Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2013joint venture update▲ Good
Rey Resources welcomed Buru's successful funding update, noting up to four Ungani 'lookalike' exploration wells planned for 2014 along the ~1-million-acre Ungani trend, most of which sits within the Fitzroy Blocks.
9 Aug 2013capital raising announcement▲ GoodMajor
Buru raised $35 million via an oversubscribed institutional placement at $1.65/share (an 8.8% discount), fully funding its forward program.
8 Aug 2013capital raising announcement▲ GoodMajor
Buru Energy secured a $100+ million funding package to fully fund Ungani oil development, exploration and the Laurel Wet Gas appraisal program: up to $27.5 million non-dilutive funding from JV partner Mitsubishi Corporation, $20 million released from escrow by Alcoa, a new $30 million Reserve Base Loan Facility from National Australia Bank, and a $35 million underwritten placement plus $5 million Share Purchase Plan.
8 Aug 2013trading halt request● Neutral
Buru Energy requested a trading halt pending an announcement on funding for its forward work program.
8 Aug 2013investor presentation▲ Good
An 'Announcing a Fully Funded Forward Program' investor deck covered Ungani development, the oil exploration program, Laurel wet-gas appraisal, and drilling rig plans.
11 July 2013joint venture update● Neutral
Rey Resources detailed its 2013 Fitzroy Blocks workplan (25% interest, Buru operator 37.5%, Mitsubishi 37.5%) - Frome Rocks and Mt Fenton 2D seismic programs testing Ungani-trend and Fenton Fault extensions, feeding a potential 2014 drilling campaign.
10 July 2013drilling progress report▲ Good
The 243 sq km Ungani 3D seismic survey (suspended in 2012) recommenced after renewed Traditional Owner engagement, aiming to firm up the field's ~10 million recoverable barrels estimate and site further development wells.
4 July 2013joint venture update● Neutral
Rey Resources flagged Buru's newly released 2013 activity plans for the Ungani trend across EP457/458, where Rey holds 25% alongside Buru (operator, 37.5%) and Mitsubishi (37.5%).
4 July 2013investor presentation▲ Good
In a Company Insight interview, Managing Director Keiran Wulff explained the new Traditional Owner agreement, confirmed the Ungani 3D seismic survey (suspended after a possible heritage-site disturbance) was restarting, and said Buru now believed Ungani could hold well over its then-current 10 million barrel recoverable-oil estimate.
1 July 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.
30 June 2013quarterly cashflow report● Neutral
Buru Energy reported $45.4M cash on hand at the end of the quarter ended 2013-06-30, having generated $13.4M in operating cash flow that quarter. Against its own $16.5M forecast for next-quarter outflows, that implied roughly 2.8 quarters of funding on hand.
27 June 2013form 604 change substantial holder● Neutral
Macquarie Group re-lodged a further set of missing supporting annexures for the same 25 June 2013 Form 604 change-of-substantial-holding notice (administrative re-filing, no new substantive change disclosed).
27 June 2013form 604 change substantial holder● Neutral
Macquarie Group re-lodged missing supporting annexures for its 25 June 2013 Form 604 change-of-substantial-holding notice, after the originals failed to appear with the company's announcement (administrative re-filing, no new substantive change disclosed).
21 June 2013form 604 change substantial holder● Neutral
Macquarie Group reduced its Buru Energy shareholding from 8.7% to 7.6% of votes.
19 June 2013joint venture update▲ GoodMajor
The Canning Basin State Agreement passed both houses of WA Parliament and awaited royal assent - a major step toward developing what could be Australia's largest onshore gas resource.
10 June 2013regulatory community update▲ GoodMajor
Buru reached an engagement-framework agreement with the Nyikina Mangala and Karajarri Traditional Owners, clearing the way to resume Canning Basin field activity - including remobilising the seismic crew and restarting the drilling campaign - after operations had been suspended amid a native-title/heritage concern.
