438/EP448 restructuring - with Empire, Indigo Oil and United Orogen now seeking a new farm-in partner to drill there.
25 Sept 2009drilling progress report▲ Good
Terrex Seismic completed the Paradise 2D Seismic Survey (103km across EP371/EP428), building on 2007 ARC Energy data to firm up a drill location for the Paradise prospect.
14 Sept 2009drilling progress report▲ Good
Buru completed the Bunda 3D Seismic Survey (223 sq km over EP129/L8) two weeks ahead of schedule, aimed at sizing additional reserves near the Sundown oil field and picking new drilling targets.
4 Sept 2009farm in farm out completion● Neutral
New Standard Energy confirmed completion of its Acacia Permits sale to Buru, receiving $6.3 million (part cash, part Buru shares at 17c) - New Standard retains a first right of refusal over any future farm-out of the four permits it sold and continues providing technical input on the Acacia Fairway.
4 Sept 2009farm in farm out completion▲ Good
Buru completed its acquisition of New Standard Energy's Acacia Province permit interests (EP442, EP442A, L08-3, application 30/07-8), giving Buru 100% ownership and control of the great majority of the Acacia Fairway play.
18 Aug 2009drilling scheduled● Neutral
Buru began 3D seismic acquisition (the Bunda Survey) over the Sundown oil field area to pin down well locations for the 2010 Canning Basin drilling season, building on 2008 workovers that had already lifted field production from around 30 to over 200 bopd. The Sundown-1 and Lloyd-1 targets flagged here were never confirmed as drilled in this corpus.
12 Aug 2009farm in farm out completion● Neutral
New Standard Energy confirmed it is selling its shared Acacia Fairway permit interests to Buru for $3.2 million cash plus 18 million Buru shares (~$6.3 million total) - New Standard keeps a resulting 10% strategic stake in Buru, future farm-in rights, and a technical services role on the permits it sold.
11 Aug 2009farm in farm out completion▲ Good
Buru agreed to acquire New Standard Energy's interests in Canning Basin permits EP442, EP442A, acreage release L08-3 and application area 30/07-8 (the "Acacia Permits"), taking Buru to 100% ownership and consolidating operatorship over most of the Acacia Province alongside its existing EP431 interest.
