7 July 2011drilling progress report▲ GoodMajor
Valhalla-2 reached 2,200m, intersecting the primary-objective Upper Laurel gas sands on prognosis with good-to-excellent gas shows and poor-to-fair oil shows, similar to Valhalla-1ST1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2011drilling progress report● Neutral
Valhalla-2 reached 2,008m; wireline logs and samples on Anderson Sands oil shows (not the well's primary objective) suggested the hydrocarbons are likely residual, pending further analysis.
30 June 2011quarterly cashflow report● Neutral
Buru Energy reported $25.8M cash on hand at the end of the quarter ended 2011-06-30, having generated $769K in operating cash flow that quarter. Against its own $6.9M forecast for next-quarter outflows, that implied roughly 3.8 quarters of funding on hand.
23 June 2011drilling progress report● Neutral
Valhalla-2 reached 1,696m, approaching the Anderson Sands and Upper Laurel gas sands where a drill-stem test is planned, en route to a prognosed 3,400m total depth.
16 June 2011drilling progress report● Neutral
Valhalla-2 reached 862m (casing at 854m) with minor oil shows across the Noonkanbah and Grant Formations (120-835m).
9 June 2011drilling progress report▲ Good
Valhalla-2 (spudded 6 June, first well of the 2011 Buru-Mitsubishi program) reached 604m with oil shows in the Noonkanbah Formation (120-490m) consistent with those seen in Valhalla-1 in 2007, heading toward a 900m casing point.
7 June 2011drilling spud▲ GoodMajor
Valhalla-2 spudded at 12:00hrs on 6 June 2011, the first well of the 2011 Buru-Mitsubishi Joint Exploration Program (Mitsubishi carrying 80% of cost), testing conventional and unconventional gas reservoirs following up on shows seen in a 2007 ARC Energy well that was never flow tested - combined P50 potential of roughly 320 Bcf of gas and 10 million barrels of condensate across the targets.
2 June 2011investor presentation▲ Good
A June 2011 corporate presentation pitched Buru's Canning Superbasin position, well-funded major partner (Mitsubishi), and aggressive appraisal/exploration program.
1 June 2011resource reserve update▲ GoodMajor
Independent consultants NSAI, plus Buru's own analysis, put combined mid-range unrisked in-place volumes across four key unconventional Canning Basin plays (Laurel, Noonkanbah, Frasnian, Nita-Goldwyer Formations) at 362 Tcf of gas and 50 billion barrels of oil, with mid-range recoverable resources of 66 Tcf and 4 billion barrels - the most prospective being the Laurel Formation tight gas play at 50 Tcf recoverable, which Buru said also looked likely to carry significant associated liquids based on Yulleroo-2's flowback.
27 May 2011resource reserve update▲ GoodMajor
RISC's independent assessment estimated a mean 352 PJ of ultimately recoverable sales gas plus 13.4 mmboe of liquids in the Yulleroo field (EP391), with 36 mmboe net to Buru's 50% interest.
24 May 2011regulatory community update▲ Good
Buru voluntarily gave up its right to explore for oil and gas in Roebuck Bay so the Yawuru People could continue as custodians of the site and it could be folded into a planned conservation reserve - a goodwill move on a non-core area rather than a change to its main exploration assets.
19 May 2011drilling scheduled▲ GoodMajor
Rig-up began at Valhalla-2, the first well of the 2011 Buru-Mitsubishi Joint Exploration Program, targeting over 300 Bcf of recoverable gas (P50) as a follow-up to gas/oil zones seen in the earlier Valhalla-1 well - a result Buru said could become a cornerstone resource for its planned Great Northern Pipeline; Sundown oilfield well workovers also began in parallel.
10 May 2011other● Neutral
This is New Standard Energy's own announcement, not a Buru corporate action: NSE (a Canning Basin exploration neighbour and early Buru shareholder) sold 3 of its 18 million Buru shares to institutional investors for $2.01 million - a large profit versus its 17-cent cost - to help fund its own shale-gas exploration, while saying it remains a big, supportive long-term Buru holder.
