21 Sept 2011capital raising announcement● Neutral
Buru reminded shareholders of the closing date for its Share Purchase Plan, a routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2011remuneration report● Neutral
Buru Energy's FY2011 remuneration report disclosed pay for its 3-director board (Chairman Graham Riley, Peter Jones, Executive Director Eric Streitberg) plus senior executives, led by Chief Operating Officer and Company Secretary Tom Streitberg at $679,628.
15 Sept 2011drilling progress report▲ Good
Ungani-1 reached 3,355m in the Laurel Formation with background gas over 100 units and gas peaks (with minor fluorescence) at 2,580m and 2,700m, significance pending total depth and logging.
12 Sept 2011capital raising announcement● Neutral
Buru mailed the formal offer paperwork for the Share Purchase Plan announced on 2 September 2011 to eligible shareholders, a routine procedural step in getting the retail top-up offer underway.
9 Sept 2011form 603 initial substantial holder● Neutral
Macquarie Group disclosed a new substantial Buru Energy shareholding (8.7% of votes, 18,259,264 shares).
8 Sept 2011appendix 3b new issue● Neutral
Buru Energy issued 27,400,000 new ordinary shares, taking total shares on issue from 182,840,549 to 210,240,549.
8 Sept 2011drilling progress report▼ Bad
Ungani-1 was cased at 1,993m after logs indicated the earlier Grant/Anderson oil shows were residual (no moveable hydrocarbons); drilling continued into the tight Upper Laurel Formation (2,244m) with modest background gas.
8 Sept 2011cleansing notice● Neutral
Buru Energy lodged a routine cleansing notice confirming its 2 September 2011 placement of 27.4 million new shares (raising $17.81 million) complied with disclosure rules and can trade freely.
2 Sept 2011capital raising announcement▲ GoodMajor
Buru raised $17.81 million by placing new shares with two institutional investors at $0.65 each (a small discount to its recent trading price), and said it would also let existing small shareholders buy shares on the same terms through a Share Purchase Plan (SPP) - a scheme that lets retail holders top up their stake directly from the company, without brokerage.
1 Sept 2011drilling progress report▲ GoodMajor
Ungani-1 reached its 1,997m section total depth in the top Laurel carbonates, with oil shows noted in both the Grant Sandstones (945-970m) and Anderson Formation (1,500-1,530m) - significance still to be determined.
1 Sept 2011drilling progress report▲ GoodMajor
Pictor East-1 reached its 1,706m total depth; logs and pressure data confirmed a significant hydrocarbon column (~7m net porous section) in the Nita Formation, with composition (oil vs gas) pending lab analysis of pressurised samples.
30 Aug 2011annual report● Neutral
Buru Energy released its audited full-year statutory accounts for the year ended 30 June 2011.
28 Aug 2011farm in farm out completion● Neutral
Green Rock Energy confirmed drilling had commenced to deepen the Lawford #1 well (EP417, operated by New Standard Energy) - Green Rock stood to earn a 15% interest in EP417 on completion of the drilling, with Buru operating the rig under its existing arrangement with New Standard.
25 Aug 2011drilling progress report● Neutral
Ungani-1 reached 1,078m after casing at 619m, heading toward a 2,000m intermediate casing point.
25 Aug 2011drilling progress report▲ Good
Pictor East-1 reached 1,075m after a fully-recovered core (899-917m); the Nita Formation was found close to prognosis with mudlog shows similar to the earlier Pictor-1 well.
18 Aug 2011drilling progress report● Neutral
Pictor East-1 (spudded 9 August, second well of the 2011 Mitsubishi program) reached 709m, heading toward the Nita Formation that had tested oil and gas at nearby Pictor-1.
18 Aug 2011drilling progress report● Neutral
Ungani-1 (spudded 13 August, third well of the 2011 Mitsubishi program) reached 622m, preparing to case ahead of drilling toward its Anderson Formation target.
17 Aug 2011investor presentation● Neutral
Buru published a 'Company Insight' investor interview with Executive Director Eric Streitberg discussing its 2011 exploration program and the results of the Valhalla-2 well.
16 Aug 2011investor presentation● Neutral
Buru published a forward operations update presentation outlining its planned activities.
15 Aug 2011drilling spud▲ GoodMajor
Ungani-1 spudded at 16:00hrs on 13 August 2011, the third well of the 2011 Buru-Mitsubishi program (Mitsubishi carrying 80% of cost), targeting oil in the Grant/Anderson Formations and gas in the Laurel Formation near the Yulleroo Field - the well that would go on to deliver Buru's flagship Ungani oil discovery.
15 Aug 2011joint venture update● Neutral
New Standard Energy (operator of permit EP417, in which Buru already held a 35% joint-venture stake) arranged to borrow Buru's Century Rig #7 - freed up after finishing a Buru well - to deepen New Standard's Lawford #1 well toward the same Laurel Formation gas play Buru was targeting elsewhere in the Canning Basin. A drilling-logistics arrangement between the two EP417 partners, not a change in either company's equity.
10 Aug 2011drilling spud● Neutral
Pictor East-1 spudded at 19:00hrs on 9 August 2011, the second well of the 2011 Buru-Mitsubishi program (Mitsubishi carrying 80% of the well's cost), appraising a 1984 BHP discovery (Pictor-1) with P50 potential of up to 10 million barrels of recoverable oil.
29 July 2011form 605 ceasing substantial holder● Neutral
AWE Limited (via its ARC Energy subsidiary, which had demerged Buru in 2008) sold its entire 13.30% Buru stake - 24.3 million shares at $0.70 each - to a mix of institutions and high-net-worth investors, ending its run as a substantial holder following AWE's own corporate portfolio review.
29 July 2011form 605 ceasing substantial holder● Neutral
AWE Limited and its subsidiaries set out in Appendix A ("AWE Group") ceased to be a substantial Buru Energy shareholder.
28 July 2011drilling progress report▲ GoodMajor
Full logging and coring of Valhalla-2 suggested a wet-gas-charged section spanning at least 1,300m of the Laurel Formation - preliminary evidence of a potentially substantial regional gas accumulation.
28 July 2011drilling result▲ GoodMajor
Valhalla-2 drilling wrapped up with a preliminary read of a wet-gas-charged Laurel Formation section over at least 1,300m - several Tcf of gas and over 50 million barrels of condensate/NGLs across the wider Valhalla area - which Buru likened to the liquids-rich Granite Wash tight gas play in the US; the rig then moved on toward Ungani-1's spud, Century Rig #7 mobilised to Pictor East-1, and Yulleroo-2's flow testing and 3D seismic continued.
28 July 2011investor presentation● Neutral
Buru published its 'New Australian Frontiers' investor presentation, an update on the company and its activities.
21 July 2011drilling progress report▲ GoodMajor
Valhalla-2 reached its 3,390m total depth, penetrating the Lower Laurel gas sands as prognosed with continued good-to-excellent gas shows and further flaring.
14 July 2011drilling progress report▲ GoodMajor
Valhalla-2 reached 2,789m with continuous high background gas and good-to-excellent shows, including one six-hour continuous gas flow to surface (no stabilised rate established).
11 July 2011drilling progress report▼ Bad
A drill-stem test of Valhalla-2's Upper Laurel gas sands was mechanically successful but found the reservoir tight, with no significant gas flow obtained - data that will feed a future hydraulic stimulation assessment.