Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2018drilling progress report● NeutralMajor
Buru began sidetracking the underperforming Ungani 4 well toward a new bottom hole ~60m southwest (aiming to fix a suboptimal original completion), ahead of drilling the Ungani West 1 exploration well, while Ungani Far West 1 flowed at up to 1,000 bfpd (~50% oil cut) in early production testing.
20 Aug 2018production update▲ Good
A further lifting of 51,962 bbls (Buru share 25,981) went out at ~A$88.38/bbl as Buru planned a beam pump for Ungani 5, awaited regulatory approval to start Ungani Far West 1 production, and prepped the Ungani 4 sidetrack - with the WA Parliament Act clearing the way for the Roc farm-in nearly through both houses.
10 Aug 2018production update▲ GoodMajor
Ungani neared its millionth cumulative barrel as the JV decided to sidetrack the underperforming Ungani 4 well (reservoir damage suspected from its original completion) and awaited approval to start Ungani Far West 1 production.
3 Aug 2018securities registry admin● Neutral
Buru Energy's Board approved a new grant of unlisted employee share options under its Employee Share Option Plan.
23 July 2018drilling progress report▲ GoodMajor
Ungani 4's beam pump was installed and it is now producing ~310 bopd (previously unable to flow naturally) while Ungani 5 resumed production 21 July; total field capacity could reach 1,800 bopd; this update also references the May 2018 sale of 50% of the Ungani Field to Roc Oil (Canning) Pty Ltd ($13m received upfront, $51m pending regulatory approval).
11 July 2018production update▲ Good
A 53,329-bbl July lifting (at a then-record ~A$93.90/bbl) continued Ungani's steady post-restart ramp, with field production at 1,600-1,800 bopd while rate tests on Ungani 1/2 and further work on Ungani 5 targeted a 2,000 bopd goal.
30 June 2018quarterly cashflow report● Neutral
Buru Energy reported $20.0M cash on hand at the end of the quarter ended 2018-06-30. Against its own $3.3M forecast for next-quarter outflows, that implied roughly 6.1 quarters of funding on hand.
30 June 2018other▲ GoodMajor
Buru's H1 2018 interim report showed cash up to $20.0M (from $16.9M) and swung to a $30.7M half-year profit, largely the one-off gain from the Roc Oil Ungani/farm-in transactions.
18 June 2018farm in farm out completion▲ GoodMajor
The first Ungani lifting split under the new Roc Oil deal (Buru 58,616 bbls / Roc 14,106 bbls, ~A$6.55M gross) went out as Buru received the first $13M of the $64M Ungani sale price, with the remaining $51M pending DMIRS approval and the farm-in on EP391/428/436 still conditional on a WA Parliament Act.
28 May 2018investor presentation● Neutral
Following the 2018 AGM, Buru invited shareholders to information meetings in Melbourne, Sydney, and Brisbane with Executive Chairman Eric Streitberg.
25 May 2018investor presentation● Neutral
Buru issued another updated investor corporate presentation, a routine refresh less than three weeks after the last one.
21 May 2018farm in farm out agreement▲ GoodMajor
Buru agreed to sell Roc Oil (Canning) Pty Ltd a 50% stake in the producing Ungani licences (L20/L21) for $64M cash, and separately let Roc farm into 50% of exploration permits EP391/428/436 by funding $20M of a $25M program - Buru's 100%-owned Laurel unconventional gas (including Yulleroo) was carved out of the farm-in.
14 May 2018well test result● NeutralMajor
Ungani 1 and 2 ramped to a combined 1,700 bopd (29% watercut) with the first Trafigura oil lifting from Wyndham due in early June, while Ungani 4's own flow test measured an anomalously low 350 bopd still under investigation.
8 May 2018appendix 3b new issue● NeutralMajor
Buru Energy's 2017 non-renounceable entitlement issue and shortfall offer completed, issuing 68,000,662 shares under the entitlement offer plus a further 24,023,593 shares placed under the shortfall.
8 May 2018appendix 3b new issue● Neutral
Buru Energy issued 52,908 new ordinary shares, taking total shares on issue from 432,021,333 to 432,074,241.
8 May 2018investor presentation● Neutral
Buru issued an updated investor corporate presentation.
8 May 2018agm notice● Neutral
Buru Energy shareholders approved the resolutions put to the vote at the company's 2018 Annual General Meeting.
8 May 2018agm notice● Neutral
Buru Energy convened its 2018 Annual General Meeting for 8 May 2018, with shareholders asked to adopt the remuneration report and re-elect director Robert Willes.
8 May 2018investor presentation● Neutral
Buru Energy's Executive Chairman presented an operations update ('Buru in 2017 - Active and transformational year') to shareholders at the 2018 AGM.
7 May 2018flow test result▲ GoodMajor
Ungani 1 and 2 restarted at a combined 2,400 bopd with lower water cut than before their January shut-in; Ungani 5 flow-tested up to 1,226 bopd of clean oil, confirming the Eastern Fault Block extension, while Ungani 4's test ran at lower-than-expected rates pending flowline hookup and further analysis.
1 May 2018drilling progress report▲ GoodMajor
The Ungani access road reopened after an unusually wet season kept the field shut in for over three months; crude trucking and the Ungani 1/2 production restart are now underway alongside Ungani 4/5 flowline tie-ins.
17 Apr 2018production update▲ Good
The Ungani access road continued drying out with heavy-vehicle access expected by early May; Buru signed a second road-train contract (Road Trains Australia) to lift trucking capacity to its 3,000 bopd target once production restarts.
4 Apr 2018production update● Neutral
Flood-water on the Ungani access road receded enough for light vehicles, with heavy-tanker access still 3-4 weeks out; the field itself was inspected in good condition by helicopter with ~5,000 bbls already in storage awaiting the restart.
31 Mar 2018quarterly cashflow report● Neutral
Buru Energy reported $9.6M cash on hand at the end of the quarter ended 2018-03-31. Against its own $3.7M forecast for next-quarter outflows, that implied roughly 2.6 quarters of funding on hand.
14 Mar 2018investor presentation● Neutral
Executive Chairman Eric Streitberg presented Buru's corporate story at the Australian Energy & Battery Minerals Investor Conference.
12 Mar 2018production update▼ Bad
Continued extreme Kimberley rainfall (two years' worth in two months) kept the Ungani access road and export highway disrupted, though the field facility itself was undamaged and ready for an immediate restart; a pipeline alternative to trucking was studied but ruled out as not yet cost-justified, and Ungani 4/5 remained ready to hook up once heavy-vehicle access returned.
20 Feb 2018production update▼ Bad
Record West Kimberley rainfall (compounded by Tropical Cyclone Kelvin) cut road access and forced Buru to shut in Ungani oil production from 12 January, with resumption tied to the Great Northern Highway reopening to heavy vehicles; 2018 drilling-program and farm-in discussions continued in parallel.
5 Feb 2018production update● Neutral
Record West Kimberley rainfall (915.6mm in January) shut in Ungani production and cut road access, delaying the Ungani 4/5 hookup; Buru switched plans to flow both wells straight into the production facility instead of running standalone tests - cheaper and gets the oil to market sooner.
23 Jan 2018drilling progress report▼ Bad
Ungani 4 drilling operations completed and the rig stacked for maintenance; testing likely starts first week of February once packers set, but Ungani production remains shut in from Cyclone Joyce road damage with another tropical low threatening further delay.
19 Jan 2018investor presentation● Neutral
Buru's investor presentation showed the company with about 432 million shares on issue, a $0.37 share price, and a roughly $160 million market capitalisation.
