Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2013quarterly cashflow report● Neutral
Buru Energy reported $60.3M cash on hand at the end of the quarter ended 2013-12-31, having used $8.9M in operating cash flow that quarter. Against its own $24.0M forecast for next-quarter outflows, that implied roughly 2.5 quarters of funding on hand.
30 Dec 2013production update▲ GoodMajor
Ungani 2 kept producing strongly (rate-capped to trucking capacity) as Ungani 1 began clean-up, Buru concluded its first 40,000-barrel Asian crude sale contract, and the Crusader 405 rig mobilised to spud Ungani 3.
30 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 30,172 new ordinary shares, taking total shares on issue from 298,475,358 to 298,505,530.
24 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 82,714 new ordinary shares, taking total shares on issue from 298,392,644 to 298,475,358.
23 Dec 2013asset acquisition disposition● NeutralMajor
Buru acquired a further 25% of EP438 (to 62.5%) from Key Petroleum's Gulliver Productions and Indigo Oil in exchange for its L15 and R1 interests, ahead of transferring 50% of EP438 to Apache Energy under the deal announced in November 2013 - completing Key Petroleum's exit as a Buru JV partner.
23 Dec 2013farm in farm out agreement● Neutral
Key Petroleum's Gulliver Productions subsidiary and Indigo Oil agreed to acquire Buru's 15.50% interest in production licence L15 and 43.28% interest in retention lease R1 (taking Gulliver to 61.4% and 65.23% respectively) - in exchange, Gulliver and Indigo sold their EP438 interests to Buru, consolidating Buru's EP438 position while ending its involvement in the L15/R1 assets entirely.
17 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 24,356,215 new ordinary shares, taking total shares on issue from 274,036,429 to 298,392,644.
13 Dec 2013production update▲ GoodMajor
Ungani oil production resumed with the first 700-barrel load-out to Wyndham; a post-workover Ungani 2 flowed up to 1,795 bopd (vs ~500 bopd pre-workover), with output planned to ramp to 1,500 bopd as the system was fully commissioned.
5 Dec 2013production update▲ GoodMajor
The completed Ungani 3D survey confirmed the field's potential and validated the Ungani North structure, as workovers on Ungani 1 and 2 finished ahead of first oil into on-site tanks and the Crusader rig prepared to spud Ungani 3.
25 Nov 2013joint venture update▲ Good
Rey Resources confirmed Buru had completed a 234km 2D seismic survey over the Ungani Trend in EP457, with results feeding target selection for a first Fitzroy Blocks conventional well expected in Q2 2014.
25 Nov 2013form 605 ceasing substantial holder● Neutral
Macquarie Group ceased to be a substantial Buru Energy shareholder.
15 Nov 2013investor presentation● Neutral
Buru released a webcast of its 2013 AGM featuring Chairman Graham Riley and MD Keiran Wulff.
14 Nov 2013form 604 change substantial holder● Neutral
Macquarie Group reduced its Buru Energy shareholding from 6.6% to 5.5% of votes.
11 Nov 2013investor presentation● Neutral
Buru published an investor interview outlining its 2014 outlook - restarting Ungani oil production, upgrading field facilities, and a new Apache farm-in funding further exploration - with no new capital raise involved.
4 Nov 2013farm in farm out agreement▲ GoodMajor
Buru and Mitsubishi Corporation signed binding agreements bringing Apache Energy (a subsidiary of the US oil major, later renamed Quadrant Energy) into their Canning Basin joint venture: Apache can earn up to 50% of the "Coastal Permits" (EP390/438/471/473) by funding a A$25 million 2014 exploration program, and separately holds an option - for a fee of at least $7.2 million - to earn 40-50% of a second permit group (the "Acacia Permits", EP472/474/476-478) by funding further surveys and, if exercised, 80% of the first two exploration and appraisal wells there. Buru stays operator of both permit groups for now, with Apache able to take over operatorship after a transition period.
