26 Sept 2012trading halt request● Neutral
Buru Energy requested a trading halt pending an announcement on acquisitions and a capital raising.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2012asset acquisition disposition▲ GoodMajor
Buru Energy agreed to acquire a 90% interest in permits EP457 and EP458 (buying Gujarat NRE Oil Limited outright for $36 million) plus a 50% interest in an adjoining application area from Backreef Oil Limited for $3.5 million, expanding its position around the Ungani oil trend and Valhalla gas discovery - funded by a ~$40 million institutional placement.
26 Sept 2012farm in farm out agreement▲ GoodMajor
Buru agreed to acquire Gujarat NRE Oil Limited outright for $36 million cash, gaining an indirect 90% interest in exploration permits EP457 and EP458 (the "Fitzroy Blocks") in the Canning Basin - Rey Resources holds the other 10%, free-carried by Gujarat until production begins. Buru also gave Mitsubishi Corporation an option to buy half of Buru's new interest in these permits on the same terms.
25 Sept 2012form 604 change substantial holder● Neutral
Buru's own 18.1 million-share stake in New Standard Energy, its Canning Basin neighbour and former permit partner, was diluted from 7.9% to 5.9% by New Standard's share issues - Buru sold nothing.
25 Sept 2012drilling progress report▲ GoodMajor
Asgard-1 confirmed a 35km southeast extension of the Valhalla tight-gas trend after deepening to 3,524m for continued gas shows - a materially positive read on Valhalla's resource potential - and the rig was then released to resume the previously-suspended Ungani North-1 well, while the Ungani EPT continued to outperform its planned flow rate.
20 Sept 2012drilling progress report▲ GoodMajor
Asgard-1 reached 2,680m after intermediate casing at 1,957m; gas shows from the Upper Laurel Clastics top (1,919m) resembled Valhalla North-1's - an encouraging sign the regional Laurel gas accumulation extends some 35km from Valhalla.
13 Sept 2012drilling progress report● Neutral
Asgard-1 reached its 1,960m intermediate casing point, preparing for wireline logging.
11 Sept 2012investor presentation● Neutral
Buru re-issued its investor corporate presentation after removing references to broker research coverage and valuations, which ASX guidance doesn't allow a company to publish itself - a compliance correction, not new substantive content.
11 Sept 2012investor presentation● Neutral
Buru lodged an updated corporate presentation for investors, later replaced the same day with a corrected version after removing non-compliant broker coverage references.
7 Sept 2012other● Neutral
Green Rock Energy (a minority partner in EP417/Seven Lakes SPA and the Backreef Area) reported completion of the same NSE-operated airborne gravity survey.
7 Sept 2012other▲ Good
New Standard Energy completed the EP417/Seven Lakes airborne gravity survey on time and on budget, with results to feed a possible application to convert Seven Lakes into a full exploration permit.
7 Sept 2012other● Neutral
Buru forwarded New Standard Energy's release confirming completion of the EP417 gravity survey.
6 Sept 2012drilling progress report● Neutral
Asgard-1 reached 554m with surface casing run, heading toward a 1,960m intermediate casing point.
5 Sept 2012director officer appointment▲ GoodMajor
Buru restructured its senior team for its next growth phase: Chris Bath joined as CFO/Company Secretary, Bill Williams as Chief Commercial Officer, and Damian Ogburn as Chief Scientist, while Marie Malaxos was promoted to COO and Lauren West to General Counsel.
4 Sept 2012other▲ Good
Buru won the 2012 RIU Good Oil 'Explorer of the Year' award for its Canning Superbasin work, and Executive Director Eric Streitberg received the RIU John Doran Good Oil Lifetime Achievement Award.
3 Sept 2012drilling progress report▲ GoodMajor
Three months into the Ungani Field's Extended Production Test, pressure and production data lifted confidence to a minimum of 8 million barrels of mobile oil (up from 5 million), with Ungani-2 now producing over 85% clean oil.
30 Aug 2012drilling progress report● Neutral
Asgard-1 reached 107m, heading toward a first casing point around 550m.
30 Aug 2012drilling spud▲ GoodMajor
In a Company Insight interview, Buru confirmed it had just spudded Asgard-1 - 35km southeast of Valhalla-2, designed to test how far the Valhalla basin-centred gas accumulation extends - while also flagging Century Rig #7's release, Ensign Rig #32's move to complete Ungani North in mid-to-late October, and plans to drill Cyrene-1 and test the unconventional Goldwyer Shale. (Well registry note: Asgard-1's spudDate was corrected from 2012-05-07 to late August 2012 based on this interview - see accompanying data-quality fix.)
28 Aug 2012drilling spud● Neutral
Asgard-1 spudded at 00:00hrs on 28 August 2012 (Buru/Mitsubishi 50/50, EP371), sited to test whether the Valhalla Basin Centred Gas Accumulation extends some 35km further southeast.
23 Aug 2012other● Neutral
Buru forwarded New Standard Energy's release on the same EP417 gravity survey, noting its own 35% interest in the permit.
23 Aug 2012other● Neutral
New Standard Energy began an airborne gravity survey over EP417/Seven Lakes SPA (Buru holds 35% of EP417, operated by NSE) to help define the Laurel basin-centred gas play's fairway.
21 Aug 2012drilling progress report▼ Bad
An incident on Ungani North-1 led Buru to terminate its Century Rig #7 contract; the plan became to finish Ungani North-1 and drill Cyrene-1 next with Ensign Rig #32, well order still subject to JV agreement.
20 Aug 2012drilling progress report▼ BadMajor
A mechanical failure in Century Rig #7's drawworks damaged the top drive during a routine bit trip on Ungani North-1; drilling was suspended and the well will likely be secured and finished later by Ensign Rig #32 after Asgard-1.
16 Aug 2012drilling progress report● Neutral
Ungani North-1 reached 2,266m, still slowed by rig issues and hard drilling, with continued poor oil shows in the Anderson Formation above the primary objective.
14 Aug 2012annual report● Neutral
Buru Energy released its audited full-year statutory accounts for the year ended 30 June 2012.
9 Aug 2012drilling progress report● Neutral
Ungani North-1 reached 2,090m, slowed by hard Lower Anderson Formation sections (as also seen near Yulleroo), with continued poor-to-fair oil shows.
6 Aug 2012drilling result▲ GoodMajor
Yulleroo-3 reached a revised total depth of 3,712 metres with stronger-than-expected gas shows continuing over 1,000 metres above the previously mapped top of the Yulleroo gas field, plus a surprise conventional-quality sand around 3,200m that could materially lift flow rates - results Buru said also pointed toward a broader basin-centred gas accumulation similar to Valhalla.
3 Aug 2012form 605 ceasing substantial holder▲ Good
New Standard Energy ceased to be a substantial Buru Energy shareholder after selling 5 million of its 15 million Buru shares at $3.18 each (~$15.9 million), retaining a 10 million-share stake; New Standard had bought its original stake at 17c a share in 2009.
2 Aug 2012drilling progress report▲ Good
Ungani North-1 reached 1,927m (still rig-delayed) with poor-to-fair oil shows and minor mud gas increases over a 15m Anderson Formation interval, ahead of reaching the primary Ungani Dolomite objective.
2 Aug 2012drilling progress report▲ Good
Yulleroo-3 reached its 3,712m total depth (a further high-gas sand package found); casing was being run before releasing the rig to Asgard-1 - the last weekly report for Yulleroo-3.