14 Mar 2013drilling progress report▲ GoodMajor
Yulleroo 4's logging finished and 5½-inch casing was being run for suspension; gas shows spanned a substantial 1,686m interval (2,160m to the 3,846m total depth), confirming a very large gas column.
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7 Mar 2013drilling progress report▲ Good
Yulleroo 4 was deepened to a revised 3,846m total depth (past the 3,800m plan) as gas shows continued; some sands showed fair-to-good interpreted reservoir potential.
1 Mar 2013director officer appointment● Neutral
Tom Streitberg - Company Secretary since Buru's 2009 split from ARC Energy - stepped down from that role for good, leaving CFO Chris Bath as sole Company Secretary and closing out three years of shared, transitional arrangements in the role.
28 Feb 2013drilling progress report▲ GoodMajor
Yulleroo 4 reached 3,649m, intersecting the Upper/Lower Laurel Formations and Yulleroo Gas Sands on prognosis (~200m structurally lower than Yulleroo 3) with gas signatures matching the other Yulleroo wells; higher mud weights gave more stable hole conditions than earlier wells.
26 Feb 2013other● Neutral
Buru lodged its routine half-year financial report for the six months to 31 December 2012, a standard disclosure rather than a market-moving event.
25 Feb 2013drilling result▼ Bad
Cyrene-1's flow test of the Willara Formation recovered no hydrocarbons; the EP438 JV (Buru 37.5%, Mitsubishi 37.5%, Key 20%, Indigo 5%) plugged and abandoned the well, though a full Goldwyer Formation data set was captured for future unconventional assessment.
21 Feb 2013drilling progress report▲ Good
Yulleroo 4 reached 2,939m after casing cemented at 2,319m; Anderson Formation gas shows were consistent with other Yulleroo wells.
15 Feb 2013quarterly activities report▲ GoodMajor
Ungani's production test neared completion of its initial data-gathering phase while Buru drilled the Yulleroo 4 appraisal well and cored strong oil/gas shows at Cyrene 1's Goldwyer Shale interval.
14 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached its 2,326m intermediate casing point with 9⅝-inch casing run to 2,319m, heading toward the Upper Laurel Formation.
12 Feb 2013other● Neutral
Background only, not a Buru event: Fitzroy River Corporation - the holder of a royalty over part of Buru's Canning Basin acreage - raised its own ~$3.8 million entitlement offer, partly to fund administering its royalty agreements with Buru.
12 Feb 2013drilling progress report● Neutral
Cyrene-1 continued coring the Goldwyer Formation (1,018m RT); after logging, the hole will be cased and drilled ahead to the conventional Willara Formation objective, with the next update expected once that target is evaluated.
11 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 cored the Goldwyer Formation to 1,014m RT with further oil and gas shows; Key's MD called the results 'extremely significant' for both conventional and unconventional potential, confirming an oil-generating source rock.
8 Feb 2013drilling progress report▲ Good
Cyrene-1's second Goldwyer core barrel reached 986m RT with gas readings climbing (10.1-14.5 units, C5 up to 70ppm) - encouraging unconventional shows.
8 Feb 2013resource reserve update▲ GoodMajor
RISC's first whole-of-permit independent assessment of the Laurel Formation Basin Centred Gas System (drawing on 22 wells, including five drilled by the Buru/Mitsubishi JV) confirmed the potential already suggested by in-house and earlier independent analyses.
7 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached 2,078m, heading toward a 2,630m intermediate casing point.
6 Feb 2013drilling progress report▲ Good
Cyrene-1's Goldwyer coring reached 967m RT with further oil shows in claystone cuttings and background gas rising to 5.6 units.
6 Feb 2013other● Neutral
Oil Basins Limited (a Derby Block/EP487 neighbour) reported clearing a Native Title Tribunal hurdle on its Octanex farm-in and disputed a proposed Backreef Oil/Rey Resources deal over the same block - basin-adjacent context, not a Buru transaction.
5 Feb 2013drilling progress report▲ GoodMajor
Coring began on Cyrene-1's Goldwyer shale; oil shows so far were consistent with those at Hedonia-1 (160m away), supporting the JV's view that the Goldwyer Shale here sits in the oil generation window.
4 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 reached its 958m Goldwyer coring point with oil shows across a 43m interval (915-958m) in the lower Grant/Goldwyer Formations - an active-source-rock indication with unconventional potential, at the same depth the Goldwyer top was found in nearby Hedonia-1.
4 Feb 2013drilling progress report▲ Good
A duplicate lodgement of the same Cyrene-1 report describing oil shows across 915-958m and the Goldwyer Formation top matching Hedonia-1's depth.
1 Feb 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 888m in the Grant Formation.
31 Jan 2013drilling progress report● Neutral
Yulleroo 4's casing was cemented to 886m and the well reached 1,154m, heading toward a 2,630m intermediate casing point.
31 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the rig ran back in hole to resume drilling after mud pump repairs.
30 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: top drive serviced and mud pump repairs continuing, with a coring crew mobilising to core the Goldwyer Formation at ~940m.
29 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 824m while mud pumps were being repaired.
25 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 680m in the Grant Formation with background gas rising slightly to 0.1 units.
24 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 618m in the Grant Formation with modest background gas (0.02 units, 160ppm methane).
24 Jan 2013drilling progress report● Neutral
Yulleroo 4 reached its 888m intermediate casing point, preparing to run casing.
23 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 442m, drilling through the Wallal Sandstone.
22 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 346m, intersecting the Top Wallal Sandstone at 295m.