17 June 2014regulatory community update▲ Good
WA's Environment Minister upheld the EPA's approval of Buru's small-scale Laurel Formation tight-gas testing proposal, dismissing appeals against it.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2014joint venture update● Neutral
Oil Basins Limited began Class 1 Flora and Fauna survey work on EP487 (Derby Block) as operator, appointing an environmental consultant and Broome-based area manager ahead of a planned 500km 2D seismic survey - basin-adjacent context.
23 May 2014investor presentation● Neutral
Managing Director Dr Keiran Wulff presented to shareholders at the 2014 Annual General Meeting - the same meeting at which shareholders voted down the remuneration report.
23 May 2014director officer appointment● NeutralMajor
Chairman Graham Riley resigned; Eric Streitberg was appointed Executive Chairman, leaving a three-person board (Streitberg, Peter Jones, Keiran Wulff) while Buru moved to add more independent NEDs.
23 May 2014agm notice▼ BadMajor
At Buru Energy's 2014 AGM, shareholders voted decisively against adopting the remuneration report (about 72% of votes cast against), a formal 'strike' under Australia's two-strikes executive pay rule, even as the sole director candidate up for re-election was returned. A second consecutive strike the following year would have triggered a board spill vote.
14 Apr 2014joint venture update● Neutral
Rey Resources clarified that Buru's 2014 Ungani-trend exploration program (across the Fitzroy Blocks JV) remained under review, and flagged it might fund a sole-risk well itself if the JV declined to propose one.
11 Apr 2014production update▲ GoodMajor
Ungani 2 produced 74,000 bbls with zero water cut since the EPT restarted in December, beating modelled expectations, with a second 38,000-bbl export shipment complete and a third sold into Singapore; the Ungani 3 appraisal well found an oil-saturated 70m dolomite interval but missed the vuggy dolomite that makes the Central Field productive.
31 Mar 2014investor presentation● Neutral
Buru published a routine investor corporate update (dated May 2014 on its cover).
31 Mar 2014investor presentation▲ GoodMajor
At the Macquarie Australia Conference, Buru presented an independent expert's contingent resource estimate of over 47 TCF of gas and preliminary Rafael prospect volumetrics of 50 million barrels of oil or 0.5 TCF of unrisked prospective resources.
31 Mar 2014quarterly cashflow report● Neutral
Buru Energy reported $44.7M cash on hand at the end of the quarter ended 2014-03-31, having used $14.6M in operating cash flow that quarter. Against its own $4.5M forecast for next-quarter outflows, that implied roughly 9.9 quarters of funding on hand.
31 Mar 2014investor presentation● Neutral
A same-day, lightly revised re-lodgement of Buru's Macquarie Australia Conference deck (wording/formatting tweaks only - the same >47 TCF gas and Rafael volumetrics figures).
11 Mar 2014investor presentation▲ Good
A 'Tight Gas from the Canning Basin' investor deck highlighted Buru's control of 75% of the Laurel Formation's potential and framed the tight-gas program as the state's most important 2014 energy project.
5 Mar 2014investor presentation▼ Bad
MD Keiran Wulff explained in a Company Interview that Ungani 3 found an oil column but lacked the earlier wells' well-developed porosity, making it unlikely to be a significant producer and likely reducing the field's overall upside.
5 Mar 2014investor presentation● Neutral
A duplicate lodgement of the same Company Interview on Ungani 3's disappointing porosity and reduced field upside.
5 Mar 2014drilling result● NeutralMajor
Ungani 3 was completed with 7-inch production tubing after cores confirmed live oil in the same Ungani Dolomite interval as prior wells, though the reservoir was generally tight with only one zone showing further-test potential; the deeper Nullara section was barren.
25 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,547m in the Nullara Formation; logs found a fracture zone at the Ungani Dolomite top coinciding with elevated gas readings, with pressure/fluid sampling and coring now underway.
20 Feb 2014drilling progress report● Neutral
Ungani 3's logs showed zones in the Ungani Dolomite warranting further testing; the plan became to drill deeper to the Nullara Formation, which had good oil/gas shows in Ungani 1 and North-1 but was never tested.
17 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,383m in the Nullara Formation, but mud-log and drilling-parameter indications suggested anomalously poor reservoir porosity at this location versus the central Ungani Field - a result not expected to affect 2014 production forecasts, pending wireline log confirmation.
13 Feb 2014joint venture update▲ Good
Rey Resources reported that Buru's EP457 seismic interpretation identified several Ungani-style targets, with at least one to be proposed for 2014 drilling.
10 Feb 2014drilling progress report▲ Good
Ungani 3's 9⅝-inch casing was cemented at 2,141m, with the reservoir top interpreted 69m above the field's known oil/water contact and 16m higher than any prior Ungani penetration - encouraging, pending a planned barefoot drill-stem test.
7 Feb 2014production update▲ GoodMajor
Buru completed its first Ungani crude load-out from Wyndham Port, now in transit to a Southeast Asian refinery - an important milestone establishing the export market for Ungani oil.
7 Feb 2014drilling progress report▲ Good
Ungani 3 reached the top of the Ungani Dolomite with hydrocarbon shows consistent with prior wells, pulling out of hole to run 9⅝-inch casing before evaluating the reservoir.
6 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,119m (slowed by a bit change), still heading toward the Ungani Dolomite top and its 9⅝-inch casing point.
5 Feb 2014director officer appointment● Neutral
Non-executive director Austin Miller resigned for personal reasons, leaving Streitberg to join the Audit/Risk and Remuneration/Nomination committees while the Board searched for additional NED candidates.
30 Jan 2014drilling progress report● Neutral
Ungani 3 reached 2,020m, heading toward the Ungani Dolomite top.
29 Jan 2014form 605 ceasing substantial holder● Neutral
Buru ceased to be a substantial shareholder of New Standard Energy, completing the exit from the stake it received for the 2009 Acacia Permits sale.
23 Jan 2014drilling progress report● Neutral
Ungani 3 reached 1,110m after 13⅜-inch casing at 670m.
15 Jan 2014drilling spud● Neutral
Ungani 3 spudded at 17:30hrs on 14 January 2014 (Crusader 405 rig), the first well of the 2014 Buru-Mitsubishi drilling program, targeting the Ungani Dolomite with a secondary Grant Formation objective.
14 Jan 2014director officer appointment● NeutralMajor
Founding director Eric Streitberg (Buru's largest shareholder at 9.6%) moved from Executive to Non-Executive Director as part of a planned succession following Keiran Wulff's appointment as Managing Director a year earlier.
13 Jan 2014production update● Neutral
Cyclone Christine delayed the Ungani 3 rig-up, but Ungani 1 and 2 extended well tests kept performing well toward a 1,500 bopd target, with the first 30,000-barrel Wyndham loading scheduled for the following week.