Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Oct 2017drilling progress report▲ Good
The Ungani 2 ESP workover was completed on time and on budget, adding extra perforations that opened up previously bypassed oil pay; the rig then moved to the Ungani 4 location, with spud expected 19 October 2017.
16 Oct 2017other▲ Good
Fitzroy River Corporation received its first royalty payment from Buru ($36,880, a 2% net royalty) since Ungani drilling resumed in mid-2017 - real confirmation the resumed field was generating income.
16 Oct 2017securities registry admin● Neutral
Buru Energy adjusted the exercise price of its unlisted employee options (expiring 31 December 2017) from $0.80 to $0.794617, a routine anti-dilution mechanic following its non-renounceable rights issue.
10 Oct 2017drilling progress report▲ Good
Ungani 1ST1's ESP workover completed successfully on time and budget; Ungani 2's workover is underway with an extra 12m of reservoir to be perforated before its own ESP is run.
3 Oct 2017securities registry admin● Neutral
Buru Energy changed its registered, operational and postal addresses to Level 2, 16 Ord Street, West Perth.
3 Oct 2017drilling progress report● Neutral
Ungani 1ST1 and Ungani 2 production wells shut in for a workover campaign: recovering old completion strings to re-complete both with electric submersible pumps (ESPs), after which the rig moves to spud the new Ungani 4 development well.
30 Sept 2017quarterly cashflow report▼ Bad
Buru Energy reported $25.6M cash on hand at the end of the quarter ended 2017-09-30. Against its own $13.6M forecast for next-quarter outflows, that implied roughly 1.9 quarters of funding on hand.
26 Sept 2017drilling progress report▲ Good
Buru's DDGT1 rig began workovers to fit electric submersible pumps to the existing Ungani 1 and 2 wells (shutting in production for about 18 days), on schedule ahead of the new Ungani 4 development well, expected to spud the week of 16 October 2017.
13 Sept 2017investor presentation▲ Good
Buru's investor presentation, issued just after the 2017 rights issue closed, showed the company's position transformed: 432 million shares, a $0.20 share price (~$86 million market cap), and $27 million cash on hand post-raising.
11 Sept 2017cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for a 24,023,593-share placement at $0.15 completed 11 September 2017.
11 Sept 2017form 604 change substantial holder● Neutral
Director Eric Streitberg and his private companies reduced their Buru Energy shareholding from 8.5% to 6.9% of votes.
11 Sept 2017capital raising announcement▲ GoodMajor
Buru confirmed the rights issue raised a final $13.8 million (including the top-up placement), with new shares allotted and no shortfall shares needed - alongside news of Buru's first oil export lifting from Wyndham and mobilisation of the drilling rig for the newly-funded Ungani development wells, tying the successful capital raise directly to on-the-ground progress.
8 Sept 2017director interest notice● Neutral
Buru Energy director Robert Willes bought 60,000 ordinary shares on-market.
7 Sept 2017capital raising announcement▲ GoodMajor
The rights issue raised $14.5 million in total - well above the original $10.2 million target - once a small top-up placement to sophisticated investors was included, fully funding Buru's Ungani development drilling program with room to spare.
5 Sept 2017regulatory community update● NeutralMajor
Buru noted the WA Government's new fraccing moratorium pending a scientific inquiry, pointing out that a prior 2013-2015 parliamentary inquiry (and several other independent reviews) had already found hydraulic fracturing poses negligible risk if properly regulated.
4 Sept 2017capital raising announcement▲ GoodMajor
Buru's rights issue closed substantially oversubscribed, with applications already exceeding the $10.2 million target before final processing - a strong show of shareholder support.
1 Sept 2017capital raising announcement● Neutral
In a letter accompanying the rights issue prospectus, Executive Chairman Eric Streitberg told shareholders the raise was needed to fund two additional Ungani wells, made possible by Buru's recent asset swap with Mitsubishi that gave it full (100%) ownership of the Ungani oil field, and noted the company's two largest shareholders had already committed to take up their full entitlements.
25 Aug 2017capital raising announcement● Neutral
Buru sent a follow-up shareholder letter reminding eligible holders of the details and closing date of the ongoing rights issue.
23 Aug 2017drilling scheduled▲ Good
Buru locked in its drilling rig, crew, and Halliburton well services ahead of a planned drilling program while flagging its first Ungani oil-lifting cargo (via Trafigura) was on track for early September 2017 - the build-up behind the Ungani 4 and Ungani 5 wells spudded later that year.
16 Aug 2017capital raising announcement● Neutral
The BPAY payment error affecting some rights-issue applications was resolved by the responsible bank, clearing the way for affected shareholders to complete their payments.
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.
4 Aug 2017securities registry admin● Neutral
Buru Energy's Board approved a new grant of unlisted employee share options under its Employee Share Option Plan, a routine long-term incentive scheme last re-approved by shareholders for a further three years.
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).
3 Aug 2017director interest notice● Neutral
Buru Energy director Robert Willes received 22,000 ordinary shares under the company's non-renounceable entitlement offer.
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.
