28 May 2021drilling scheduled▲ Good
The Ensign 963 rig began mobilising to the Currajong 1 site (the first of two Origin-farm-in exploration wells), with site prep already complete and spud expected mid-June once the camp and rig assembly finished.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 May 2021drilling scheduled● Neutral
Kurrajong 1 was renamed Currajong 1 (an offshore name conflict) with Rafael 1 confirmed as the program's second well, spudding back-to-back in mid-June and late July/early August respectively.
13 May 2021drilling scheduled▲ Good
Kurrajong 1 site preparation neared completion (rig loads departing the Northern Territory 24 May) as Buru's Origin-carried 97-million-barrel two-well campaign stayed on track for a mid-June start.
14 Apr 2021drilling scheduled▲ Good
Buru confirmed Ensign 963 (fresh from Origin Energy's Beetaloo Basin program) as the rig for its three-well 2021 Canning Basin program, with Kurrajong 1 on track to spud early-to-mid June.
21 Dec 2020farm in farm out agreement▲ GoodMajor
Buru signed a binding letter agreement for Origin Energy to farm into EP457/458 alongside existing partner Rey Resources - post-completion equity split Buru 40%/Origin 40%/Rey 20% - with Origin funding the first $3M of a 2D seismic survey (Celestine).
21 Dec 2020farm in farm out agreement▲ GoodMajor
Origin Energy agreed to farm into seven Canning Basin permits (20,000 km²) held by Buru - and, on two of them, jointly with Rey Resources - taking a 50% equity share in five permits and 40% in the other two, in exchange for carrying $12.3 million of Buru's (and Rey's) work-program costs over two years, plus an option to carry a further $10.6 million over four more years and the right to become operator of any future gas or carbon-capture-and-storage development. Origin's total planned two-year spend is about $35 million, including a two-well drilling program.
21 Dec 2020farm in farm out agreement● Neutral
Rey Resources' own announcement of the same EP457/458 Origin farm-out added the legal detail that Origin must complete by 12 April 2021 (paying a $3M Completion Payment split with Buru) if a formal Farm-in Agreement isn't executed first.
21 Dec 2020farm in farm out agreement▲ GoodMajor
In a companion, larger deal, Origin Energy agreed to earn 50% of Buru's five wholly-owned Canning Basin permits by carrying $16M toward drilling Rafael 1 and Kurrajong 1 (plus $1M for past costs) and the first $3M of 2021 seismic acquisition.
23 Mar 2020drilling progress report▼ BadMajor
Ungani 6H/ST1's coil-tubing drilling assembly became stuck while milling the shoe track; after repeated failed attempts to free it, the well was suspended and all equipment demobilised under COVID-19 protocols - the mechanical failure that would leave this well's horizontal completion permanently unfinished.
16 Mar 2020drilling progress report▼ BadMajor
A 63,780-barrel Ungani lifting brought in ~A$1.9m as Ungani 6H coil-tubing work commenced (with some mechanical delays); the global oil-price crash and market turmoil from COVID-19 prompted Buru to review and cut discretionary spending, though the field stays cash-flow positive above US$25/bbl.
9 Mar 2020drilling progress report● Neutral
A brief wet-season shut-in has passed with Ungani back to ~1,500 bopd; the coil-tubing unit for Ungani 6H's stalled completion has finally arrived on site (delayed by flooding) to begin a planned 21-day operation to mill out the shoe, re-drill the shale section, and drill the horizontal laterals.
5 Dec 2019farm in farm out completion▲ GoodMajor
Roc Oil withdrew from its 50% stake in exploration permits EP428/436/391 effective 31 Dec 2019, exercising a walk-away option in its 2018 farm-in agreement with no shortfall funding owed - Buru regained 100% of the three permits (including the future Rafael prospect) while Roc kept its 50% of the producing Ungani joint venture.
18 Nov 2019drilling progress report▲ GoodMajor
Ungani field production rose to ~1,700 bopd after the Ungani 7H tie-in (its planned third lateral still pending equipment fixes), while the Ungani 6H coil-tubing liner operation was suspended after mechanical issues and demobilised until January 2020.
