29 Apr 2015agm notice● Neutral
Buru Energy shareholders approved the resolutions put to the vote at the company's 2015 Annual General Meeting.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2015drilling scheduled▲ Good
Buru's drilling contractor, Titan Energy Services (via its Atlas Drilling subsidiary), secured a rig contract for an initial three-well Canning Basin program with Buru, with drilling due to start around June 2015 - the mobilisation behind what became the Praslin-1 oil discovery two months later.
29 Apr 2015agm notice● Neutral
Buru Energy's notice of meeting for its 2015 Annual General Meeting (29 April 2015, Perth), covering adoption of the remuneration report - a year after the company's 'first strike' on pay - plus routine director business.
28 Apr 2015quarterly activities report▲ GoodMajor
Buru launched a fully-funded two-rig, five-to-seven-well Canning Basin exploration program using lower-cost drilling techniques, signed Native Title agreements for Ungani (a Kimberley first), and set commercial oil production at Ungani to begin mid-July 2015.
23 Apr 2015director interest notice● Neutral
Peter Vernon Jones ceased to be a Buru Energy director, retaining 86,635 ordinary shares.
23 Apr 2015director officer appointment● Neutral
Non-executive director Peter Jones (ARC Energy's founding chairman and a Buru director since 2009) resigned for health reasons, leaving Streitberg, Eve Howell, and Rob Willes on the Board.
15 Apr 2015other▲ GoodMajor
The WA Supreme Court ruled against Fitzroy River Corporation's bid for a gross royalty, confirming Buru/Mitsubishi's calculation method (a 2% net-wellhead royalty) and ordering Fitzroy to pay costs - resolving the 2013 dispute in Buru's favour.
15 Apr 2015other▲ GoodMajor
The WA Supreme Court dismissed Fitzroy River Corporation's claim over the Canning Basin Royalty Deed, confirming Buru/Mitsubishi's 2%-net-wellhead calculation and ordering Fitzroy to pay costs.
14 Apr 2015regulatory community update▲ GoodMajor
All three Traditional Owner groups (Nyikina Mangala, Karajarri Yanja, and now Yawuru) had executed Native Title Agreements for Ungani, clearing the way for Buru/Mitsubishi to complete their Production Licence application.
2 Apr 2015regulatory community update▲ GoodMajor
The Yawuru People authorised entry into an Indigenous Land Use Agreement for the Ungani Oil Field, the last of the three native title approvals needed for Ungani's Production Licence.
31 Mar 2015quarterly cashflow report● Neutral
Buru Energy reported $43.6M cash on hand at the end of the quarter ended 2015-03-31, having used $9.9M in operating cash flow that quarter. Against its own $7.0M forecast for next-quarter outflows, that implied roughly 6.2 quarters of funding on hand.
25 Mar 2015agm notice● Neutral
Buru Energy issued the notice of meeting and annual report for its 2015 Annual General Meeting (29 April 2015, Perth), with the Executive Chairman's covering letter flagging the prior year's remuneration-report 'first strike' as the key item shareholders would be asked to resolve.
9 Mar 2015regulatory community update▲ GoodMajor
The Nyikina Mangala and Karajarri Yanja People agreed to a Native Title Agreement clearing the way for Ungani's Production Licence applications, with only the Yawuru People's vote still outstanding.
9 Feb 2015drilling result▼ Bad
Sunbeam 1 reached 1,200m with no significant hydrocarbons in the targeted Grant Formation channel sands and was suspended, though Buru flagged possible re-entry to test the deeper Emanuel reefal prospect.
5 Feb 2015drilling progress report● Neutral
Sunbeam 1's 7-inch casing was cemented to 612m and the well reached 828m, heading toward its primary objective.
29 Jan 2015drilling progress report● Neutral
Sunbeam 1 reached 568m, heading toward a ~700m casing point.
27 Jan 2015regulatory community update▲ Good
Buru replaced the damaged Yulleroo 2 wellhead valve under DMP oversight (confirming full compliance, no incidents) and completed related environmental rehabilitation work with Traditional Owner involvement.
27 Jan 2015drilling spud● Neutral
Sunbeam 1 spudded on 25 January 2015 (EP129, Buru 100%), a Year-4 permit commitment well targeting Grant Formation conventional oil reservoirs, following on from the successful Commodore 1 well.
13 Jan 2015form 604 change substantial holder● Neutral
Chemco Pty Ltd reduced its Buru Energy shareholding slightly, from 7.93% to 7.84% of votes.
8 Jan 2015regulatory community update● Neutral
WA's DMP confirmed a minor gas leak at Yulleroo was caused by physical damage to a valve (possibly third-party interference under investigation), refuting protester claims of a significant uncontrolled leak.
7 Jan 2015other● Neutral
Fitzroy River Corporation confirmed its Canning Basin Royalty Deed case against Buru/Mitsubishi would go to trial on 14-15 April 2015.
2 Jan 2015asset acquisition disposition● Neutral
Buru's agreement to buy a 50% interest in EP487 from Backreef Oil (originally signed 2012, twice extended) lapsed on 31 December 2014 without the transfer occurring, releasing Buru from the $3.5M purchase price and related litigation costs with no material effect on its tight-gas resource base.
2 Jan 2015other● Neutral
Rey Resources advanced its own conditional deal for 50% of the Derby Block (EP487) after confirming Backreef Oil's separate agreement to sell that same interest to Buru had expired on 31 December 2014 - Buru's Derby Block acquisition attempt had lapsed.
31 Dec 2014remuneration report● Neutral
Buru Energy's FY2014 remuneration report disclosed pay for its board of Peter Jones, new directors Eve Howell and Robert Willes (both appointed July 2014), and Executive Chairman Eric Streitberg, led by Streitberg at $1,148,334 (including a termination payment tied to his brief return to an executive role) - Managing Director Kieran Wulff, who had ceased employment in July 2014, is listed only as a former director on $874,163.
31 Dec 2014quarterly cashflow report● Neutral
Buru Energy reported $59.9M cash on hand at the end of the quarter ended 2014-12-31, having used $6.5M in operating cash flow that quarter. Against its own $19.0M forecast for next-quarter outflows, that implied roughly 3.1 quarters of funding on hand.
23 Dec 2014drilling progress report▼ BadMajor
Commodore 1 was cored to its 1,600m total depth through the Goldwyer Shale Formation with excellent recovery; despite some oil shows, no producible hydrocarbon zones were found and the well was plugged and abandoned - the last report for Commodore 1.
19 Dec 2014other● Neutral
Fitzroy River Corporation reported that court-ordered mediation in its Canning Basin Royalty Deed case against Buru/Mitsubishi failed to resolve the dispute, with a trial now set for no earlier than 30 March 2015.
18 Dec 2014investor presentation● Neutral
Buru published an investor briefing interview with Executive Chairman Eric Streitberg covering the company's current activities.
18 Dec 2014drilling progress report● Neutral
Commodore 1 began coring, reaching 1,392m in the Carribuddy Formation limestones, heading toward the Nita Formation objective.
11 Dec 2014drilling progress report● Neutral
Commodore 1's 5-inch casing was cemented to 1,250m, with drilling continuing toward coring the Nita Formation objective to 1,550m.