4 May 2011investor presentation● Neutral
Buru published a corporate and operational update for investors.
3 May 2011investor presentation● Neutral
Executive Director Eric Streitberg presented Buru's corporate story to investors at the RBS Morgans Unconventional Oil & Gas Day conference, standard investor-conference material.
29 Apr 2011appendix 3b new issue● Neutral
Buru Energy issued 60,000 new ordinary shares, taking total shares on issue from 182,780,549 to 182,840,549.
28 Apr 2011drilling scheduled● Neutral
Buru's Ensign Rig #32 began mobilising to the Canning Basin for the 2011 Buru-Mitsubishi Joint Exploration Program, with the first well (expected to be the Valhalla-2 appraisal well) due to spud mid-to-late May; Buru also signed a Letter of Intent for a second rig, Century Rig #7, to drill up to four further wells the same season.
4 Apr 2011joint venture update● Neutral
Buru's 2011 exploration program neared finalisation with Mitsubishi Corporation, though wet-season rainfall delayed heritage clearances and site preparation ahead of Ensign Rig #32's mobilisation.
31 Mar 2011quarterly cashflow report● Neutral
Buru Energy reported $25.1M cash on hand at the end of the quarter ended 2011-03-31, having used $5.0M in operating cash flow that quarter. Against its own $6.5M forecast for next-quarter outflows, that implied roughly 3.8 quarters of funding on hand.
17 Mar 2011other● Neutral
Background only, not a Buru event: New Standard Energy - Buru's Canning Basin exploration neighbour - secured Green Rock Energy as a funding partner for its own EP417 permit, unrelated to any Buru transaction.
3 Mar 2011joint venture update▲ Good
Buru's 2011 exploration program took shape: Ensign Rig #32 contracted for a six-well program from late April, a second rig sought for four shallower wells from June, and Yulleroo-2 testing resumed with encouraging results.
31 Dec 2010other● Neutral
Buru adopted a formal Share Trading Policy governing insider-trading compliance for directors, officers, employees, and contractors.
31 Dec 2010quarterly cashflow report● Neutral
Buru Energy reported $30.9M cash on hand at the end of the quarter ended 2010-12-31, having used $2.5M in operating cash flow that quarter. Against its own $4.1M forecast for next-quarter outflows, that implied roughly 7.6 quarters of funding on hand.
15 Dec 2010drilling progress report● Neutral
Paradise-1's drill-stem test recovered formation water with oil traces from the Lower Grant Formation; the well was cased and suspended for the wet season pending analysis.
13 Dec 2010drilling progress report▼ Bad
Equipment failures delayed the open-hole drill-stem test of Paradise-1's oil zone for a second consecutive report, while Yulleroo-2 continued recovering frac fluid (about 3,200 barrels to date) during its extended clean-up flow.
9 Dec 2010drilling progress report● Neutral
A first attempt to formation-test Paradise-1's interpreted oil zone by wireline tool failed due to well-bore conditions; Buru switched to an open-hole drill-stem test while Yulleroo-2's post-frac clean-up flow continued to recover gas and frac fluid.
6 Dec 2010drilling progress report▼ Bad
Nangu-1 reached 1,049m with no hydrocarbons evident and looked headed for plug-and-abandonment pending logging confirmation; the EP438 JV partners declined to approve a planned follow-up Cyrene-1 well with the same rig.
6 Dec 2010drilling progress report● Neutral
Paradise-1's drill-stem tests of the interpreted oil zone repeatedly failed on packer-seal issues (though tools recovered oil-coated each time), prompting a mechanical review before deciding between another DST, fluid sampling, or an alternative test.
2 Dec 2010drilling progress report● Neutral
A recap update on Nangu-1's Grant Formation wet-gas objective as drilling continued, alongside Paradise-1 as the two wells of Buru's 2010 Mitsubishi-backed program.
2 Dec 2010drilling progress report▲ GoodMajor
Paradise-1 reached its 1,700m casing point; wireline logs and sidewall cores identified an anomalous hydrocarbon-indicated zone at 904-914m (best reservoir quality 904-909m) - the zone that would later be flow-tested.