Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2022resource reserve update▲ GoodMajor
ERCE's independent certification found Rafael 1's Ungani-Dolomite-equivalent reservoir holds Gross 3C Contingent Resources of ~1.02 TCF of gas and 20.5 million barrels of condensate (1C: 59 BCF/1.2 MMbbl), with pressure data suggesting the gas column could be even larger than mapped.
8 Apr 2022resource reserve update● NeutralMajor
Buru's independent Rafael resources report neared completion (delayed by lab workload and new seismic reprocessing) while Ungani, now at just ~600 bopd, got a workover of Ungani Far West 1 to recomplete it back to its originally productive Ungani Dolomite zone.
18 Feb 2022drilling progress report● Neutral
The Rafael 1 test crew reached site and began rigging up equipment, with the planned 7-10 day flow test expected to start within days.
11 Feb 2022drilling result▼ Bad
Roc Oil's sole-risk sidetrack of Ungani 8HST1 hit stuck pipe again at 2,473m in the Ungani Shale; Roc (bearing all costs) decided to suspend the well, closing out the 2021 drilling campaign.
8 Feb 2022drilling progress report● Neutral
WA's eased quarantine rules let the Rafael 1 test crew start about a week earlier than planned, moving the flow test to mid- rather than late-February.
7 Feb 2022drilling progress report● Neutral
The Rafael 1 flow-test crew cleared COVID quarantine delays and remobilised, pushing the test toward late February, while Ungani delivered a ~70,000-bbl lifting and the Ungani 8H ST1 sidetrack progressed on schedule.
24 Jan 2022drilling progress report▼ Bad
WA's hard border COVID restrictions delayed the Rafael 1 flow-test crew's mobilisation to around late February, while on Ungani 8H the drill string became stuck retrieving from 2,605m and had to be backed off and abandoned in the hole at 2,206m.
7 Jan 2022drilling progress report● Neutral
Ungani 8H drilled ahead to 2,088m toward its casing point, while the planned Rafael 1 flow test was delayed past early February by Western Australia's COVID-era interstate border closures, which stopped the specialist test crew from reaching site from Queensland and South Australia.
29 Dec 2021drilling progress report● Neutral
Ungani 8H (new development well 700m NNW of Ungani 1/2) drilling ahead toward its ~2,565m Dolomite casing point with no incidents so far.
20 Dec 2021drilling spud▲ GoodMajor
Ungani 8H development well spudded at 17:00hrs on 18 December 2021 (Roc Oil 50/50 JV), targeting undrained oil in the Ungani Field's central fault block using a larger-casing design informed directly by the operational lessons from Ungani 6H/6H ST1 and Ungani 7H.
13 Dec 2021drilling scheduled▲ GoodMajor
With Ungani 8H's spud expected within days, Buru also flagged that the Rafael 1 flow test had slipped to mid-January (specialist crews blocked by WA's COVID-era border and quarantine rules) and that further log analysis had found a second, shallower hydrocarbon-bearing zone in Rafael 1 - a dolomitised Upper Laurel Carbonate section with up to 75m of gross wet-gas column - adding a new conventional play type alongside the main Ungani Dolomite intersection.
6 Dec 2021drilling progress report▲ Good
Rafael 1's drilling rig was released after running 4½-inch tubing inside 7-inch casing, leaving the interpreted Ungani Dolomite reservoir section uncased ('barefoot') to maximise flow potential ahead of a mid-December production test; the rig then remobilised to the Ungani Oilfield, with Ungani 8H expected to spud before Christmas.
23 Nov 2021drilling progress report▲ GoodMajor
Wireline logs over Rafael 1 confirmed a 165m gross gas column in a dolomite reservoir section resembling Ungani's productive interval; the well was being completed with an uncased 'barefoot' section below casing to maximise flow potential ahead of testing.
17 Nov 2021drilling progress report▲ GoodMajor
Rafael 1 reached 4,141m total depth with good-excellent wet-gas shows (rich in LPG/condensate) over a 120m interval below the previously reported gas influx zone - drilling parameters suggest a real conventional reservoir; logging and a flow-test completion follow.
