4 Sept 2009form 603 initial substantial holder● Neutral
NEW STANDARD ENERGY LIMITED disclosed a new substantial Buru Energy shareholding (10.0% of votes, 18,000,000 shares).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2009asset acquisition disposition▲ Good
Trident Energy declined its pre-emptive right over EP442A, clearing the way for Buru's acquisition of the Acacia Permits (EP442/442A and adjacent acreage) from New Standard Energy to proceed unchanged.
27 Aug 2009asset acquisition disposition▲ Good
New Standard Energy's own announcement of the same Trident pre-emptive-rights waiver, confirming Buru's Acacia Permits acquisition would proceed for $3.2M cash plus 18 million Buru shares, settling in early-to-mid September 2009.
26 Aug 2009annual report● Neutral
Buru Energy released its first full-year financial statements as a listed company, covering the period from its April 2008 incorporation through 30 June 2009.
18 Aug 2009drilling scheduled● Neutral
Buru began 3D seismic acquisition (the Bunda Survey) over the Sundown oil field area to pin down well locations for the 2010 Canning Basin drilling season, building on 2008 workovers that had already lifted field production from around 30 to over 200 bopd. The Sundown-1 and Lloyd-1 targets flagged here were never confirmed as drilled in this corpus.
12 Aug 2009farm in farm out completion● Neutral
New Standard Energy confirmed it is selling its shared Acacia Fairway permit interests to Buru for $3.2 million cash plus 18 million Buru shares (~$6.3 million total) - New Standard keeps a resulting 10% strategic stake in Buru, future farm-in rights, and a technical services role on the permits it sold.
11 Aug 2009farm in farm out completion▲ Good
Buru agreed to acquire New Standard Energy's interests in Canning Basin permits EP442, EP442A, acreage release L08-3 and application area 30/07-8 (the "Acacia Permits"), taking Buru to 100% ownership and consolidating operatorship over most of the Acacia Province alongside its existing EP431 interest.
5 Aug 2009director officer appointment● Neutral
Buru's Executive Director Eric Streitberg took several weeks of overseas leave, with Tom Streitberg standing in as a temporary alternate director on the board - a routine stand-in arrangement, not a change in company leadership.
10 July 2009form 604 change substantial holder● Neutral
Birkdale Enterprises Pty Ltd atft Hay Street Unit Trust increased its Buru Energy shareholding from 10.1% to 11.6% of votes.
30 June 2009quarterly cashflow report● Neutral
Buru Energy reported $58.3M cash on hand at the end of the quarter ended 2009-06-30, having generated $240K in operating cash flow that quarter. Against its own $6.0M forecast for next-quarter outflows, that implied roughly 9.7 quarters of funding on hand.