Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2015quarterly cashflow report● Neutral
Buru Energy reported $33.9M cash on hand at the end of the quarter ended 2015-12-31, having used $15.3M in operating cash flow that quarter. Against its own $12.0M forecast for next-quarter outflows, that implied roughly 2.8 quarters of funding on hand.
31 Dec 2015other● Neutral
Buru Energy lodged its Appendix 4G Corporate Governance Statement compliance checklist for the year ended 31 December 2015, confirming the statement itself was published within the annual report.
24 Dec 2015drilling progress report● Neutral
Ungani Far West 1 drilled ahead to 1,770m, heading toward the Ungani Dolomite target below 2,100m.
22 Dec 2015drilling progress report● Neutral
Ungani Far West 1 drilled ahead to 1,745m even as its rig owner (Titan Energy Services/Atlas Drilling) entered voluntary administration, while the TGS wells continued cleanup flow with Valhalla North 1 reconfigured to test its top two stimulated zones.
17 Dec 2015drilling progress report● Neutral
Ungani Far West 1 reached 1,282m section TD with 7-inch casing cemented; will drill ahead to the Ungani Dolomite target before a dedicated coring rig cores the reservoir section.
10 Dec 2015drilling progress report▲ Good
Ungani Far West 1 reached 1,060m with intermittent oil shows in Poole/Upper Grant Formation sandstones, similar to known Lennard Shelf accumulations.
3 Dec 2015drilling progress report● Neutral
Ungani Far West 1 (new appraisal well, 50/50 with Diamond Resources under the Ungani Development Funding agreement) spud and drilled to 314m with surface casing cemented.
30 Nov 2015drilling spud● Neutral
Ungani Far West 1 spudded to appraise the western extent of the Ungani structure, a separate mapped culmination that could add materially to Ungani's estimated oil volumes if productive.
20 Nov 2015flow test result▲ GoodMajor
The Asgard 1 and Valhalla North 1 tight-gas wells began flowing back stimulation fluid with gas and condensate, showing excellent gas quality, strong shut-in pressures, and evidence the Laurel Formation accumulation extends over 1,500m vertically.
11 Nov 2015drilling result▼ BadMajor
Both Fitzroy Blocks wells concluded negatively: Senagi 1 was logged and abandoned after cutting 286m of core (97% recovery, useful for future reservoir correlation) with no commercial result, and Victory 1 was plugged and abandoned after casing problems made it too costly to properly test its ambiguous porosity zone.
10 Nov 2015drilling progress report▼ Bad
Senagi 1 was logged, cored (286m, 97% recovery), and plugged/abandoned per regulations - no more weekly reports for this well; Victory 1's deep lost-circulation zone below 1,945m still can't be assessed for hydrocarbons due to poor log quality and hole conditions.
5 Nov 2015drilling progress report● Neutral
Victory 1: further logging runs attempted before a required casing cement squeeze and completion.
5 Nov 2015drilling progress report● Neutral
Senagi 1 was cored to its 1,045m total depth with wireline logs now being acquired.
2 Nov 2015drilling progress report● Neutral
Victory 1's logs showed possible cavernous porosity below 1,945m but couldn't confirm hydrocarbons due to hole conditions, while Senagi 1 continued coring dolomite with excellent recovery but no further shows.
29 Oct 2015drilling progress report● Neutral
Senagi 1's casing was cemented to 759m and the well was cored to 904m; the Laurel Formation carbonate top (~829m) showed a thin vugular zone with oil shows, but these are interpreted as residual, with coring continuing toward the deeper Nullara Formation objective.
29 Oct 2015drilling progress report▼ BadMajor
Victory 1 reached its 2,600m total depth still suffering complete lost circulation (over 10,000 barrels of water lost, with no sample returns); wireline logs were being acquired, with any test to use 3½-inch production casing configured to maximise low-cost oil recovery chances.
22 Oct 2015drilling progress report● Neutral
Senagi 1 had conductor and surface casing run to 377m, preparing to drill ahead in 6⅛-inch hole.
22 Oct 2015drilling progress report▼ BadMajor
Victory 1 reached 1,976m after remediating its casing issues, but hit complete lost circulation at 1,945m (with erratic drilling rates similar to the Ungani Dolomite elsewhere); managed pressure drilling didn't stop the losses, and no sample returns meant hydrocarbon presence in this zone couldn't yet be assessed.
15 Oct 2015drilling progress report▼ Bad
Victory 1's casing was cemented at 1,893m, but mechanical issues with the casing required remediation expected to take several more days before drilling into the primary objectives.
15 Oct 2015drilling spud● Neutral
Senagi 1 spudded in EP458, targeting the updip extension of oil-bearing Laurel/Nullara carbonates first identified near a 1989 mineral exploration well (Camelgooda 1).
14 Oct 2015price query● Neutral
Buru Energy responded to an ASX price/volume query, saying it wasn't aware of any undisclosed information explaining the recent trading and confirming it was in compliance with its continuous disclosure obligations.
8 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,893m; wireline logs were completed and casing was being run ahead of drilling into the prognosed primary objectives.
1 Oct 2015well test result▼ BadMajor
Praslin 1's swab test recovered formation fluid but no moveable hydrocarbons - a disappointing result, though the well confirmed the Ungani Dolomite's good reservoir characteristics extend 15km along trend; it was suspended, possibly for use as a water injection point.
1 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,830m, heading toward a revised ~1,900m casing point.
30 Sept 2015quarterly cashflow report● Neutral
Buru Energy reported $49.3M cash on hand at the end of the quarter ended 2015-09-30, having used $5.0M in operating cash flow that quarter. Against its own $21.0M forecast for next-quarter outflows, that implied roughly 2.4 quarters of funding on hand.
28 Sept 2015quarterly activities report● NeutralMajor
Praslin 1 entered testing and the Laurel tight-gas stimulation program showed encouraging early results, but Ungani production was temporarily shut in for operational reasons even as Victory 1 drilled ahead and Senagi 1 neared spud.
24 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,277m, heading toward a ~1,600m sectional total depth.
23 Sept 2015farm in farm out agreement● Neutral
Quadrant Energy (formerly Apache Energy, which had committed in Nov 2013 to fund a $25 million exploration program on the Coastal Permits EP390/438/471/473 to earn a 50% stake) is withdrawing early after the Commodore-1 and Olympic-1 wells it helped fund came up non-commercial - Quadrant is instead paying the Buru-Mitsubishi joint venture a lump $10 million (about $4.9 million net to Buru) to settle its remaining funding obligations, leaving Buru and Mitsubishi as sole holders of these non-core permits (outside the main Ungani/Laurel trend).
17 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,020m with casing cemented at 1,018m, heading toward a ~1,970m sectional total depth.
10 Sept 2015investor presentation▲ Good
Buru's investor update (market cap then about $130 million, with over $40 million cash on hand) pitched its whole-of-basin Canning Superbasin strategy: roughly 45,000 square kilometres of acreage, about 50% equity in its core permits, Mitsubishi Corporation as its major partner, and the Ungani oil discovery with a promising first follow-up exploration well.
