Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2018resource reserve update▲ GoodMajor
RISC substantially raised Yulleroo's contingent and prospective gas/liquids resources (2C sales gas up to 714 PJ net to Buru), reflecting Buru's move to 100% interest in EP391/EP436 via its 2017 asset swap with Mitsubishi plus new well data.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string was run into the perforated liner with the rig set to demobilise once finished; the well test program was expected to start within about two weeks.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string is being run for production testing within 14 days; a 53,377-barrel Wyndham cargo sold for ~US$3.38m provisional revenue; Cyclone Joyce re-shut Ungani production (restarted 6 Jan) on 12 January.
9 Jan 2018drilling progress report▲ GoodMajor
Rig returned to the suspended Ungani 4 well; basic logs confirmed the Dolomite top at 2,134m, implying a gross oil column of ~74m - better than Ungani 1ST1 (58m) and Ungani 2 (54m) - once the drill-in completion liner is run.
9 Jan 2018drilling progress report▲ Good
Ungani 4's completion progressed with MWD logs showing a 74m oil column above the field's oil/water contact (testing due late January); Ungani production briefly shut in by cyclone-related road closure resumed on 6 January.
2 Jan 2018drilling progress report▲ Good
Ungani 5's full log suite confirmed its ~53m oil column; the well was completed with swellable packers and suspended pending a production test in 2-3 weeks - the last weekly report for this well as the rig moves to finish Ungani 4.
31 Dec 2017remuneration report● Neutral
Buru Energy's FY2017 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 $741,667.
31 Dec 2017other● Neutral
Buru Energy lodged its Appendix 4G Corporate Governance Statement compliance checklist for the year ended 31 December 2017.
31 Dec 2017quarterly cashflow report▼ Bad
Buru Energy reported $16.9M cash on hand at the end of the quarter ended 2017-12-31. Against its own $10.3M forecast for next-quarter outflows, that implied roughly 1.6 quarters of funding on hand.
29 Dec 2017drilling progress report▲ GoodMajor
Cyclone Hilda forced a temporary Ungani Field shut-in and may delay Ungani 5's completion, but full logs confirmed a ~53m oil column in Ungani 5 (comparable to Ungani 2); a facility upgrade completed doubling oil handling capacity to 4,900 bopd.
27 Dec 2017drilling progress report▲ GoodMajor
Ungani 5 reached 2,239.5m total depth; the Ungani Dolomite top was hit on prognosis at 2,122.4m (unlike the anomalously thin section in nearby Ungani 3) with good-excellent oil shows and mud gas peaks to 6.27% through the reservoir.
19 Dec 2017drilling progress report● Neutral
Ungani 5 reached 2,123m in the Ungani Shale just above the Dolomite target; prepping 7-inch casing.
14 Dec 2017drilling progress report▲ Good
Ungani 5 progressed smoothly (9⅝-inch casing set at 1,904m, minor oil shows in the Grant/Reeves sections) while Ungani 4's completion planning was finalised with equipment procured, completion to follow once Ungani 5 finishes.
12 Dec 2017drilling progress report● Neutral
Ungani 5: surface casing set at 915m, drilled ahead to 1,613m.
5 Dec 2017drilling progress report● Neutral
Ungani 5 (new appraisal well targeting the oil pool discovered by Ungani 3) spud, drilled to 918m surface casing point.
1 Dec 2017drilling spud▲ GoodMajor
Ungani 5 appraisal well spudded at 14:30hrs on 1 December 2017 to test whether the oil pool found by the earlier Ungani 3 well (in the previously untapped Eastern Fault Block) could be properly accessed with a new completion, after Ungani 3's own completion was judged to have missed the productive interval.
30 Nov 2017regulatory community update● Neutral
Buru clarified that despite media reports on the Canning Basin State Agreement's termination, its permits stay in force with no new relinquishments required until 2023/24 and no extra work commitments; the only real impact is on fraccing, now under a state government moratorium pending a scientific inquiry Buru expected to clear the practice as safe.
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.
