8 Nov 2012drilling progress report● Neutral
Ungani North-1 reached 2,491m and was tripping for a new bit, still nearing its predicted casing point above the Ungani Dolomite reservoir.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2012investor presentation▲ Good
In a Company Insight interview the day after signing it, Eric Streitberg explained the new Canning Basin State Agreement: legislative-backed tenure protection from relinquishment until 2024, and a path toward a proposed domestic gas project (and potentially LNG) with Mitsubishi once reserves are proved up.
7 Nov 2012other● Neutral
Green Rock Energy gave a routine portfolio update on its Canning Basin interests (Backreef Area, EP417, Seven Lakes SPA) and other exploration assets.
7 Nov 2012investor presentation● Neutral
Buru presented its standard corporate overview at its 2012 AGM, covering its mission to develop the Canning Basin's oil and gas resources for shareholders, the state, and local Traditional Owner communities.
7 Nov 2012joint venture update▲ GoodMajor
Buru and Mitsubishi Corporation executed a 25-year State Agreement with the WA Government over EP371/391/428/431/436 - the first such agreement covering onshore exploration/development in the state - giving long-term tenure and a path to domestic gas and eventual LNG development.
6 Nov 2012drilling progress report● Neutral
Ungani North-1 neared its casing point (2,492m) above the predicted reservoir, while Key Petroleum's Cyrene-1 (EP438) prepared to target a conventional Willara Formation oil objective with unconventional Goldwyer Shale upside.
5 Nov 2012joint venture update▲ Good
Key Petroleum (a 20% EP438 partner via Gulliver Productions) reported DMP environmental approval for drilling and testing the Cyrene-1 commitment well, with Buru 37.5%, Mitsubishi 37.5%, and Indigo Oil 5% completing the JV.
1 Nov 2012drilling progress report● Neutral
Ungani North-1's deepening resumed (drilling out the suspension plugs from August's rig incident), reaching 2,314m.
1 Nov 2012appendix 3b new issue● Neutral
Buru Energy granted 1,497,000 unlisted employee share options under its Employee Share Option Plan.
1 Nov 2012director officer appointment● Neutral
CFO Chris Bath was appointed joint Company Secretary, and Shane McDermott handed off the Company Secretary role to focus on commercial work - another routine reshuffle among Buru's senior administrative roles as the company kept growing.
29 Oct 2012drilling progress report● Neutral
Ungani North-1 drilling resumed with Ensign Rig #32 after Century Rig #7's mechanical failure forced a suspension at 2,292m; the rig had just finished the successful Asgard-1 well.
29 Oct 2012farm in farm out completion● Neutral
Following completion of the Cyrene-1 well, permit EP438 ownership reverted as set out in the farm-in: Key Petroleum's Gulliver Productions subsidiary settled as 20% operator, Buru and Mitsubishi Corporation's interests reverted up to 37.5% each, and Indigo Oil retained the remaining 5%.
29 Oct 2012remuneration report● Neutral
Buru Energy's FY2012 remuneration report disclosed pay for its 3-director board (Chairman Graham Riley, Peter Jones, Executive Director Eric Streitberg) plus senior executives, led by Executive Director Eric Streitberg at $3,100,690 - a figure dominated by a $2.5M share-based payment.
25 Oct 2012other● Neutral
New Standard Energy sold its final 10 million Buru shares for $2.74 each (~$27.4 million), completing its full exit from the stake it built after selling Buru its Canning Basin permits in 2009 - combined with its half-stake sale two months earlier, New Standard realised more than a 1,600% return on its original Buru shareholding.
23 Oct 2012drilling progress report▲ Good
Terrex Seismic began acquiring the Ungani 3D seismic survey, covering the Ungani and Ungani North structures to help define the oilfield's size and boundaries (~6 weeks to acquire).
23 Oct 2012appendix 3b new issue● Neutral
Buru Energy issued 60,000 new ordinary shares, taking total shares on issue from 266,237,599 to 266,297,599.
