3 Nov 2011form 604 change substantial holder● Neutral
Buru cut its own shareholding in fellow Canning Basin explorer New Standard Energy from 9.7% to 7.9%, selling down part of the stake it received as consideration for the 2009 Acacia Permits sale.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2011drilling spud▲ GoodMajor
Ungani-2 spudded at 07:00hrs on 2 November 2011, the fourth well of the 2011 Buru-Mitsubishi program, drilled to confirm the extent of the oil accumulation and the oil/water contact already found by Ungani-1ST1 - an early step in proving up what became the Ungani Oilfield.
27 Oct 2011drilling progress report▼ Bad
Lawford-1 was logged with no hydrocarbon indications and is being plugged and abandoned; the rig will move to deepen Paradise-1 - the last drilling report for Lawford-1.
25 Oct 2011material agreement▲ Good
Alcoa extended its gas supply agreement with Buru by a year (to 1 January 2013) to give Buru more time to prove up reserves at Yulleroo and Valhalla against the deal's 500 PJ supply target, also pushing back the repayment deadline on Alcoa's original $40 million prepayment if reserves aren't proven up in time.
24 Oct 2011drilling progress report● Neutral
Lawford-1's deepening reached 2,690m in the interpreted Lower Anderson Formation with no distinctive markers yet found and slow drilling encountered.
21 Oct 2011investor presentation● Neutral
Buru Energy presented its 2011 AGM corporate presentation to shareholders.
20 Oct 2011drilling progress report● Neutral
Ungani-1ST1 was shut in and the rig released to spud the Ungani-2 appraisal well from the same pad - the last drilling report for Ungani-1ST1.
20 Oct 2011drilling progress report● Neutral
Lawford-1 reached 2,483m.
19 Oct 2011drilling progress report▲ GoodMajor
Ungani-1ST1 flowed 1,500 barrels of fluid per day on a small choke at 230psi and was cleaning up well (up to 15% filtrate/formation fluid) before being shut in at 430psi ahead of moving the rig to Ungani-2 - a genuinely encouraging early sign for the eventual Ungani discovery.
18 Oct 2011flow test result▲ GoodMajor
Ungani-1ST1 flowed light oil (about 37° API, essentially no gas) at a peak rate of 1,647 bopd on a cased-hole test - Buru called it a 'stunning result' and the first significant onshore Western Australian oil discovery since 2001, though the full size of the accumulation remained unknown pending an immediate appraisal well 500m northeast of the discovery.
18 Oct 2011investor presentation● Neutral
Buru published an updated corporate presentation for investors.
17 Oct 2011trading halt request● Neutral
Buru Energy halted trading pending preliminary well-test results at Ungani-1ST1, drilled under the 50/50 Buru-Mitsubishi Corporation 2011 Joint Exploration Program (Mitsubishi carrying 80% of this well's costs).
13 Oct 2011drilling progress report● Neutral
New Standard Energy's own weekly Lawford-1 update: the well reached 1,953m.
13 Oct 2011drilling progress report● Neutral
Ungani-1ST1's 7-inch casing was run to 2,204m, with preparations underway to perforate and test the reservoir.
13 Oct 2011drilling progress report● Neutral
Lawford-1 reached 1,953m.
10 Oct 2011regulatory community update▲ Good
Buru became preferred applicant for two more Canning Superbasin permits (L10-7, L10-8), extending its footprint around the Paradise-Valhalla oil/gas trend.
7 Oct 2011drilling progress report▲ Good
Preliminary LWD interpretation at Ungani-1ST1 indicated a potential ~57m gross (likely oil) hydrocarbon column with an estimated 11.7m net pay in the Upper Laurel dolomite; the plan became to case with a slotted liner and run an immediate cased-hole test given poor hole conditions.
6 Oct 2011drilling progress report● Neutral
Buru's own weekly Lawford-1 deepening update (operating for the EP417 JV): the well reached 1,725m.
6 Oct 2011farm in farm out completion● Neutral
New Standard's joint-venture partner Green Rock Energy completed its farm-in into permit EP417, earning a 15% interest by funding and participating in the deepening of the Lawford #1 well (drilled using Buru's rig under a delegation from New Standard's operatorship) - the drilling also triggered a final $200,000 back-cost payment to New Standard under Green Rock's original 2011 farm-in terms. Buru's own 35% EP417 stake was unaffected.
6 Oct 2011drilling progress report● Neutral
Green Rock Energy forwarded New Standard's weekly Lawford-1 update: the well reached 1,725m.
6 Oct 2011drilling progress report▲ Good
Ungani-1ST1's sidetrack reached 2,324m with severe mud losses and good gas/oil shows in the equivalent 2,160-2,210m interval seen in the original wellbore; LWD logging was underway due to hole problems.
6 Oct 2011drilling progress report● Neutral
New Standard Energy's own weekly Lawford-1 update: the well reached 1,725m.
4 Oct 2011form 604 change substantial holder● Neutral
New Standard Energy's remaining 15 million Buru shares (left after its May 2011 sale of 3 million) were diluted from 8.2% to 7.0% of Buru by a new Buru share issue; it sold nothing.
3 Oct 2011capital raising announcement▲ Good
Buru's Share Purchase Plan closed as scheduled, raising a further $2.42 million from 282 small shareholders at the same $0.65 price as the earlier institutional placement - completing the combined roughly $20.2 million capital raise that began 2 September 2011.
30 Sept 2011investor presentation● Neutral
Buru published an investor interview with Executive Director Eric Streitberg discussing recent drilling results and the path to commercialising its Canning Basin gas resources.
30 Sept 2011quarterly cashflow report● Neutral
Buru Energy reported $35.5M cash on hand at the end of the quarter ended 2011-09-30, having used $6.1M in operating cash flow that quarter. Against its own $10.2M forecast for next-quarter outflows, that implied roughly 3.5 quarters of funding on hand.
29 Sept 2011drilling progress report● Neutral
The Ungani-1 sidetrack (now Ungani-1ST1) reached 2,062m.
28 Sept 2011drilling progress report● Neutral
Buru began deepening the suspended Lawford-1 well (EP417, Buru 35% non-operating, operated for New Standard under a delegation agreement), testing both large conventional gas potential and the regional Laurel Formation unconventional play.
23 Sept 2011drilling progress report● Neutral
The Ungani-1 JV approved a sidetrack to 2,750m to properly evaluate the hydrocarbon indications seen at 2,160-2,210m, 2,580m and 2,700m; sidetrack operations began.
22 Sept 2011drilling progress report▼ Bad
Ungani-1 reached 3,593m total depth, but the drill string became stuck and parted at 2,216m during logging prep, preventing evaluation of a good-oil-shows zone (2,160-2,210m); the JV began weighing a sidetrack.