Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2017capital raising announcement● Neutral
A third-party banking system error meant some shareholders had trouble making rights-issue payments via BPAY - a temporary glitch outside Buru's control, not a problem with the raise itself, and flagged for a same-week fix.
14 Aug 2017capital raising announcement▲ GoodMajor
Buru launched an Entitlement Issue to accelerate Ungani's development, citing independently certified resources (1C 2.08mmbbl/2C 6.6mmbbl/3C 18+mmbbl) and a target of 3,000 bopd by early-to-mid 2018 via a two-well drilling and workover program.
14 Aug 2017investor presentation● Neutral
Buru's investor presentation, issued just before its 2017 rights issue, showed the company with 340 million shares, a $0.17 share price (~$58 million market cap), and $13.1 million cash on hand - the funding backdrop that motivated the rights issue announced two weeks later. Board at the time: Executive Chairman Eric Streitberg, with Eve Howell and Robert Willes as non-executive directors.
14 Aug 2017production update▲ GoodMajor
Ungani ramped toward its first Wyndham crude lifting in early September at ~1,000 bopd (with a downhole pump upgrade planned for October), while Buru lined up its 2017 drilling program (two workovers, two wells) and ran an Entitlement Issue roadshow after despatching its prospectus.
10 Aug 2017capital raising announcement● Neutral
Buru mailed the formal prospectus and application forms for its rights issue to eligible shareholders, opening the offer with a closing date of 1 September 2017 - a routine procedural step.
3 Aug 2017capital raising announcement● Neutral
A near-duplicate Entitlement Issue shareholder letter, re-confirming the same 1-for-5 offer terms.
3 Aug 2017capital raising announcement● Neutral
Buru sent shareholders the same 1-for-5 Entitlement Issue offer documentation (~$10.2M at $0.15/share).
1 Aug 2017capital raising announcement▲ GoodMajor
Buru announced a 1-for-5 rights issue (an offer letting every existing shareholder buy one new share for every five they already own) to raise about $10.2 million at $0.15 a share, a 22% discount to its recent trading price. The money was earmarked to speed up development of its wholly-owned Ungani oil field by drilling two more wells in 2017, and Buru's two largest shareholders had already committed to take up their entitlements.
1 Aug 2017capital raising announcement▲ GoodMajor
Buru notified option holders of its 1-for-5 non-renounceable Entitlement Issue at $0.15/share, aiming to raise ~$10.2 million.
1 Aug 2017appendix 3b new issue● NeutralMajor
Buru Energy announced a proposed non-renounceable entitlement offer of up to 67,999,416 new shares to raise further capital.
1 Aug 2017appendix 3b new issue● Neutral
Buru Energy issued 42,000 new ordinary shares (a minor option-exercise-scale issue).
20 July 2017investor presentation▲ Good
A 'Buru Unleashed' conference deck pitched the post-Mitsubishi-asset-transaction Buru - full control of western Canning Basin acreage and a restarting Ungani export route - against the 'old Buru' of unrecognised, non-producing, indebted status.
19 July 2017investor presentation● Neutral
A corporate snapshot presentation showed ~340M shares on issue, a ~$0.17 share price (~$58M market cap), and ~$13.5M cash on hand.
6 July 2017investor presentation▲ Good
An updated corporate presentation reiterated Buru's 100%-held ~22,100 sq km Canning Basin position, Ungani production ramp-up, and defined tight-gas commercialisation pathway.
5 July 2017debt financing▲ GoodMajor
Buru restructured its balance sheet by rescheduling repayment of Alcoa's original $40M gas prepayment, varying terms first agreed in August 2016.
30 June 2017other▲ Good
Buru's H1 2017 interim report showed cash of $19.2M (down from $21.1M) and a half-year loss narrowed to $1.3M from $6.1M a year earlier.
30 June 2017quarterly cashflow report● Neutral
Buru Energy reported $19.2M cash on hand at the end of the quarter ended 2017-06-30. Against its own $9.0M forecast for next-quarter outflows, that implied roughly 2.1 quarters of funding on hand.
26 June 2017production update▲ GoodMajor
Ungani's restart ramped toward its 1,250 bopd initial target with first oil delivered via a new quad road-tanker system, as Buru progressed oil-marketing talks, a Yulleroo resource review, and paperwork for its recently announced Mitsubishi Asset Swap.
16 June 2017production update▲ GoodMajor
Buru restarted Ungani Oilfield production on time and under budget, with reservoir performance testing to follow before routine operations and the first Wyndham truck loading.
31 May 2017appendix 3b new issue● Neutral
Buru Energy issued 92,024,255 new ordinary shares, taking total shares on issue from 339,997,078 to 432,021,333.
31 May 2017investor presentation▲ Good
A condensed version of Buru's 'Buru Unleashed' corporate deck was presented at the 2017 AGM, pitching the post-asset-swap company's pivot to oil production with gas upside.
26 May 2017joint venture update● Neutral
Fitzroy River Corporation confirmed the Buru/Mitsubishi asset swap wouldn't change its royalty terms, only which entity holds each tenement - Buru moving to 100% of EP391/428/431/436/L20/L21 and Mitsubishi's Diamond Resources subsidiaries taking 100% of EP371.
25 May 2017joint venture update▲ GoodMajor
Buru executed a major asset swap with Mitsubishi's Diamond Resources subsidiaries: Buru gained 100% of the Ungani production licences (L20/L21) and exploration permits EP391/428/431/436, while giving up its 50% of EP371 - letting each party focus on the acreage suited to its own technical/commercial strengths.
7 Apr 2017production update▲ Good
Ungani's restart stayed on track for mid-2017 (construction, tank, and trucking contracts progressing) as the Yungngora ILUA was formally registered with the National Native Title Tribunal.
31 Mar 2017quarterly cashflow report● Neutral
Buru Energy reported $19.8M cash on hand at the end of the quarter ended 2017-03-31. Against its own $2.6M forecast for next-quarter outflows, that implied roughly 7.6 quarters of funding on hand.
17 Mar 2017investor presentation● Neutral
A routine corporate presentation update for investors, describing Ungani as a 50/50 joint venture with Diamond Resources (Fitzroy) Pty Ltd.
10 Mar 2017production update▲ GoodMajor
Buru finalised its Ungani restart plan around a larger 80,000-barrel Wyndham storage tank (versus the previous 30,000-barrel tank), enabling bigger ships and lower per-barrel costs, targeting a mid-2017 restart at 1,200 bopd with ESPs planned later.
31 Dec 2016other● Neutral
Buru Energy lodged its Appendix 4G Corporate Governance Statement compliance checklist for the year ended 31 December 2016.
31 Dec 2016quarterly cashflow report● Neutral
Buru Energy reported $21.1M cash on hand at the end of the quarter ended 2016-12-31. Against its own $1.9M forecast for next-quarter outflows, that implied roughly 11.1 quarters of funding on hand.
31 Dec 2016remuneration report● Neutral
Buru Energy's FY2016 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 $695,692.
