9 Feb 2012drilling progress report● Neutral
Valhalla North-1's intermediate casing was cemented to 2,035m, preparing to drill ahead to the first (Upper Laurel) objective.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2012drilling progress report● Neutral
Valhalla North-1 reached its 2,039m intermediate casing point with wireline logs acquired, preparing to run casing.
27 Jan 2012drilling progress report● Neutral
Valhalla North-1 (spudded 17 January) had 13⅜-inch casing run to 538m and was drilling ahead in 12¼-inch hole toward its planned 3,400m total depth.
24 Jan 2012investor presentation▲ Good
A Company Insight interview covered the 2011 program's results, Ungani's forward plan and reservoir size, 'look-alike' prospects, and the 2012 exploration plan.
17 Jan 2012drilling spud● Neutral
Valhalla North-1 spudded 17 Jan 2012, the fifth well in the Buru-Mitsubishi Joint Exploration Program in EP 371 (50/50, Mitsubishi carrying 80% of cost).
4 Jan 2012drilling progress report▲ Good
Ungani-2's initial clean-up flow finished (up to 1,026 bfpd at 55% oil cut) and the well was suspended ahead of the Ungani Field's extended production test, freeing Ensign Rig #32 to drill Valhalla North-1.
3 Jan 2012drilling progress report▲ GoodMajor
Ungani-2's cleanup flow began with natural flow established and fluid rates, oil volumes, and pressures all rising as expected, ahead of a short multi-rate test and suspension pending the Ungani Field's extended production test.
31 Dec 2011quarterly cashflow report▼ Bad
Buru Energy reported $28.3M cash on hand at the end of the quarter ended 2011-12-31, having used $15.1M in operating cash flow that quarter. Against its own $14.5M forecast for next-quarter outflows, that implied roughly 1.9 quarters of funding on hand.
31 Dec 2011appendix 3b new issue● Neutral
Buru Energy issued 2,650,000 new ordinary shares plus 15,000,000 unlisted options (in three 5-million tranches struck at $0.25, $0.30 and $0.35).
29 Dec 2011drilling progress report● Neutral
Ungani-2's production casing and tubing were run in preparation for cleanup flow, with results expected 3 January.
28 Dec 2011appendix 3b new issue● Neutral
Buru Energy granted 50,000 unlisted employee share options under its Employee Share Option Plan.
22 Dec 2011drilling progress report● Neutral
Ungani-2 was plugged back to 2,278m and prepared for production completion (7-inch casing), with cleanup flow expected around 30 December.
20 Dec 2011form 603 initial substantial holder● Neutral
Director Eric Streitberg and his private companies disclosed a new substantial Buru Energy shareholding (10.0% of votes, 23,401,066 shares).
20 Dec 2011appendix 3b new issue● Neutral
Buru Energy issued 19,579,000 new ordinary shares, taking total shares on issue from 214,625,477 to 234,204,477.
19 Dec 2011director interest notice▲ GoodMajor
Chairman Graham Riley, Executive Director Eric Streitberg, and COO Tom Streitberg together committed almost $6 million to exercise options and buy more Buru shares - a real insider vote of confidence after a strong year.
15 Dec 2011drilling progress report● Neutral
Ungani-2 reached its 2,800m total depth; the deepening below the reservoir was aimed at understanding the geology and stratigraphy of shows previously seen below Ungani-1's reservoir section.
14 Dec 2011joint venture update▲ GoodMajor
Buru recapped a highly successful 2011 program - the Ungani oil discovery, a large potential Valhalla wet-gas accumulation, and independent confirmation of Yulleroo - with drilling continuing through the wet season and Paradise-1's deepening planned for 2012.
12 Dec 2011drilling progress report● Neutral
Ungani-2's second core (2,327.8-2,354.8m) recovered poorly due to the reservoir's friable, vugular nature; the well reached 2,587m with wireline logging and pressure testing now underway.
7 Dec 2011trading halt request● Neutral
Buru Energy requested a trading halt pending release of a market announcement.
1 Dec 2011joint venture update▲ GoodMajor
Mitsubishi Corporation committed A$40M of a A$50M 2012 Unconventional Exploration Program (earning a 50% interest in Buru's unconventional resources), to focus on appraising the Valhalla and Yulleroo accumulations.
1 Dec 2011drilling progress report▲ GoodMajor
A 63m core cut at Ungani-2 (2,242-2,305m, 5.1m recovered) showed oil shows consistent with Ungani-1ST1, with live oil visibly bleeding from vugs and fractures in the recovered core - a strong positive sign as the well reached 2,327m.
25 Nov 2011appendix 3b new issue● Neutral
Buru Energy issued 662,000 new ordinary shares, taking total shares on issue from 213,963,477 to 214,625,477.
24 Nov 2011drilling progress report● Neutral
Ungani-2's 9⅝-inch casing was cemented to 2,234m.
23 Nov 2011drilling progress report▲ GoodMajor
Ungani-2 reached its 2,440m casing point; the top of the oil-bearing Ungani Dolomite was found at 2,230m (27m high to prognosis, near Ungani-1ST1's own reservoir elevation) with similar oil shows - real confirmation the field extends between the two wells.
22 Nov 2011director officer appointment▲ Good
Shane McDermott, previously Buru's commercial manager, was appointed joint Company Secretary alongside Tom Streitberg, who was stepping back from the role to focus on his new Chief Operating Officer duties as Buru grew from an oil explorer into an actual oil producer at its Ungani field - a sign of a growing company building out its senior team.
22 Nov 2011appendix 3b new issue● Neutral
Buru Energy issued 3,722,928 new ordinary shares, taking total shares on issue from 210,240,549 to 213,963,477.
21 Nov 2011investor presentation● Neutral
Buru published a 'Company Insight' investor interview with Eric Streitberg on the Ungani oil discovery and the company's forward program.
17 Nov 2011drilling progress report● Neutral
Ungani-2 reached 1,962m.
14 Nov 2011investor presentation● Neutral
Buru published an updated corporate presentation for investors.
10 Nov 2011drilling progress report● Neutral
Ungani-2 (spudded 2 November) reached 1,095m after casing at 628m, heading toward a 2,300m intermediate casing point.