15 Nov 2013investor presentation● Neutral
Buru released a webcast of its 2013 AGM featuring Chairman Graham Riley and MD Keiran Wulff.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2013form 604 change substantial holder● Neutral
Macquarie Group reduced its Buru Energy shareholding from 6.6% to 5.5% of votes.
12 Nov 2013agm notice● Neutral
Buru Energy's notice of meeting for its 2013 Annual General Meeting (12 November 2013) asked shareholders to adopt the FY2013 remuneration report and approve a proposed grant of 1,500,000 share appreciation rights to Managing Director Kieran Wulff - the '1,500,000' figure is a unit count for that proposed grant, not a dollar pay amount.
12 Nov 2013agm notice● Neutral
Buru released its 2013 AGM corporate presentation.
12 Nov 2013agm notice● Neutral
Buru Energy shareholders approved the resolutions put to the vote at the company's 2013 Annual General Meeting.
11 Nov 2013investor presentation● Neutral
Buru published an investor interview outlining its 2014 outlook - restarting Ungani oil production, upgrading field facilities, and a new Apache farm-in funding further exploration - with no new capital raise involved.
4 Nov 2013farm in farm out agreement▲ GoodMajor
Buru and Mitsubishi Corporation signed binding agreements bringing Apache Energy (a subsidiary of the US oil major, later renamed Quadrant Energy) into their Canning Basin joint venture: Apache can earn up to 50% of the "Coastal Permits" (EP390/438/471/473) by funding a A$25 million 2014 exploration program, and separately holds an option - for a fee of at least $7.2 million - to earn 40-50% of a second permit group (the "Acacia Permits", EP472/474/476-478) by funding further surveys and, if exercised, 80% of the first two exploration and appraisal wells there. Buru stays operator of both permit groups for now, with Apache able to take over operatorship after a transition period.
24 Oct 2013drilling progress report▲ Good
The Ungani 3D seismic survey (241 sq km) finished without incident; the data will guide final Ungani Field appraisal/development well placement, with the Frome Rocks 2D survey next.
15 Oct 2013production update▲ Good
Ungani 2's workover finished (Ungani 1's now underway) as the Ungani 3D seismic survey reached ~80% complete with good-to-excellent data quality, alongside ongoing Wyndham export site works.
14 Oct 2013regulatory community update▲ Good
WA's Department of Aboriginal Affairs concluded its investigation into an alleged 2012 heritage disturbance near the Ungani 3D seismic survey, finding no breach of the Aboriginal Heritage Act and no evidence of any site disturbance.
10 Oct 2013farm in farm out agreement● Neutral
Buru sold its remaining 35% stake in permit EP417 to New Standard Energy, which now owns the Laurel Project permit outright (100%) - ending Buru's direct equity interest in that specific Canning Basin permit. New Standard said the simplified single-owner structure was partly meant to attract a new farm-in partner for future drilling there.
1 Oct 2013investor presentation▲ Good
A 'Focusing on Western Australia's Energy Future' corporate presentation recapped the same investment case (Ungani production ramp-up, Laurel tight gas) for investors.
30 Sept 2013quarterly cashflow report● Neutral
Buru Energy reported $72.0M cash on hand at the end of the quarter ended 2013-09-30, having used $12.4M in operating cash flow that quarter. Against its own $16.5M forecast for next-quarter outflows, that implied roughly 4.4 quarters of funding on hand.
16 Sept 2013investor presentation▲ Good
New Managing Director Keiran Wulff gave an investor interview describing Buru's freshly-completed funding package - a mix of project debt, bank financing, and a modest equity raise - as putting the company on track to bring Ungani into production and drill further oil targets.
11 Sept 2013capital raising announcement▲ Good
Buru's Share Purchase Plan closed heavily oversubscribed ($22.2M in applications against a $5M cap from 2,092 shareholders), scaling back applications pro-rata to issue 3,029,278 new shares at $1.65.