24 Oct 2013drilling progress report▲ Good
The Ungani 3D seismic survey (241 sq km) finished without incident; the data will guide final Ungani Field appraisal/development well placement, with the Frome Rocks 2D survey next.
15 Oct 2013production update▲ Good
Ungani 2's workover finished (Ungani 1's now underway) as the Ungani 3D seismic survey reached ~80% complete with good-to-excellent data quality, alongside ongoing Wyndham export site works.
14 Oct 2013regulatory community update▲ Good
WA's Department of Aboriginal Affairs concluded its investigation into an alleged 2012 heritage disturbance near the Ungani 3D seismic survey, finding no breach of the Aboriginal Heritage Act and no evidence of any site disturbance.
10 Oct 2013farm in farm out agreement● Neutral
Buru sold its remaining 35% stake in permit EP417 to New Standard Energy, which now owns the Laurel Project permit outright (100%) - ending Buru's direct equity interest in that specific Canning Basin permit. New Standard said the simplified single-owner structure was partly meant to attract a new farm-in partner for future drilling there.
1 Oct 2013investor presentation▲ Good
A 'Focusing on Western Australia's Energy Future' corporate presentation recapped the same investment case (Ungani production ramp-up, Laurel tight gas) for investors.
30 Sept 2013quarterly cashflow report● Neutral
Buru Energy reported $72.0M cash on hand at the end of the quarter ended 2013-09-30, having used $12.4M in operating cash flow that quarter. Against its own $16.5M forecast for next-quarter outflows, that implied roughly 4.4 quarters of funding on hand.
16 Sept 2013investor presentation▲ Good
New Managing Director Keiran Wulff gave an investor interview describing Buru's freshly-completed funding package - a mix of project debt, bank financing, and a modest equity raise - as putting the company on track to bring Ungani into production and drill further oil targets.
11 Sept 2013capital raising announcement▲ Good
Buru's Share Purchase Plan closed heavily oversubscribed ($22.2M in applications against a $5M cap from 2,092 shareholders), scaling back applications pro-rata to issue 3,029,278 new shares at $1.65.
What it means for a shareholder
3.0m new shares at A$1.65 to raise about A$5.0m. That's 1.0% dilution: every existing holder's slice gets 1.0% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000205% to 0.000203% of the company. To keep it you'd need 6 more shares - about A$10 at the issue price.
Create a free account to see this worked out for your own holding.
6 Sept 2013drilling progress report▲ Good
Ungani 3D seismic acquisition restarted (243 sq km, ~50-55 days), with an early fast-tracked subset over the Ungani Oilfield itself timed to help site the upcoming Ungani 3 well.
6 Sept 2013form 604 change substantial holder● Neutral
Macquarie Group reduced its Buru Energy shareholding from 7.6% to 6.6% of votes.
2 Sept 2013investor presentation▲ Good
A 'Powering the Kimberley' corporate presentation set out Ungani's path to Phase 1 production in 2013 and full field development in 2014, alongside the Laurel Wet Gas project.
29 Aug 2013remuneration report● Neutral
Buru Energy's remuneration report for the year ended 30 June 2013 disclosed pay for its 5-director board (Chairman Graham Riley, Peter Jones, Austin Miller, Managing Director Kieran Wulff, and Executive Director Eric Streitberg), led by Executive Director Eric Streitberg at $950,514, ahead of Wulff's $427,552.
27 Aug 2013other▼ BadMajor
Fitzroy River Corporation began legal proceedings disputing how Buru calculates its Canning Basin royalty (including over the Ungani permit); Buru rejected the claim and called it immaterial - the case would conclude in Buru/Mitsubishi's favour in April 2015 (a confirmed 2% net-wellhead royalty).
19 Aug 2013capital raising announcement● Neutral
Buru despatched Share Purchase Plan offer documents to eligible shareholders following its August 2013 SPP announcement.
15 Aug 2013cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for the 21.3 million shares issued in its $35M institutional placement.