23 May 2013farm in farm out completion▲ GoodMajor
Buru's own completion announcement confirmed the Fitzroy Blocks sale to Mitsubishi and Rey Resources closed once regulatory approvals cleared, with Buru receiving the full ~$21.059M cash consideration.
23 May 2013farm in farm out completion▲ GoodMajor
Rey Resources completed its additional 15% acquisition in the Fitzroy Blocks (EP457/458), paying Buru $6.017 million once DMP and FIRB approvals cleared - leaving Buru 37.5% (operator), Mitsubishi 37.5%, and Rey 25% (10% free-carried).
9 May 2013joint venture update▲ Good
The Buru/Mitsubishi Canning Basin State Agreement (signed Nov 2012) was introduced into WA Parliament, moving toward the long-term tenure and domestic gas pipeline pathway it provides.
1 May 2013investor presentation● Neutral
Buru re-lodged its investor corporate presentation with a minor update, one day after the previous version.
30 Apr 2013investor presentation● Neutral
Buru lodged an updated investor corporate presentation covering its Western Australian onshore oil and gas business.
30 Apr 2013appendix 3b new issue● Neutral
Buru Energy granted 9,386,000 unlisted employee share options under its Employee Share Option Plan, a large tranche versus its usual grants.
18 Apr 2013investor presentation▲ GoodMajor
A Company Insight interview confirmed Yulleroo 4 as a strong result validating a Basin Centred Gas System with independent consultant RISC estimating over 6 TCF of recoverable gas net to Buru in the greater Yulleroo area, and described the completed Ungani production test as showing excellent oil deliverability, quality, and pressure support.
31 Mar 2013quarterly cashflow report● Neutral
Buru Energy reported $32.6M cash on hand at the end of the quarter ended 2013-03-31, having used $7.7M in operating cash flow that quarter. Against its own $8.0M forecast for next-quarter outflows, that implied roughly 4.1 quarters of funding on hand.
20 Mar 2013appendix 3b new issue● Neutral
Buru Energy issued 123,744 new ordinary shares, taking total shares on issue from 273,912,685 to 274,036,429.
19 Mar 2013drilling progress report▲ GoodMajor
Yulleroo 4 confirmed a very significant gas column supporting Yulleroo as part of the regional Laurel Basin Centred Gas System (RISC: over 6 TCF net to Buru in the Yulleroo area), while Cyrene 1 confirmed regional Goldwyer Shale prospectivity as prognosed and Ungani production was briefly suspended for logging.
18 Mar 2013farm in farm out completion▲ GoodMajor
Rey Resources agreed to buy an additional 15% interest in the Fitzroy Blocks (EP457/EP458) from Buru for $6.017 million, taking its total stake to 25% (its original 10% had been free-carried by Gujarat NRE Oil, which Buru had bought outright in 2012). As part of the same transaction, Mitsubishi Corporation bought a 37.5% interest in the Fitzroy Blocks from Buru, with Buru remaining operator - Rey must now fund 16.7% of forward capital costs on its enlarged stake, rather than being carried.
18 Mar 2013farm in farm out completion▲ GoodMajor
Mitsubishi and Rey Resources paid Buru a combined $21.058M cash to take stakes in the Fitzroy Blocks (EP457/EP458), diluting Buru's interest from 90% to 37.5% (Mitsubishi 37.5%, Rey 25%).
18 Mar 2013farm in farm out completion● Neutral
ASF Group (a ~22.7%-shareholder in Rey Resources) confirmed Rey Resources signed an agreement to acquire an additional 15% interest in the Fitzroy Blocks (permits EP457/EP458) from Buru.
15 Mar 2013farm in farm out agreement● Neutral
New Standard Energy and Green Rock Energy unwound their existing Laurel Project farm-in/area-of-mutual-interest arrangement: Green Rock gave up all its rights - including the 15% interest it was due to earn in permit EP417 - in exchange for New Standard taking over Green Rock's 40% stake in the neighbouring Seven Lakes acreage. New Standard ends up with 65% operated equity in EP417 (Buru holding the other 35%, unchanged) and full ownership of Seven Lakes.