What it means for a shareholder
3.0m new shares at A$1.65 to raise about A$5.0m. That's 1.0% dilution: every existing holder's slice gets 1.0% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000205% to 0.000203% of the company. To keep it you'd need 6 more shares - about A$10 at the issue price.
Create a free account to see this worked out for your own holding.
6 Sept 2013drilling progress report▲ Good
Ungani 3D seismic acquisition restarted (243 sq km, ~50-55 days), with an early fast-tracked subset over the Ungani Oilfield itself timed to help site the upcoming Ungani 3 well.
6 Sept 2013form 604 change substantial holder● Neutral
Macquarie Group reduced its Buru Energy shareholding from 7.6% to 6.6% of votes.
2 Sept 2013investor presentation▲ Good
A 'Powering the Kimberley' corporate presentation set out Ungani's path to Phase 1 production in 2013 and full field development in 2014, alongside the Laurel Wet Gas project.
29 Aug 2013remuneration report● Neutral
Buru Energy's remuneration report for the year ended 30 June 2013 disclosed pay for its 5-director board (Chairman Graham Riley, Peter Jones, Austin Miller, Managing Director Kieran Wulff, and Executive Director Eric Streitberg), led by Executive Director Eric Streitberg at $950,514, ahead of Wulff's $427,552.
27 Aug 2013other▼ BadMajor
Fitzroy River Corporation began legal proceedings disputing how Buru calculates its Canning Basin royalty (including over the Ungani permit); Buru rejected the claim and called it immaterial - the case would conclude in Buru/Mitsubishi's favour in April 2015 (a confirmed 2% net-wellhead royalty).
19 Aug 2013capital raising announcement● Neutral
Buru despatched Share Purchase Plan offer documents to eligible shareholders following its August 2013 SPP announcement.
15 Aug 2013cleansing notice● Neutral
Buru gave the standard s708A(5)(e) cleansing notice for the 21.3 million shares issued in its $35M institutional placement.
12 Aug 2013joint venture update▲ Good
Rey Resources welcomed Buru's successful funding update, noting up to four Ungani 'lookalike' exploration wells planned for 2014 along the ~1-million-acre Ungani trend, most of which sits within the Fitzroy Blocks.
9 Aug 2013capital raising announcement▲ GoodMajor
Buru raised $35 million via an oversubscribed institutional placement at $1.65/share (an 8.8% discount), fully funding its forward program.
8 Aug 2013capital raising announcement▲ GoodMajor
Buru Energy secured a $100+ million funding package to fully fund Ungani oil development, exploration and the Laurel Wet Gas appraisal program: up to $27.5 million non-dilutive funding from JV partner Mitsubishi Corporation, $20 million released from escrow by Alcoa, a new $30 million Reserve Base Loan Facility from National Australia Bank, and a $35 million underwritten placement plus $5 million Share Purchase Plan.
8 Aug 2013trading halt request● Neutral
Buru Energy requested a trading halt pending an announcement on funding for its forward work program.
8 Aug 2013investor presentation▲ Good
An 'Announcing a Fully Funded Forward Program' investor deck covered Ungani development, the oil exploration program, Laurel wet-gas appraisal, and drilling rig plans.
11 July 2013joint venture update● Neutral
Rey Resources detailed its 2013 Fitzroy Blocks workplan (25% interest, Buru operator 37.5%, Mitsubishi 37.5%) - Frome Rocks and Mt Fenton 2D seismic programs testing Ungani-trend and Fenton Fault extensions, feeding a potential 2014 drilling campaign.
10 July 2013drilling progress report▲ Good
The 243 sq km Ungani 3D seismic survey (suspended in 2012) recommenced after renewed Traditional Owner engagement, aiming to firm up the field's ~10 million recoverable barrels estimate and site further development wells.
4 July 2013joint venture update● Neutral
Rey Resources flagged Buru's newly released 2013 activity plans for the Ungani trend across EP457/458, where Rey holds 25% alongside Buru (operator, 37.5%) and Mitsubishi (37.5%).