Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2024drilling result▼ BadMajor
Rafael Shallow 1 was drilled safely to 1,203m on time and budget but found no moveable hydrocarbons and will be plugged and abandoned - a disappointing result, though Buru stressed it doesn't affect the separate, already-proven Rafael (deep) gas and condensate resource that remains its core strategic priority.
22 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 reached its planned total depth through the target reservoirs and began wireline logging.
18 Oct 2024drilling progress report● Neutral
Rafael Shallow 1's casing was cemented and the wellhead/BOPs installed, ready to drill ahead into the target Poole and Grant reservoirs.
16 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 reached its planned 712m casing-point depth and began running 9-5/8-inch casing.
14 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 drilled to 487m on schedule, on track for its 9-5/8-inch casing point.
9 Oct 2024drilling spud● NeutralMajor
Rafael Shallow 1 spudded, drilled by the Rafael Shallow Joint Venture (Buru 75%, with Twinsouth Holdings and Jingie Investments - the entities that took up the interest after Sabre Energy's original farm-in didn't proceed - at 15%/10%), targeting shallow Poole/Grant sandstone oil reservoirs similar to the historic Blina Oilfield.
4 Oct 2024cleansing notice● Neutral
Buru Energy lodged a routine cleansing notice for 102,983,880 shares issued from its ~$6.7 million September 2024 placement at $0.062; a further 5,080,645 shares were reserved for two directors pending shareholder approval.
4 Oct 2024appendix 2a quotation● Neutral
Buru Energy listed for quotation 102,983,880 new ordinary shares, taking total shares on issue from 671,345,082 to 774,328,962.
30 Sept 2024appendix 3b new issue● Neutral
Buru Energy issued 50,000 new ordinary shares (a minor, option-exercise-scale issue).
30 Sept 2024quarterly cashflow report● Neutral
Buru Energy reported $7.5M cash on hand at the end of the quarter ended 2024-09-30, having used $3.0M in operating cash flow that quarter. Against $3.5M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 2.1 quarters of funding on hand.
30 Sept 2024investor presentation● Neutral
Buru issued an updated corporate presentation the same day it announced terminating its Sabre Energy farm-in agreements and completing a $6.7 million share placement - presumably the deck supporting that combined update.
30 Sept 2024capital raising announcement▼ BadMajor
Buru terminated its farm-in agreements with Sabre Energy after Sabre failed to meet its funding obligations for the Rafael Shallow well and the Ungani oilfield, and quickly lined up replacement funding - two entities linked to existing long-term Buru shareholders committed $3 million to earn a combined 25% interest in Rafael Shallow instead. Alongside this, Buru completed an oversubscribed but scaled-back $6.7 million share placement at 6.2 cents a share (down sharply from 16 cents in 2022 and 11.5 cents the year before) to fund the Rafael Gas Project, the Rafael Shallow well, and restarting Ungani. A funding partner defaulting and each successive raise pricing lower than the last both point to real, tightening financial pressure, even though Buru quickly replaced the lost funding and the placement itself was oversubscribed.
26 Sept 2024trading halt request● Neutral
Buru Energy requested a trading halt pending updates on recent asset transactions and a capital raising.
17 Sept 2024investor presentation● Neutral
CEO Thomas Nador presented 'Building a compelling foundation Kimberley gas business' at the RIU Essential Energy Conference.
12 Sept 2024joint venture update● Neutral
A re-lodgement of the Barbwire Terrace ground gravity survey announcement, adding the required JORC Table 1 disclosure.
11 Sept 2024investor presentation● NeutralMajor
New Chair (appointed 15 Aug 2024, succeeding founding Chair Eric Streitberg) wrote to shareholders naming the Rafael gas and condensate project as Buru's core medium-term priority for building long-term cashflow.
9 Sept 2024joint venture update▲ Good
A ground gravity survey at Barbwire Terrace found a significant gravity anomaly and structural complexity near the Fenton Fault - positive indicators for lead-zinc-silver mineralisation - with drilling targeting these refined leads planned for 2025.
15 Aug 2024director officer appointment● NeutralMajor
Founding director and 14-year Chairman Eric Streitberg retired from Buru's board; recently-appointed non-executive director David Maxwell was elected as his successor as Chair.
