Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2014investor presentation▼ Bad
MD Keiran Wulff explained in a Company Interview that Ungani 3 found an oil column but lacked the earlier wells' well-developed porosity, making it unlikely to be a significant producer and likely reducing the field's overall upside.
5 Mar 2014investor presentation● Neutral
A duplicate lodgement of the same Company Interview on Ungani 3's disappointing porosity and reduced field upside.
5 Mar 2014drilling result● NeutralMajor
Ungani 3 was completed with 7-inch production tubing after cores confirmed live oil in the same Ungani Dolomite interval as prior wells, though the reservoir was generally tight with only one zone showing further-test potential; the deeper Nullara section was barren.
25 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,547m in the Nullara Formation; logs found a fracture zone at the Ungani Dolomite top coinciding with elevated gas readings, with pressure/fluid sampling and coring now underway.
20 Feb 2014drilling progress report● Neutral
Ungani 3's logs showed zones in the Ungani Dolomite warranting further testing; the plan became to drill deeper to the Nullara Formation, which had good oil/gas shows in Ungani 1 and North-1 but was never tested.
17 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,383m in the Nullara Formation, but mud-log and drilling-parameter indications suggested anomalously poor reservoir porosity at this location versus the central Ungani Field - a result not expected to affect 2014 production forecasts, pending wireline log confirmation.
13 Feb 2014joint venture update▲ Good
Rey Resources reported that Buru's EP457 seismic interpretation identified several Ungani-style targets, with at least one to be proposed for 2014 drilling.
10 Feb 2014drilling progress report▲ Good
Ungani 3's 9⅝-inch casing was cemented at 2,141m, with the reservoir top interpreted 69m above the field's known oil/water contact and 16m higher than any prior Ungani penetration - encouraging, pending a planned barefoot drill-stem test.
7 Feb 2014production update▲ GoodMajor
Buru completed its first Ungani crude load-out from Wyndham Port, now in transit to a Southeast Asian refinery - an important milestone establishing the export market for Ungani oil.
7 Feb 2014drilling progress report▲ Good
Ungani 3 reached the top of the Ungani Dolomite with hydrocarbon shows consistent with prior wells, pulling out of hole to run 9⅝-inch casing before evaluating the reservoir.
6 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,119m (slowed by a bit change), still heading toward the Ungani Dolomite top and its 9⅝-inch casing point.
5 Feb 2014director officer appointment● Neutral
Non-executive director Austin Miller resigned for personal reasons, leaving Streitberg to join the Audit/Risk and Remuneration/Nomination committees while the Board searched for additional NED candidates.
5 Feb 2014director interest notice● Neutral
Austin Miller ceased to be a Buru Energy director, retaining 645,000 ordinary shares.
30 Jan 2014drilling progress report● Neutral
Ungani 3 reached 2,020m, heading toward the Ungani Dolomite top.
29 Jan 2014form 605 ceasing substantial holder● Neutral
Buru ceased to be a substantial shareholder of New Standard Energy, completing the exit from the stake it received for the 2009 Acacia Permits sale.
23 Jan 2014drilling progress report● Neutral
Ungani 3 reached 1,110m after 13⅜-inch casing at 670m.
15 Jan 2014drilling spud● Neutral
Ungani 3 spudded at 17:30hrs on 14 January 2014 (Crusader 405 rig), the first well of the 2014 Buru-Mitsubishi drilling program, targeting the Ungani Dolomite with a secondary Grant Formation objective.
14 Jan 2014director officer appointment● NeutralMajor
Founding director Eric Streitberg (Buru's largest shareholder at 9.6%) moved from Executive to Non-Executive Director as part of a planned succession following Keiran Wulff's appointment as Managing Director a year earlier.
13 Jan 2014production update● Neutral
Cyclone Christine delayed the Ungani 3 rig-up, but Ungani 1 and 2 extended well tests kept performing well toward a 1,500 bopd target, with the first 30,000-barrel Wyndham loading scheduled for the following week.
31 Dec 2013quarterly cashflow report● Neutral
Buru Energy reported $60.3M cash on hand at the end of the quarter ended 2013-12-31, having used $8.9M in operating cash flow that quarter. Against its own $24.0M forecast for next-quarter outflows, that implied roughly 2.5 quarters of funding on hand.
30 Dec 2013production update▲ GoodMajor
Ungani 2 kept producing strongly (rate-capped to trucking capacity) as Ungani 1 began clean-up, Buru concluded its first 40,000-barrel Asian crude sale contract, and the Crusader 405 rig mobilised to spud Ungani 3.
30 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 30,172 new ordinary shares, taking total shares on issue from 298,475,358 to 298,505,530.
24 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 82,714 new ordinary shares, taking total shares on issue from 298,392,644 to 298,475,358.
23 Dec 2013asset acquisition disposition● NeutralMajor
Buru acquired a further 25% of EP438 (to 62.5%) from Key Petroleum's Gulliver Productions and Indigo Oil in exchange for its L15 and R1 interests, ahead of transferring 50% of EP438 to Apache Energy under the deal announced in November 2013 - completing Key Petroleum's exit as a Buru JV partner.
23 Dec 2013farm in farm out agreement● Neutral
Key Petroleum's Gulliver Productions subsidiary and Indigo Oil agreed to acquire Buru's 15.50% interest in production licence L15 and 43.28% interest in retention lease R1 (taking Gulliver to 61.4% and 65.23% respectively) - in exchange, Gulliver and Indigo sold their EP438 interests to Buru, consolidating Buru's EP438 position while ending its involvement in the L15/R1 assets entirely.
17 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 24,356,215 new ordinary shares, taking total shares on issue from 274,036,429 to 298,392,644.
13 Dec 2013production update▲ GoodMajor
Ungani oil production resumed with the first 700-barrel load-out to Wyndham; a post-workover Ungani 2 flowed up to 1,795 bopd (vs ~500 bopd pre-workover), with output planned to ramp to 1,500 bopd as the system was fully commissioned.
5 Dec 2013production update▲ GoodMajor
The completed Ungani 3D survey confirmed the field's potential and validated the Ungani North structure, as workovers on Ungani 1 and 2 finished ahead of first oil into on-site tanks and the Crusader rig prepared to spud Ungani 3.
25 Nov 2013joint venture update▲ Good
Rey Resources confirmed Buru had completed a 234km 2D seismic survey over the Ungani Trend in EP457, with results feeding target selection for a first Fitzroy Blocks conventional well expected in Q2 2014.
25 Nov 2013form 605 ceasing substantial holder● Neutral
Macquarie Group ceased to be a substantial Buru Energy shareholder.
