27 Nov 2014drilling progress report● Neutral
Commodore 1 (the first Apache-funded farm-out well) reached its 477m casing point.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2014price query● Neutral
ASX queried Buru Energy over a share-price rise (from $0.455 to an intraday high of $0.54) and higher trading volume, asking whether undisclosed information explained it.
24 Nov 2014drilling progress report● Neutral
Ungani North 1's ~30m interpreted oil interval was perforated underbalanced with a nitrogen cushion, with nitrogen-lift operations continuing to establish inflow rates ahead of a definitive result.
21 Nov 2014drilling spud● Neutral
Commodore 1 spudded 21 Nov 2014, the first well under Apache's November 2013 farm-out (Apache 50%, fully funding a $25M exploration program across EP390/438/471/473; Buru and Mitsubishi 25% each).
12 Nov 2014drilling progress report● Neutral
Ungani North 1's completion string was run and the rig moved on to Commodore 1 (spud planned the following week), with the interpreted Ungani Dolomite oil zone still to be perforated and flow tested.
7 Nov 2014drilling progress report● Neutral
DDH1 Rig 31 began production-test operations on Ungani North 1 (the original Ungani-discovery follow-up well, with a ~46m interpreted oil column) before moving on to spud Commodore 1.
3 Nov 2014production update▲ Good
Ungani 1ST1's second workover phase cut water cut from ~30% to ~2% on production test, while the DDH1 rig rigged up on Ungani North 1 and the Jackaroo 3D seismic survey reached ~35% complete.
22 Oct 2014capital raising announcement● NeutralMajor
Buru's Share Purchase Plan closed, raising $3.0 million from 376 shareholders - completing (together with an equity placement announced 22 September 2014) a combined $31.1 million raise that Executive Chairman Eric Streitberg said left Buru fully funded through the end of 2015, though he noted difficult market conditions had limited retail take-up of the SPP.
13 Oct 2014capital raising announcement● Neutral
Buru reminded eligible shareholders that its Share Purchase Plan closed 17 October 2014.
9 Oct 2014production update▲ Good
Buru Energy reported strong, stable production from its Ungani Extended Production Test (~1,600 bopd at Ungani-1ST1, ~810 bopd at Ungani-2, both exceeding modelling predictions), the DDH1 rig mobilising for the Commodore-1 well, and its 2014 seismic program progressing well.
30 Sept 2014quarterly cashflow report● Neutral
Buru Energy reported $61.9M cash on hand at the end of the quarter ended 2014-09-30, having used $6.0M in operating cash flow that quarter. Against its own $10.9M forecast for next-quarter outflows, that implied roughly 5.7 quarters of funding on hand.
26 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 37,504,998 new fully paid ordinary shares ranking equally with existing shares.
26 Sept 2014capital raising announcement● Neutral
Buru Energy dispatched Share Purchase Plan offer documents to shareholders, the follow-on retail component of its September 2014 Coogee Chemicals-backed placement.
26 Sept 2014cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for its $28 million placement completed 22 September 2014.
26 Sept 2014form 603 initial substantial holder● Neutral
Chemco Pty Ltd disclosed a new substantial Buru Energy shareholding of 13,333,368 ordinary shares.
26 Sept 2014form 604 change substantial holder● Neutral
Director Eric Streitberg and his private companies still hold 28.7 million Buru shares, but new Buru share issues since late 2012 diluted their stake from 10.5% to 8.5%.
22 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 41,491,548 new ordinary shares, taking total shares on issue from 298,505,530 to 339,997,078.
22 Sept 2014investor presentation● Neutral
Buru published an investor corporate update the same day it announced its roughly $28 million share placement, presumably the deck used to support that raise to institutional investors.
22 Sept 2014capital raising announcement▲ GoodMajor
Buru Energy raised $28 million via a placement of 12.5% of its equity at $0.75/share, with $20 million subscribed by Coogee Chemicals (via its holding company Chemco Pty Ltd), which became a new cornerstone substantial shareholder, fully funding Buru's 2014-2015 work program.
18 Sept 2014trading halt request● Neutral
Buru Energy requested a trading halt pending release of a market announcement.
17 Sept 2014investor presentation● Neutral
Buru published a routine investor corporate update, 'Delivering Western Australia's Energy Future'.
16 Sept 2014production update▲ Good
Ungani 1ST1's first workover phase lifted flow to up to 1,200 bopd at 30% water cut (versus 300 bopd at 60% water cut before), an encouraging step toward restoring the well to full dry-oil production.
1 Sept 2014investor presentation● Neutral
Buru published a routine investor corporate update ('Delivering Western Australia's Energy Future') covering the company's current business.
11 July 2014director officer appointment● Neutral
Shane McDermott was appointed Company Secretary (and Head of Finance) following Chris Bath's resignation as CFO/Company Secretary.
2 July 2014director officer appointment● NeutralMajor
Eve Howell and Robert Willes joined the Board as independent Non-Executive Directors as Managing Director Keiran Wulff relinquished his executive role and resigned as a director, with Executive Chairman Eric Streitberg assuming his duties.
30 June 2014quarterly cashflow report● Neutral
Buru Energy reported $37.6M cash on hand at the end of the quarter ended 2014-06-30, having used $7.8M in operating cash flow that quarter. Against its own $7.6M forecast for next-quarter outflows, that implied roughly 5.0 quarters of funding on hand.
30 June 2014other▲ Good
Buru's H1 2014 interim report showed cash down to $37.6M (from $60.3M) and a half-year loss narrowed to $10.2M from $15.0M.
25 June 2014regulatory community update▲ Good
The Yungngora Community at Noonkanbah Station announced support for Buru's Laurel Formation Tight Gas Pilot Exploration Program, following DMP's full approval.
23 June 2014other● Neutral
Oil Basins Limited completed a flora and fauna survey over EP487 (Derby Block) for a planned 2D seismic survey, and disclosed confidential talks with Backreef Oil about its proposed assignment to Buru.
23 June 2014regulatory community update▲ GoodMajor
DMP approved Buru's Laurel Formation Tight Gas Pilot Exploration Program, completing the regulatory approval process (Environment, Operational and Safety Plans) following the earlier EPA/Environment Minister sign-off.