1 June 2012other● Neutral
S&P's June 2012 quarterly index rebalance added Buru to the S&P/ASX All Australian 200 index alongside several other resource-sector additions.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2012production update▲ GoodMajor
Ungani's Extended Production Test began with first oil produced from Ungani-1/1ST1 at initial rates over 2,000 bopd, though output would be managed to ~400 bopd average given the facility's 1,000 bopd design cap and transport limits.
31 May 2012drilling progress report● Neutral
Yulleroo-3 reached 597m with surface casing running, heading toward a 2,200m intermediate casing point.
31 May 2012drilling progress report▲ Good
Paradise-1's deepening reached 2,392m (slowed by rig issues and hole deviation); the Upper Laurel Formation top (1,968m) showed gas shows similar to the Valhalla wells, though at lower absolute levels.
30 May 2012regulatory community update▲ GoodMajor
The WA Minister for Mines and Petroleum issued a Declaration of Location over the Ungani Field, a critical regulatory step toward Buru's Production Licence application for the field.
28 May 2012drilling progress report● Neutral
Yulleroo-3 (spudded 25 May, the third well of the 2012 Buru-Mitsubishi program) reached 396m.
24 May 2012drilling progress report● Neutral
Paradise-1's deepening reached 1,876m in the Anderson Formation, heading toward the Upper Laurel Formation.
21 May 2012drilling progress report● Neutral
Paradise-1's deepening operation resumed (originally suspended in 2010 with an untested 9m oil zone in the Anderson Formation at ~900m), starting with cement squeeze and integrity testing at the casing shoe.
16 May 2012investor presentation▲ Good
A Company Insight interview covered why Buru engaged McDaniel & Associates and their conclusion that Valhalla's basin-centred gas accumulation is very significant in size, plus the 2012 program to further define its extent.
15 May 2012appendix 3b new issue● Neutral
Buru Energy issued 21,000 new ordinary shares, taking total shares on issue from 234,319,477 to 234,340,477.
7 May 2012resource reserve update▲ GoodMajor
Independent consultants McDaniel & Associates confirmed Buru's Valhalla area holds a genuine Basin Centred Gas Accumulation, estimating a risked mean of 6.5 TCF of gas and 187 million barrels of liquids recoverable (15 TCF/432 million barrels unrisked) - a result Buru said would be further tested by the planned Asgard-1 well 35km to the southeast.
4 May 2012appendix 3b new issue● Neutral
Buru Energy issued 100,000 new ordinary shares, taking total shares on issue from 234,219,477 to 234,319,477.
17 Apr 2012investor presentation▲ Good
A corporate presentation pitched Buru's investment case around the 'company maker' Ungani oil discovery, multi-TCF tight-gas resources, and a well-funded, aggressive appraisal/exploration program.
16 Apr 2012joint venture update● Neutral
Cyclone Lua and further wet-season rain suspended Buru's drilling/EPT program after Ungani-2 and Valhalla North-1 were completed; conditions improved enough to restart, with the Ungani EPT set to resume in 3-4 weeks and Yulleroo-3 and Paradise Deep spuds expected late April and mid-May respectively.
2 Apr 2012other● Neutral
Neighbouring Canning Basin explorer Oil Basins Limited farmed out up to 20% of its Backreef Area to Green Rock Energy for up to $3.6M, funding the Backreef-1 production test - basin-adjacent context, not a Buru transaction.
31 Mar 2012quarterly cashflow report▼ Bad
Buru Energy reported $17.3M cash on hand at the end of the quarter ended 2012-03-31, having used $9.3M in operating cash flow that quarter. Against its own $15.6M forecast for next-quarter outflows, that implied roughly 1.1 quarters of funding on hand.
22 Mar 2012director officer appointment▲ Good
Buru strengthened its management team with Marie Malaxos as General Manager - Production and Operations and Steve Broome as Reservoir Engineering Adviser, and began a search for an additional Non-Executive Director.
19 Mar 2012investor presentation▲ Good
A Company Insight interview with Executive Director Eric Streitberg explained the Valhalla North-1 results and the potential size of the wider Valhalla gas accumulation.
8 Mar 2012drilling progress report▲ GoodMajor
Completed Valhalla North-1 logging confirmed a similar gas-bearing reservoir to Valhalla-2 over a ~1,300m interval; the well will be cased and suspended for further evaluation, freeing the rig for an initial Yulleroo appraisal well.
8 Mar 2012appendix 3b new issue● Neutral
Buru Energy issued 15,000 new ordinary shares, taking total shares on issue from 234,204,477 to 234,219,477.
8 Mar 2012other● Neutral
Buru lodged its routine half-year financial report for the six months to 31 December 2011, a standard ASX disclosure requirement rather than a market-moving event on its own.
6 Mar 2012price query● Neutral
ASX queried a sharp share-price and volume spike (from a $1.82 close to an intraday high of $3.03, a ~67% jump); Buru Energy said it wasn't aware of any undisclosed information and attributed the move to its recent announcements.
6 Mar 2012quarterly activities report▲ GoodMajor
Buru began preparing Ungani's Extended Production Test (start-up ~6 weeks out) and raised the greater Ungani exploration area's mean risked potential resources above 300 million barrels, alongside the existing 5-20 million barrel Ungani Oilfield range.
5 Mar 2012production update▲ GoodMajor
Buru began on-ground works for the Ungani Field's Extended Production Test after securing final Government, JV, and Traditional Owner approvals, targeting first production around mid-April 2012.
1 Mar 2012drilling progress report▲ Good
Valhalla North-1's logs (to 3,033m, with LWD tools for the unstable remainder) suggested a gas-bearing reservoir similar to Valhalla-2.
23 Feb 2012drilling progress report▲ GoodMajor
Valhalla North-1 reached 3,356m (pulling out for a bit inspection due to slow drilling); the Lower Laurel Clastics top (~2,830m) showed continued high background gas with peaks up to 1,300 units.
23 Feb 2012regulatory community update▲ Good
Buru won two new permits (L11-1, L11-2) in a Canning Superbasin acreage bid round, extending its net position to ~57,830 sq km over the Ungani oil play and Valhalla wet gas trend.
21 Feb 2012other● Neutral
Buru changed its financial year end from 30 June to 31 December (effective 1 July 2013) to align with its Canning Superbasin joint ventures and industry peers.
16 Feb 2012drilling progress report▲ Good
Valhalla North-1 reached 2,953m with background gas rising to ~10 units after drilling out the casing shoe.
10 Feb 2012appendix 3b new issue● Neutral
Buru Energy granted 320,000 unlisted employee share options under its Employee Share Option Plan, exercisable at $1.86, expiring 31 December 2013.