9 Sept 2014quarterly activities report▲ Good
Ungani's EPT sold a sixth oil cargo (800-900 bopd, managed rate) and Buru signed a rig contract for its next exploration drilling program alongside an ongoing 2D/Jackaroo 3D seismic campaign.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2014investor presentation● Neutral
Buru published a routine investor corporate update ('Delivering Western Australia's Energy Future') covering the company's current business.
14 July 2014quarterly activities report▲ Good
Ungani's Extended Production Test sold its fifth oil cargo with production holding above 1,000 bopd at ~1% water cut; Buru proposed four more exploration wells for 2014 and pushed the Laurel tight-gas pilot program back to early 2015.
11 July 2014director officer appointment● Neutral
Shane McDermott was appointed Company Secretary (and Head of Finance) following Chris Bath's resignation as CFO/Company Secretary.
2 July 2014director interest notice● Neutral
Dr Keiran Wulff ceased to be a Buru Energy director, having held no securities.
2 July 2014director interest notice● Neutral
Robert Willes joined Buru Energy's board holding no securities.
2 July 2014director officer appointment● NeutralMajor
Eve Howell and Robert Willes joined the Board as independent Non-Executive Directors as Managing Director Keiran Wulff relinquished his executive role and resigned as a director, with Executive Chairman Eric Streitberg assuming his duties.
2 July 2014director interest notice● Neutral
Eve Howell joined Buru Energy's board holding no securities.
2 July 2014director interest notice● Neutral
Buru Energy director Eve Howell bought 65,000 ordinary shares on-market.
2 July 2014director interest notice● Neutral
Buru Energy director Robert Willes bought 110,000 ordinary shares on-market.
30 June 2014quarterly cashflow report● Neutral
Buru Energy reported $37.6M cash on hand at the end of the quarter ended 2014-06-30, having used $7.8M in operating cash flow that quarter. Against its own $7.6M forecast for next-quarter outflows, that implied roughly 5.0 quarters of funding on hand.
30 June 2014other▲ Good
Buru's H1 2014 interim report showed cash down to $37.6M (from $60.3M) and a half-year loss narrowed to $10.2M from $15.0M.
25 June 2014securities registry admin● Neutral
Buru's share registry (Link Market Services) moved to a new Perth address effective 30 June 2014.
25 June 2014regulatory community update▲ Good
The Yungngora Community at Noonkanbah Station announced support for Buru's Laurel Formation Tight Gas Pilot Exploration Program, following DMP's full approval.
23 June 2014other● Neutral
Oil Basins Limited completed a flora and fauna survey over EP487 (Derby Block) for a planned 2D seismic survey, and disclosed confidential talks with Backreef Oil about its proposed assignment to Buru.
23 June 2014regulatory community update▲ GoodMajor
DMP approved Buru's Laurel Formation Tight Gas Pilot Exploration Program, completing the regulatory approval process (Environment, Operational and Safety Plans) following the earlier EPA/Environment Minister sign-off.
17 June 2014regulatory community update▲ Good
WA's Environment Minister upheld the EPA's approval of Buru's small-scale Laurel Formation tight-gas testing proposal, dismissing appeals against it.
30 May 2014joint venture update● Neutral
Oil Basins Limited began Class 1 Flora and Fauna survey work on EP487 (Derby Block) as operator, appointing an environmental consultant and Broome-based area manager ahead of a planned 500km 2D seismic survey - basin-adjacent context.
23 May 2014agm notice● Neutral
Buru Energy issued its notice for the 2014 Annual General Meeting, its first AGM held under a new calendar-year (31 December) financial year end after switching from a 30 June year end.
23 May 2014investor presentation● Neutral
Managing Director Dr Keiran Wulff presented to shareholders at the 2014 Annual General Meeting - the same meeting at which shareholders voted down the remuneration report.
23 May 2014director officer appointment● NeutralMajor
Chairman Graham Riley resigned; Eric Streitberg was appointed Executive Chairman, leaving a three-person board (Streitberg, Peter Jones, Keiran Wulff) while Buru moved to add more independent NEDs.
23 May 2014director interest notice● Neutral
Graham Riley ceased to be a Buru Energy director.
23 May 2014agm notice▼ BadMajor
At Buru Energy's 2014 AGM, shareholders voted decisively against adopting the remuneration report (about 72% of votes cast against), a formal 'strike' under Australia's two-strikes executive pay rule, even as the sole director candidate up for re-election was returned. A second consecutive strike the following year would have triggered a board spill vote.
14 Apr 2014joint venture update● Neutral
Rey Resources clarified that Buru's 2014 Ungani-trend exploration program (across the Fitzroy Blocks JV) remained under review, and flagged it might fund a sole-risk well itself if the JV declined to propose one.
11 Apr 2014production update▲ GoodMajor
Ungani 2 produced 74,000 bbls with zero water cut since the EPT restarted in December, beating modelled expectations, with a second 38,000-bbl export shipment complete and a third sold into Singapore; the Ungani 3 appraisal well found an oil-saturated 70m dolomite interval but missed the vuggy dolomite that makes the Central Field productive.
31 Mar 2014investor presentation● Neutral
Buru published a routine investor corporate update (dated May 2014 on its cover).
31 Mar 2014investor presentation▲ GoodMajor
At the Macquarie Australia Conference, Buru presented an independent expert's contingent resource estimate of over 47 TCF of gas and preliminary Rafael prospect volumetrics of 50 million barrels of oil or 0.5 TCF of unrisked prospective resources.
31 Mar 2014quarterly cashflow report● Neutral
Buru Energy reported $44.7M cash on hand at the end of the quarter ended 2014-03-31, having used $14.6M in operating cash flow that quarter. Against its own $4.5M forecast for next-quarter outflows, that implied roughly 9.9 quarters of funding on hand.
31 Mar 2014investor presentation● Neutral
A same-day, lightly revised re-lodgement of Buru's Macquarie Australia Conference deck (wording/formatting tweaks only - the same >47 TCF gas and Rafael volumetrics figures).
11 Mar 2014investor presentation▲ Good
A 'Tight Gas from the Canning Basin' investor deck highlighted Buru's control of 75% of the Laurel Formation's potential and framed the tight-gas program as the state's most important 2014 energy project.