4 Dec 2014drilling progress report▼ Bad
Commodore 1 reached its 1,150m sectional total depth in the Lower Grant Formation with no hydrocarbon indications; wireline logs are pending before coring ahead into the deeper Nita Formation objective.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2014drilling progress report▲ Good
The 224 sq km Jackaroo 3D seismic survey (linking the Yulleroo and Ungani grids and covering the Jackaroo/Praslin prospects) was completed with good-to-excellent data quality and no incidents.
1 Dec 2014other● Neutral
Oil Basins disputed a proposed Rey Resources/Backreef Oil deal for 50% of the Derby Block (EP487), noting Backreef didn't hold that interest and awaiting a WA tribunal ruling on Backreef's standing.
28 Nov 2014drilling progress report▲ Good
Phase 1 of the Laurel Formation Tight Gas Pilot program finished at the Asgard and Valhalla North wells (site civil works, well conditioning, cement bond logging, and diagnostic mini-fracs) with no operational or environmental incidents, setting up the main 2015 frac program.
27 Nov 2014well test result▼ Bad
Ungani North 1's nitrogen lift established only low fluid inflow, mostly drilling-fluid filtrate rather than genuine reservoir recovery - an inconclusive result that led Buru to suspend the well pending further evaluation and a JV forward plan.
27 Nov 2014drilling progress report● Neutral
Commodore 1 (the first Apache-funded farm-out well) reached its 477m casing point.
25 Nov 2014price query● Neutral
ASX queried Buru Energy over a share-price rise (from $0.455 to an intraday high of $0.54) and higher trading volume, asking whether undisclosed information explained it.
24 Nov 2014drilling progress report● Neutral
Ungani North 1's ~30m interpreted oil interval was perforated underbalanced with a nitrogen cushion, with nitrogen-lift operations continuing to establish inflow rates ahead of a definitive result.
21 Nov 2014drilling spud● Neutral
Commodore 1 spudded 21 Nov 2014, the first well under Apache's November 2013 farm-out (Apache 50%, fully funding a $25M exploration program across EP390/438/471/473; Buru and Mitsubishi 25% each).
12 Nov 2014drilling progress report● Neutral
Ungani North 1's completion string was run and the rig moved on to Commodore 1 (spud planned the following week), with the interpreted Ungani Dolomite oil zone still to be perforated and flow tested.
7 Nov 2014drilling progress report● Neutral
DDH1 Rig 31 began production-test operations on Ungani North 1 (the original Ungani-discovery follow-up well, with a ~46m interpreted oil column) before moving on to spud Commodore 1.
3 Nov 2014production update▲ Good
Ungani 1ST1's second workover phase cut water cut from ~30% to ~2% on production test, while the DDH1 rig rigged up on Ungani North 1 and the Jackaroo 3D seismic survey reached ~35% complete.
29 Oct 2014securities registry admin● Neutral
Buru granted 6.4 million unlisted employee options ($1.12 strike, expiring Dec 2016) to 43 staff under its ESOP - none to the Executive Chairman or other directors.
24 Oct 2014director interest notice● Neutral
Buru Energy director Eve Howell bought 80,000 ordinary shares on-market.
24 Oct 2014director interest notice● Neutral
Buru Energy director Eric Streitberg received 1,026,840 ordinary shares under the company's non-renounceable entitlement offer.
22 Oct 2014capital raising announcement● NeutralMajor
Buru's Share Purchase Plan closed, raising $3.0 million from 376 shareholders - completing (together with an equity placement announced 22 September 2014) a combined $31.1 million raise that Executive Chairman Eric Streitberg said left Buru fully funded through the end of 2015, though he noted difficult market conditions had limited retail take-up of the SPP.
13 Oct 2014capital raising announcement● Neutral
Buru reminded eligible shareholders that its Share Purchase Plan closed 17 October 2014.
9 Oct 2014production update▲ Good
Buru Energy reported strong, stable production from its Ungani Extended Production Test (~1,600 bopd at Ungani-1ST1, ~810 bopd at Ungani-2, both exceeding modelling predictions), the DDH1 rig mobilising for the Commodore-1 well, and its 2014 seismic program progressing well.
30 Sept 2014quarterly cashflow report● Neutral
Buru Energy reported $61.9M cash on hand at the end of the quarter ended 2014-09-30, having used $6.0M in operating cash flow that quarter. Against its own $10.9M forecast for next-quarter outflows, that implied roughly 5.7 quarters of funding on hand.
26 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 37,504,998 new fully paid ordinary shares ranking equally with existing shares.
26 Sept 2014capital raising announcement● Neutral
Buru Energy dispatched Share Purchase Plan offer documents to shareholders, the follow-on retail component of its September 2014 Coogee Chemicals-backed placement.
26 Sept 2014cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for its $28 million placement completed 22 September 2014.
26 Sept 2014form 603 initial substantial holder● Neutral
Chemco Pty Ltd disclosed a new substantial Buru Energy shareholding of 13,333,368 ordinary shares.
26 Sept 2014form 604 change substantial holder● Neutral
Director Eric Streitberg and his private companies still hold 28.7 million Buru shares, but new Buru share issues since late 2012 diluted their stake from 10.5% to 8.5%.
22 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 41,491,548 new ordinary shares, taking total shares on issue from 298,505,530 to 339,997,078.
22 Sept 2014investor presentation● Neutral
Buru published an investor corporate update the same day it announced its roughly $28 million share placement, presumably the deck used to support that raise to institutional investors.
22 Sept 2014capital raising announcement▲ GoodMajor
Buru Energy raised $28 million via a placement of 12.5% of its equity at $0.75/share, with $20 million subscribed by Coogee Chemicals (via its holding company Chemco Pty Ltd), which became a new cornerstone substantial shareholder, fully funding Buru's 2014-2015 work program.
18 Sept 2014trading halt request● Neutral
Buru Energy requested a trading halt pending release of a market announcement.
17 Sept 2014investor presentation● Neutral
Buru published a routine investor corporate update, 'Delivering Western Australia's Energy Future'.
16 Sept 2014production update▲ Good
Ungani 1ST1's first workover phase lifted flow to up to 1,200 bopd at 30% water cut (versus 300 bopd at 60% water cut before), an encouraging step toward restoring the well to full dry-oil production.