9 Nov 2021drilling progress report▲ GoodMajor
Rafael 1 hit gas-charged vugular dolomite while drilling ahead in 8½-inch hole to 3,872m, prompting Buru to run casing before continuing into 6-inch hole - encouraging wireline log and pressure data ahead of a planned flow test on what would become the Rafael gas/condensate discovery.
3 Nov 2021drilling progress report▲ GoodMajor
Rafael 1 reached 3,872m, penetrating the top of its main objective carbonate section with encouraging light-oil-to-wet-gas mudgas indications across several zones, though significance awaited wireline logging and any warranted flow test.
25 Oct 2021drilling progress report▲ Good
Rafael 1 reached its 3,500m casing point (9⅝-inch casing about to run) after slow drilling through hard Anderson Formation sandstones - encouragingly, the basal Anderson section showed elevated mud-gas readings up to 4%, about 10x background.
21 Oct 2021resource reserve update▲ Good
2H Resources (already flagged as a Buru energy-transition business by mid-2021) had been granted over 29,000 sq km of South Australian permits on trend with legacy natural hydrogen discoveries, with on-ground prospecting to follow.
28 Sept 2021drilling progress report● Neutral
Rafael 1 drilled ahead to 2,772m (slower than planned due to hard-formation bit trips) toward its casing point, while Currajong 1's four test zones were perforated and rigged up for testing due to start shortly.
8 Sept 2021drilling progress report▲ Good
Rafael 1 drilled ahead toward its casing point with no incidents, while the JV finalised a four-zone Currajong 1 test program expected to start late September.
23 Aug 2021drilling spud▲ GoodMajor
Rafael 1 spudded at 01:45am on 22 August 2021, targeting 69 million barrels of mean prospective resources on a large structure likened to prolific Devonian carbonate plays in Western Canada, to be followed by the Ungani 8 development well.
18 Aug 2021drilling progress report▲ Good
The rig was rigged up at Rafael 1 ahead of spud, while Currajong 1's multi-zone testing program was being finalised pending additional equipment.
9 Aug 2021drilling progress report▲ Good
Currajong 1's casing program finished and the rig moved to Rafael 1, while Ungani 8 received all JV approvals to be drilled after Rafael 1.
5 Aug 2021drilling progress report▲ GoodMajor
Currajong 1 reached 2,340m with oil-saturated zones resembling Praslin 1's reservoir (to be confirmed by a planned cased-hole flow test), and a specialised hydrogen mudgas detector found up to 6% hydrogen over a 6m interval - an early, real signal of natural hydrogen in the Canning Basin.
28 July 2021drilling progress report● Neutral
Currajong 1 resolved earlier 13⅜-inch casing issues by installing contingent 9⅝-inch casing, with wireline logs acquired to 1,954m before drilling ahead.
26 July 2021drilling progress report▼ Bad
Currajong 1 drilled to 1,952m; an intermediate casing string issue has cost several days of delay.
9 July 2021drilling progress report● Neutral
Following Currajong 1's 1 July spud, intermediate casing was set at 715m and drilling resumed toward a 2,300m total depth, while the 2021 seismic program's start slipped to late July after the survey crew was temporarily lent to another Perth Basin operator.
1 July 2021drilling spud▲ GoodMajor
Currajong 1 spudded at 10:00am on 1 July 2021, a large 3D-seismic-defined structure targeting 28 million barrels of mean prospective resources (Buru/Origin 50/50), to be followed by Rafael 1.
15 June 2021drilling progress report● NeutralMajor
Buru's 2021 Canning Basin exploration campaign kicked off: the Ensign 963 rig is rigging up at Currajong 1 (spud likely after 24 June due to an equipment delay), the Rafael 1 pad is being prepped for the rig's next move, and a seismic crew is expected in late June/early July.
1 June 2021drilling progress report▲ GoodMajor
Buru's 2021 Canning Basin campaign formally got underway with the Ensign 963 rig at Currajong 1, targeting a combined 97 million barrels across Currajong 1 and Rafael 1 (to be drilled back-to-back) funded by Origin's farm-in carries, with the seismic program to start in late June.
