1 Aug 2012production update▲ Good
Ungani's EPT continued to perform at or above expectations a month in, with Ungani-1ST1 still clearing residual drilling mud/fluids from its system.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2012regulatory community update▲ Good
Buru signed a heritage protection agreement with the Yungngora Community and Noonkanbah People covering its L10-7 permit application (southern Valhalla area, Canning Basin) - the first of three such agreements needed before that new exploration permit can be formally granted.
27 July 2012appendix 3b new issue● Neutral
Buru Energy issued 16,691,667 new ordinary shares, taking total shares on issue from 234,340,477 to 251,032,144.
26 July 2012drilling progress report▲ GoodMajor
Yulleroo-3 reached 3,603m; logs and sidewall cores identified a sand package (~3,200m) with porosity and permeability in the 'conventional' rather than 'tight' range - a genuinely encouraging reservoir-quality finding.
26 July 2012drilling progress report● Neutral
Ungani North-1 reached 1,040m, continuing to be slowed by rig maintenance and repairs.
19 July 2012drilling progress report● Neutral
Ungani North-1 reached 744m, delayed during the week by rig maintenance, still heading toward its 2,260m casing point.
19 July 2012drilling progress report▲ GoodMajor
Yulleroo-3's logs confirmed an extensive gas-charged section from ~2,130m to the 3,578m total depth - some 1,110m above the previously mapped gas top in Yulleroo-1, with good stratigraphic correlation between the two wells.
12 July 2012drilling progress report● Neutral
Ungani North-1 reached 624m with surface casing cemented at 620m, heading toward a 2,260m intermediate casing point.
12 July 2012drilling progress report▲ Good
A second Yulleroo-3 core (3,308.3-3,314.4m, 94.1% recovery) resembled the Laurel gas sands seen in Yulleroo-1/2; the well reached a preliminary 3,578m total depth ahead of logging and casing.
6 July 2012drilling spud● Neutral
Ungani North-1 spudded at 16:00hrs on 5 July 2012 using Century Rig #7.
5 July 2012drilling progress report▲ Good
Yulleroo-3 reached 3,290m near the top of a principal gas sand; a core (3,290-3,308.3m, 91.8% recovery) showed gas bleeding at surface with significant gas influx during coring.
2 July 2012investor presentation● Neutral
Buru published another investor interview with Executive Director Eric Streitberg covering the company's progress.
30 June 2012quarterly cashflow report● Neutral
Buru Energy reported $58.0M cash on hand at the end of the quarter ended 2012-06-30, having used $7.6M in operating cash flow that quarter. Against its own $17.6M forecast for next-quarter outflows, that implied roughly 3.3 quarters of funding on hand.
29 June 2012production update▲ GoodMajor
Ungani's Extended Production Test began 31 May 2012, alternately producing/shutting in Ungani-1 and -2 for pressure data - both wells performed at or above expectations with no pressure depletion or water production.
28 June 2012drilling progress report▲ Good
Yulleroo-3 reached 3,200m; the Upper Laurel Clastics top (2,341m) brought gas shows from ~2,130m (3-30x background), shallower than in previous Yulleroo wells and with some Valhalla-like characteristics.
26 June 2012drilling result▲ GoodMajor
Paradise-1's deepening operation ended with live oil recovered to surface from the Lower Grant/Anderson zone during abandonment prep; Buru suspended the well (reversing the original plug-and-abandon plan) to allow further testing.
24 June 2012form 604 change substantial holder● Neutral
Birkdale Enterprises Pty Ltd atft Hay Street Unit Trust / Hayfield Enterprises Pty Ltd atft MWH Super Fund reduced its Buru Energy shareholding from 11.6% to 8.4% of votes.
21 June 2012cleansing notice● Neutral
Buru Energy lodged a routine cleansing notice confirming its 15 June 2012 placement of 16,666,667 new shares (raising $50 million) complied with disclosure rules and can trade freely.
21 June 2012drilling progress report● Neutral
Poor hole conditions prevented wireline evaluation of Paradise-1's deepened section; the plan (as of this report) was to plug and abandon the well as originally intended - the last weekly report for this campaign, though the plan would be reversed days later after live oil was recovered during abandonment prep.
21 June 2012drilling progress report● Neutral
Yulleroo-3's intermediate casing was cemented to 2,199m after logging, preparing to drill ahead to the Upper Laurel objective.
20 June 2012other▲ Good
S&P Indices confirmed Buru would replace Gloucester Coal in the S&P/ASX 200 index from 27 June 2012, following Gloucester's merger with Yancoal.
15 June 2012capital raising announcement▲ GoodMajor
The $50 million institutional placement announced the day before was completed, oversubscribed, confirming the funding for Buru's expanded 2012 Canning Basin exploration and appraisal program.
14 June 2012capital raising announcement▲ GoodMajor
Buru launched a fully underwritten $50 million share placement to institutional investors, priced at $3.00 a share (a 7.1% discount), to fund an expanded exploration and appraisal program across its Canning Basin permits - including continued work on the Ungani oil field and early planning to commercialise its Valhalla and Yulleroo gas discoveries. The raise was designed to fully fund Buru's 2012 program and part of 2013.
14 June 2012drilling progress report● Neutral
Paradise-1's deepening held at its revised 2,798m total depth while LWD and wireline logs were run to evaluate the 6-inch hole section.
14 June 2012drilling progress report● Neutral
Yulleroo-3 reached its 2,208m intermediate casing point ahead of logging, casing, and drilling toward the Upper Laurel objective.
12 June 2012drilling progress report▲ GoodMajor
Paradise-1's deepening reached 2,798m; the Upper and Lower Laurel Clastics tops were identified (1,968m/~2,731m), and the interpreted top of the regional overpressured section (2,786m) brought a sharp jump in gas readings.
7 June 2012drilling progress report● Neutral
Yulleroo-3's surface casing was cemented to 595m and the well reached 1,675m, heading toward its 2,200m intermediate casing point.
7 June 2012drilling progress report▲ Good
Paradise-1's deepening reached 2,763m in the Upper Laurel Clastics with gas shows consistent with the Valhalla wells.
5 June 2012drilling progress report▲ GoodMajor
Valhalla North-1 confirmed the Valhalla gas accumulation is likely a regional basin-centred gas system; Paradise-1's deepening showed similar Upper Laurel gas shows, and Yulleroo-3 began appraising whether Yulleroo shares the same basin-centred character.
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.