21 Oct 2012farm in farm out completion● Neutral
Key Petroleum (via its Gulliver Productions subsidiary - the same Gulliver entity that belonged to Empire Oil & Gas back in 2010, now under Key Petroleum's ownership) reported interim ownership of permit EP438 while its farm-in partners funded drilling of the Cyrene-1 well: Buru and Mitsubishi Corporation each temporarily held just a 2.5% interest while Key Petroleum (76%) and Indigo Oil (19%) covered the well's cost.
19 Oct 2012director officer appointment▲ GoodMajor
Buru added Dr Keiran Wulff - a petroleum geologist with 17 years at the much larger Oil Search Limited - to its board after a formal director search, a deliberate move to bring in commercialisation and large-gas-project experience as Buru worked to grow the Ungani discovery into a bigger business.
16 Oct 2012appendix 3b new issue● Neutral
Buru issued 42,000 fully paid ordinary shares at $0.75 on conversion of unlisted options, with 3,720,000 unlisted options still outstanding.
16 Oct 2012appendix 3b new issue● Neutral
Buru Energy issued 582,000 new ordinary shares, taking total shares on issue from 265,655,599 to 266,237,599.
11 Oct 2012drilling progress report▲ Good
Asgard-1's 7-inch casing was cemented to 3,548m and the well suspended for further evaluation - the last weekly report, with the rig now moving to Ungani North-1.
10 Oct 2012appendix 3b new issue● Neutral
Buru Energy issued 14,623,455 new ordinary shares, taking total shares on issue from 251,032,144 to 265,655,599.
9 Oct 2012drilling progress report▲ Good
Asgard-1's wireline logging (partial, due to hole conditions) found gas saturations across the Laurel section in tight sands/silts/limestones, with sidewall cores showing gas bleeding at surface; 7-inch casing was being run before suspending the well for evaluation.
4 Oct 2012drilling progress report▲ Good
Asgard-1 reached a revised 3,550m total depth; logs to date suggest possible gas saturations across the Laurel section in tight sands, silts, and limestones, with pressure/fluid sampling to assess significance.
4 Oct 2012cleansing notice● Neutral
Buru Energy lodged a routine cleansing notice confirming its 27 September 2012 placement of 14,545,455 new shares (raising $40 million, funding the Gujarat NRE Oil/Backreef Oil permit acquisitions) complied with disclosure rules and can trade freely.
4 Oct 2012asset acquisition disposition▲ GoodMajor
Buru completed its $36M cash acquisition of Gujarat NRE Oil Limited (giving it an indirect 90% interest in EP457/458), funded by its recent institutional placement, while rejecting Rey Resources' objection that the deal breached JV agreement terms.
4 Oct 2012joint venture update▼ Bad
Rey Resources (a 10% EP457/458 interest-holder) objected to Buru's planned acquisition of Gujarat NRE Oil (giving Buru an indirect 90% of the permits), asserting it would breach existing joint-venture arrangements, and asked Buru/Gujarat to pause the deal.
2 Oct 2012other▼ Bad
European Gas Ltd disclosed a dispute with EP391's holders (Buru and Diamond Resources (Fitzroy)) over whether its 2% Canning Basin royalty is 'gross' or 'net' of costs, after receiving its first Ungani-production royalty payment calculated on a net basis.
30 Sept 2012quarterly cashflow report▼ Bad
Buru Energy reported $37.8M cash on hand at the end of the quarter ended 2012-09-30, having used $23.3M in operating cash flow that quarter. Against its own $38.6M forecast for next-quarter outflows, that implied roughly under one quarter of funding on hand.
27 Sept 2012capital raising announcement▲ GoodMajor
Buru raised about $40 million through an institutional share placement, priced at $2.75 a share, specifically to fund its acquisition of Gujarat NRE Oil Limited's 90% interests in exploration permits EP457 and EP458 (for $36 million) and a related right to a further permit area - a raise tied directly to expanding its Canning Basin acreage, not a sign of financial distress.