4 Nov 2019drilling progress report▲ GoodMajor
Ungani 7H's second and third horizontal laterals extended cleanly with no drilling problems, and combined pre-pump cleanup flows already indicated around 1,400 bopd, while Miani-1 was found to have only tight, non-producible reservoir across its hydrocarbon-show intervals and was plugged; Buru also lifted a further roughly 73,800 barrels of Ungani crude for about A$2.95 million.
29 Oct 2019drilling progress report● Neutral
Miani 1 was deepened to 3,060m into the Frasnian Clastics, with oil shows and elevated mud gas in cuttings over a roughly 20-metre interval - but poor hole conditions prevented wireline logging of the deeper section, leaving its significance to be assessed with drill-pipe logging tools instead; Ungani 7H's first horizontal lateral was completed cleanly, about 80m above the field's original oil/water contact.
23 Oct 2019drilling progress report▲ Good
Miani 1's early logs suggested extra prospectivity in a deeper, unpenetrated part of the Nullara carbonate section, so the well is being deepened from 2,689m to ~3,000m to fully evaluate it.
21 Oct 2019drilling progress report● Neutral
Miani 1 reached 2,689m through tight limestones with only minor hydrocarbon shows still to be evaluated by wireline logs, while Ungani 7H's coiled-tubing horizontal drilling got underway, with both Ungani 6H and 7H expected to be completed and brought onto production by the end of November.
15 Oct 2019drilling progress report● Neutral
Miani 1 drilled to 2,142m in the Lower Laurel Shales/Gumhole Formation, approaching the primary Nullara Formation target.
8 Oct 2019drilling progress report● Neutral
Miani 1 drilled to 974m.
3 Oct 2019drilling progress report● Neutral
Miani 1 (new exploration well, 100% Buru, near the Blina Oilfield) spud, testing a novel Devonian-reef stratigraphic trap play type new to the Canning Basin.
24 Sept 2019drilling progress report▲ Good
Ungani 7H's liner was run and cemented into the Dolomite; the rig was released to spud Miani 1, with coiled-tubing horizontal drilling of the reservoir section to follow later - the final weekly report for this phase.
17 Sept 2019drilling progress report▲ GoodMajor
Ungani 7H reached 2,235m total depth with the Dolomite hit as prognosed and good-excellent oil shows; casing set into the reservoir as planned - a clean result, in contrast to Ungani 6H's mechanical troubles.
10 Sept 2019drilling progress report● Neutral
Ungani 7H drilled to 2,037m building hole angle as planned, on schedule.
5 Sept 2019drilling progress report● Neutral
Ungani 7H's surface casing was set and drilling continued in modified (larger) casing sizes to manage the shale instability seen on Ungani 6H, while Ungani North was reperforated with larger equipment to improve on earlier low-rate oil production.
3 Sept 2019drilling progress report● Neutral
Ungani 7H (new horizontal development well) spud, drilled to 1,281m.
27 Aug 2019drilling spud▲ GoodMajor
Ungani 7H development well spudded around 26 August 2019, drilled with larger casing sizes than Ungani 6H specifically to avoid the operational issues that had hampered that well's horizontal section - a design change Buru said had already worked well on the concurrent Adoxa 1 well.
14 Aug 2019drilling result▲ GoodMajor
Wireline logs identified a specific interval in Adoxa 1 - the '1900 zone' (1,891-1,902m) in the Upper Anderson section - interpreted to have real potential to flow oil, with casing now being run for a definitive production test; other hydrocarbon-show zones in the well were found to be either tight or water-wet, but Buru said the result validated the petroleum system and upgraded several smaller nearby prospects.
13 Aug 2019drilling progress report▼ Bad
Adoxa 1 reached its 2,300m total depth with no further significant oil shows beyond the earlier Reeves Formation interval; wireline logging now underway to assess it.
8 Aug 2019drilling progress report● Neutral
Adoxa 1 drilled ahead from 1,609m to 1,916m, encountering fair-to-poor hydrocarbon shows in several sand bodies below the top of the Anderson Formation objective (1,730m) - encouraging but not yet decisive, pending wireline logs at total depth.
6 Aug 2019drilling progress report▲ GoodMajor
Adoxa 1 drilled to 1,609m; good-excellent oil shows with live oil at surface were confirmed over a 10m interval at 1,443m in the target Reeves Formation, plus lesser shows at 970m and 1,565m.