22 Jan 2013appendix 3b new issue● Neutral
Buru Energy issued 7,600,086 new ordinary shares, taking total shares on issue from 266,312,599 to 273,912,685.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2013drilling progress report● Neutral
Yulleroo 4 (spudded 19 January, first well of the 2013 Mitsubishi program) reached 30m, targeting the wet gas accumulation first found by Yulleroo-1 in 1967 and appraised by Yulleroo-2 in 2008.
14 Jan 2013joint venture update● Neutral
Key Petroleum detailed its 2013 Canning/Perth Basin exploration plans across EP438 (with Buru/Mitsubishi), EP448, and EP437, with rig mobilisation to Cyrene-1 underway.
7 Jan 2013drilling progress report▲ GoodMajor
Ungani's EPT performance kept improving as Yulleroo 4 neared spud (testing for a Yulleroo Basin Centred Gas System) and Cyrene 1 prepared to resume drilling toward both a conventional oil target and the Goldwyer Shale play, with new MD Keiran Wulff starting 14 January.
31 Dec 2012appendix 3b new issue● Neutral
Buru Energy granted 3,780,000 unlisted employee share options under its Employee Share Option Plan.
31 Dec 2012quarterly cashflow report● Neutral
Buru Energy reported $41.6M cash on hand at the end of the quarter ended 2012-12-31, having used $34.9M in operating cash flow that quarter. Against its own $16.5M forecast for next-quarter outflows, that implied roughly 2.5 quarters of funding on hand.
31 Dec 2012appendix 3b new issue● Neutral
Buru Energy granted 290,000 unlisted employee share options under its Employee Share Option Plan.
17 Dec 2012resource reserve update▲ GoodMajor
Independent estimates by RISC lifted Ungani Field's 2C contingent resources to 9.9 million barrels (Buru's 50% share) - up 1.9 million barrels on production data alone - and put Ungani North's Ungani Dolomite section at about 6 million barrels 2C, with further upside pending 2013 seismic, appraisal drilling, and flow testing.
14 Dec 2012form 604 change substantial holder● Neutral
Director Eric Streitberg and his private companies increased their Buru Energy shareholding from 10.0% to 10.5% of votes.
14 Dec 2012drilling progress report● NeutralMajor
Ungani North-1's evaluation/testing program was under review pending approvals; the well showed a thicker sealing shale and an interpreted ~40m oil column atop a much thicker dolomite reservoir than at Ungani, though the reservoir itself didn't match Ungani's porosity development.
13 Dec 2012drilling progress report● Neutral
Ungani North-1's logging finished and 7-inch casing was run to total depth - the last drilling report for the deepening operation, pending future testing.
13 Dec 2012drilling progress report● Neutral
Key Petroleum reported DCA Rig 7 arrived at the Cyrene-1 site, planning a 175m surface hole and casing ahead of drilling to the primary target in January.
11 Dec 2012director officer appointment▲ GoodMajor
Dr Keiran Wulff - a former Oil Search COO who had joined Buru's board as a non-executive director about a year earlier alongside Austin Miller - was appointed Managing Director, with Executive Director Eric Streitberg stepping back into a less visible support role; Streitberg also gave an encouraging but still-inconclusive early readout on Ungani North-1 (a roughly 40m oil column atop a thicker but less porous dolomite section than at Ungani, still likely commercial given proximity to existing infrastructure, with test timing still under review).
11 Dec 2012drilling progress report▲ GoodMajor
Logging over Ungani North-1's Nullara section (previously only seen in Ungani-1) found fractured, potentially vugular limestones with strong gas and some oil shows, though a flow test will be needed to determine any commercial potential; casing to total depth is underway.
10 Dec 2012director officer appointment▲ GoodMajor
Dr Keiran Wulff, previously a Non-Executive Director, was appointed Managing Director effective 14 January 2013, taking responsibility for day-to-day operations alongside Executive Director Eric Streitberg.
6 Dec 2012drilling progress report▲ GoodMajor
Ungani North-1 was deepened to a revised 3,701m total depth after oil shows in the Nullara Formation and strong gas shows (up to 2,800 units) in the lower Nullara section.
4 Dec 2012appendix 3b new issue● Neutral
Buru Energy issued 180,000 unlisted options exercisable at $4.13, expiring 31 December 2014.
29 Nov 2012drilling progress report▲ Good
Ungani North-1 reached 2,963m; the Ungani Dolomite's base (2,847m) showed the unit is 294m thick here - about 130m thicker than at the Ungani Field itself.
29 Nov 2012material agreement▲ Good
Buru and Alcoa extended their Gas Supply Agreement by two years (to 1 January 2015), giving Buru more time to prove up reserves at Yulleroo, Valhalla, and the wider Laurel Basin Centred Gas Accumulation.
26 Nov 2012drilling progress report▲ GoodMajor
Preliminary evaluation of Ungani North-1 suggested up to a 44m oil column atop the Ungani Dolomite with vugular porosity over 280m+, though apparently less well-developed than at Ungani itself - further testing needed to confirm flow potential.
26 Nov 2012appendix 3b new issue● Neutral
Buru Energy issued 15,000 new ordinary shares, taking total shares on issue from 266,297,599 to 266,312,599.
22 Nov 2012drilling progress report● Neutral
Ungani North-1 reached 2,836m in the Ungani Dolomite before pulling out for a bit change and intermediate wireline logging, with results due in 24-36 hours.
21 Nov 2012joint venture update▲ Good
Key Petroleum secured AFE approval from Buru, Mitsubishi and Indigo Oil plus DMP's Application to Drill for Cyrene-1, and executed a turnkey drilling contract with DCA Rig 7.
19 Nov 2012drilling progress report▲ Good
Ungani North 1's deepening reached 2,779m, encountering the dolomite reservoir at 2,553m with oil shows and vuggy porosity similar to Ungani 1 and 2, though the base of the dolomite section wasn't yet reached.
19 Nov 2012drilling progress report● Neutral
Buru demobilised the Terrex seismic crew to let a Traditional Owner heritage investigation over the Ungani 3D area finish without interruption, deferring both the Ungani 3D and Commodore West 2D surveys to the next season.
16 Nov 2012drilling progress report▲ GoodMajor
Ungani North-1 reached 2,578m; the top of the dolomitic reservoir (~2,553m) showed oil shows, vuggy porosity indications, and mud gas over 10x background - encouraging signs of an active, oil-prone system similar to Ungani.
16 Nov 2012investor presentation▲ Good
Buru's investor presentation pitched its 'investment proposition': a large acreage position under long-term state tenure, the Ungani oil discovery (with the further Ungani North well then drilling), a large tight-gas resource, and its major joint-venture partnership with Mitsubishi Corporation as a clear path to commercialisation.
15 Nov 2012drilling progress report● Neutral
Ungani North-1's casing was cemented to 2,543m after logging, preparing to drill into the predicted reservoir section.
12 Nov 2012drilling progress report▲ GoodMajor
Ungani North-1 reached its 2,550m casing point; the sealing shale seen at the Ungani Oilfield was confirmed present, and the underlying limestone showed oil fluorescence and a mud gas increase - encouraging signs of a similar active petroleum system.
9 Nov 2012director officer appointment● Neutral
Buru Energy appointed Austin Miller as an additional independent Non-executive Director, shortly after Dr Keiran Wulff had also joined the board.