15 Feb 2013quarterly activities report▲ GoodMajor
Ungani's production test neared completion of its initial data-gathering phase while Buru drilled the Yulleroo 4 appraisal well and cored strong oil/gas shows at Cyrene 1's Goldwyer Shale interval.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached its 2,326m intermediate casing point with 9⅝-inch casing run to 2,319m, heading toward the Upper Laurel Formation.
12 Feb 2013other● Neutral
Background only, not a Buru event: Fitzroy River Corporation - the holder of a royalty over part of Buru's Canning Basin acreage - raised its own ~$3.8 million entitlement offer, partly to fund administering its royalty agreements with Buru.
12 Feb 2013drilling progress report● Neutral
Cyrene-1 continued coring the Goldwyer Formation (1,018m RT); after logging, the hole will be cased and drilled ahead to the conventional Willara Formation objective, with the next update expected once that target is evaluated.
11 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 cored the Goldwyer Formation to 1,014m RT with further oil and gas shows; Key's MD called the results 'extremely significant' for both conventional and unconventional potential, confirming an oil-generating source rock.
8 Feb 2013drilling progress report▲ Good
Cyrene-1's second Goldwyer core barrel reached 986m RT with gas readings climbing (10.1-14.5 units, C5 up to 70ppm) - encouraging unconventional shows.
8 Feb 2013resource reserve update▲ GoodMajor
RISC's first whole-of-permit independent assessment of the Laurel Formation Basin Centred Gas System (drawing on 22 wells, including five drilled by the Buru/Mitsubishi JV) confirmed the potential already suggested by in-house and earlier independent analyses.
7 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached 2,078m, heading toward a 2,630m intermediate casing point.
6 Feb 2013drilling progress report▲ Good
Cyrene-1's Goldwyer coring reached 967m RT with further oil shows in claystone cuttings and background gas rising to 5.6 units.
6 Feb 2013other● Neutral
Oil Basins Limited (a Derby Block/EP487 neighbour) reported clearing a Native Title Tribunal hurdle on its Octanex farm-in and disputed a proposed Backreef Oil/Rey Resources deal over the same block - basin-adjacent context, not a Buru transaction.
5 Feb 2013drilling progress report▲ GoodMajor
Coring began on Cyrene-1's Goldwyer shale; oil shows so far were consistent with those at Hedonia-1 (160m away), supporting the JV's view that the Goldwyer Shale here sits in the oil generation window.
4 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 reached its 958m Goldwyer coring point with oil shows across a 43m interval (915-958m) in the lower Grant/Goldwyer Formations - an active-source-rock indication with unconventional potential, at the same depth the Goldwyer top was found in nearby Hedonia-1.
4 Feb 2013drilling progress report▲ Good
A duplicate lodgement of the same Cyrene-1 report describing oil shows across 915-958m and the Goldwyer Formation top matching Hedonia-1's depth.
1 Feb 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 888m in the Grant Formation.
31 Jan 2013drilling progress report● Neutral
Yulleroo 4's casing was cemented to 886m and the well reached 1,154m, heading toward a 2,630m intermediate casing point.
31 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the rig ran back in hole to resume drilling after mud pump repairs.
30 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: top drive serviced and mud pump repairs continuing, with a coring crew mobilising to core the Goldwyer Formation at ~940m.
29 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 824m while mud pumps were being repaired.
25 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 680m in the Grant Formation with background gas rising slightly to 0.1 units.
24 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 618m in the Grant Formation with modest background gas (0.02 units, 160ppm methane).
24 Jan 2013drilling progress report● Neutral
Yulleroo 4 reached its 888m intermediate casing point, preparing to run casing.
23 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 442m, drilling through the Wallal Sandstone.
22 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 346m, intersecting the Top Wallal Sandstone at 295m.
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.
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.