15 Aug 2024director interest notice● NeutralMajor
Eric Streitberg, a Buru Energy director since near the company's founding, ceased to be a director, retaining 18,776,068 ordinary shares - by far the largest holding of any Buru director across this corpus.
13 Aug 2024drilling scheduled▲ Good
Buru began well-pad construction at the Rafael Shallow 1 location after securing heritage and environmental approvals, targeting a spud in late Q3/early Q4 2024 with the Silver City Drilling Rig 24 - the shallow oil prospect identified less than four months earlier as a potential funding source for the larger Rafael Deep gas/condensate project.
6 Aug 2024drilling scheduled▲ GoodMajor
Buru signed a Letter of Intent with Silver City Drilling for Rig 24 to drill a two-well 2024 Canning Basin campaign - the Rafael Shallow and Mars oil prospects - following new farm-in agreements with Sabre Energy covering both wells plus a restart of Ungani Oilfield production, with drilling expected late Q3/early Q4 2024. Rafael Shallow-1 did spud that October, but ultimately under a different joint venture (Twinsouth Holdings/Jingie Investments, not Sabre); Mars-1 remained undrilled as of the latest documents in this corpus.
5 Aug 2024farm in farm out agreement▲ GoodMajor
Buru signed a new farm-in agreement with Sabre Energy for the Rafael Shallow oil prospect in permit EP428: Sabre will fully fund Buru's A$6 million share of drilling and testing the well to earn a 50% interest (Buru keeps the other 50% and stays operator), plus pay Buru a further A$1.5 million for prior exploration costs if the well leads to a declared commercial discovery. Buru's own resource estimate puts a best case of 19 million barrels of recoverable oil at Rafael Shallow.
29 July 2024director officer appointment▲ GoodMajor
Former Cooper Energy CEO David Maxwell joined Buru's board as a non-executive director, positioned to become Non-Executive Chair when founder Eric Streitberg retires the following month - a planned, externally-hired succession bringing outside Australian gas-industry leadership experience just as Buru pushed to advance its Rafael gas project.
26 July 2024resource reserve update▲ GoodMajor
New 3D seismic analysis tightened Buru's Rafael contingent resource range, lifting the gross recoverable 1C estimate to 85 Bscf of gas and 1.8 million barrels of condensate - enough on its own, Buru said, to support a small-scale Phase 1 development entirely within its 100%-owned EP428 acreage - though the update trimmed the higher-end 3C upside pending further studies; the same regional seismic work also flagged a new set of untested prospects along the Fitzroy Trough's southern margin.
30 June 2024quarterly cashflow report● Neutral
Buru Energy reported $10.9M cash on hand at the end of the quarter ended 2024-06-30, having used $1.9M in operating cash flow that quarter. Against $3.9M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 2.8 quarters of funding on hand.
30 June 2024other▼ Bad
Buru's H1 2024 interim report showed cash down to $10.9M (from $18.2M) and a half-year loss narrowed to $4.7M from $6.0M.
17 June 2024farm in farm out agreement▲ GoodMajor
Buru agreed a new Farm-in Agreement letting Sabre Energy earn 70% of the producing Ungani Oilfield (L20/L21) for a $6M carry - $1M toward restarting Ungani production and $5M toward drilling the nearby Mars prospect - with operatorship transitioning to Sabre and Buru retaining 30%.
30 May 2024investor presentation● Neutral
The 2024 AGM's Chair and CEO addresses recapped Buru's (and predecessor ARC Energy's) history in the Kimberley since 2006 and its community/Traditional Owner relationships.
20 May 2024investor presentation● Neutral
Buru's exploration manager presented an investor briefing on the Rafael Shallow prospect at the PESA Deal Day industry event, laying out the case for the shallower target near the main Rafael gas discovery.
24 Apr 2024resource reserve update▲ GoodMajor
Interpretation of the Rafael 3D data identified a new, sizeable shallow prospect (Rafael Shallow, 18 sq km, 125m+ closure) targeting the Poole Sandstones/Grant Formation, with Best Estimate prospective resources of 19 million recoverable barrels (range 3.2-79 MMstb) - while the main Rafael partner-selection process slipped to 2025.
