Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2019drilling progress report▲ GoodMajor
Buru's first well of its 2019 program, Adoxa-1, reached 1,609m with good-to-excellent oil shows and live oil observed at surface over a 10-metre interval in the Reeves Formation - an encouraging early read on the same play type behind several of Buru's other Canning Basin oil finds, though a completed flow test never confirmed commerciality anywhere later in this record.
30 July 2019drilling progress report● Neutral
Adoxa 1 drilled to 646m surface casing point.
25 July 2019drilling progress report● Neutral
Adoxa 1 (new exploration well, 50/50 with Roc Oil, EP 428) spud, testing the same conventional Reeves Formation oil play that worked at Ungani Far West 1.
9 July 2019drilling progress report▼ BadMajor
Ungani 6HST reached 2,362m total depth with the Dolomite hit as planned at 2,346m, but the 5.5-inch casing couldn't reach its planned depth and was cemented short at 2,310m; an expandable liner will be needed via coil tubing, and the well is suspended while the rig moves to spud Adoxa 1 - the mechanical trouble that would ultimately leave this well's horizontal completion unfinished.
2 July 2019drilling progress report▲ Good
Ungani 6H's sidetrack (now Ungani 6HST) succeeded, drilling ahead to 2,036m toward the Dolomite target.
27 June 2019drilling progress report● NeutralMajor
Ungani 6H drilling hit difficulties nearing completion (delaying Ungani 7H) while Adoxa 1 was queued next, Rafael 1's access road finished, and Buru weighed participation levels in Rafael, Ungani North re-evaluation, Miani, Butler, Lennard Shelf, and Yulleroo programs.
25 June 2019drilling progress report▼ Bad
Ungani 6H's planned in-hole sidetrack around a shale casing obstruction failed on the first attempt (drilled to 2,280m); a second cement kick-off plug is being set to try again.
18 June 2019drilling progress report▼ Bad
Ungani 6H reached 2,390m total depth with the Dolomite hit as predicted at 2,380m, but 5.5-inch casing met obstructions in the Ungani Shale (2,358-2,380m); a cleanout trip failed to clear the hole, so the well will be sidetracked through the shale section before re-running casing.
11 June 2019drilling progress report● Neutral
Ungani 6H drilled to 2,358m just above the Dolomite target; once cased, the rig will move to drill the equivalent section on a new sister well, Ungani 7H, before a coil-tubing package drills underbalanced horizontal reservoir sections in both.
4 June 2019drilling progress report▼ Bad
Ungani 6H reached 2,013m; a lost circulation zone, plugged drill string, and motor/hydraulic maintenance caused delays and above-budget costs, though still within the program's overall contingency.
28 May 2019drilling progress report● Neutral
Ungani 6H reached 1,918m measured depth after a bit trip to exchange a downhole motor.
21 May 2019drilling progress report● Neutral
Ungani 6H drilled ahead to 1,304m after a successful formation integrity test.
15 May 2019drilling progress report▲ Good
Ungani 6H drilling got underway (first casing set) and Ungani 7H's site was finished, while Yakka Munga and Rafael access roads/sites advanced and Buru supported Doriemus's Butler prospect drilling prep ahead of its 16 May AGM.
14 May 2019drilling progress report● Neutral
Ungani 6H (new horizontal development well) spud, drilled with a casing-while-drilling system to 945m in the Nura Nura Shale on prognosis; rig performing well.
6 May 2019drilling spud● NeutralMajor
Ungani 6 development well spudded at 04:40hrs on 4 May 2019 as a deviated well targeting the Ungani Dolomite reservoir - Buru's first well of the shift from appraisal to a horizontal-drilling development phase at Ungani, with a coiled-tubing unit to later drill the underbalanced horizontal reservoir section.
11 Apr 2019drilling scheduled● Neutral
Buru mobilised the NGD 405 rig for its 2019 drilling program, with Ungani 6's site construction complete and spud expected the first week of May, followed by Ungani 7 (site works underway) and then the Yakka Munga 1 exploration well.
11 Apr 2019resource reserve update● Neutral
A second, same-day lodgement of the Butler prospect ERCE resource announcement (identical content to the joint release with Doriemus).
11 Apr 2019resource reserve update▲ GoodMajor
An independent ERCE review confirmed the Butler prospect (EP487/EP129, near Derby) could hold 3.14 Tcf of gross unrisked mean recoverable gas plus 42 million barrels of condensate, as Doriemus PLC farmed in to earn a 50% interest in EP487 from Buru's existing 100%.
28 Mar 2019farm in farm out completion▲ Good
Rey Resources completed acquiring a further 15% of the Fitzroy Blocks (EP457/458) from Mitsubishi's Diamond Resources (Barbwire) subsidiary for A$480,000, taking Rey to 40% (with Buru free-carrying 6.664% of Rey's interest); Buru remains operator.
25 Feb 2019drilling progress report▲ GoodMajor
Buru's NGD 405 automated rig neared mobilisation for a minimum four-well 2019 program (Ungani 6 first), after a well-performance review found the Ungani field wasn't being effectively drained by existing wells and needed at least two more central-fault-block wells.
3 Dec 2018drilling progress report▲ Good
Ungani 4ST1 reached 2,247m with good reservoir zones and an oil/water contact near the field's original level; with it and Ungani West 1 complete, the JV wrapped up the 2018 drilling season ahead of the wet season, targeting an April/May 2019 restart with a larger rig.
27 Nov 2018drilling progress report▲ Good
Ungani 4ST1's remedial liner top packer was set and pressure-tested successfully; drilled ahead to 2,148m with oil shows in cuttings consistent with the original Ungani 4 well.
20 Nov 2018drilling progress report● Neutral
Ungani 4ST1 operations recommenced: the equipment needed to fix the liner top fault (suspended since 8 October) was mobilised once Ungani West 1's drilling freed it up, resuming ~11 days of work to drill into the Dolomite.
19 Nov 2018drilling result▼ BadMajor
Ungani West 1 reached 2,322m with good porosity and oil shows, but a wireline pressure survey found no commercially producible oil column - a disappointing result, though encouraging for further exploration - and the well was suspended for future water injection.
13 Nov 2018drilling progress report▼ Bad
Ungani West 1's Reeves Formation fluid samples came back showing low oil saturation - likely the edge of the oil column rather than a producible accumulation - walking back the prior week's encouraging read; casing cemented to 2,194m and 3D remapping underway.
6 Nov 2018drilling progress report▲ Good
Ungani West 1 wireline logs indicate up to a 5m Reeves Formation oil column at the same stratigraphic level as Ungani Far West 1's 1.7km away, pending fluid-sample confirmation; drilled to 2,196m ahead of casing and the Dolomite objective.
30 Oct 2018drilling progress report▲ Good
Ungani West 1 reached 1,710m with oil shows in Reeves Formation sands (1,625-1,640m) resembling Ungani Far West 1's 23m Reeves oil column; wireline logging underway to assess significance before drilling on to the Dolomite target.
23 Oct 2018drilling progress report● Neutral
Ungani West 1 (new exploration well, 50/50 with Roc Oil, 1,600m west of the Ungani Production Facility) spud, drilled to 863m surface section using a casing-while-drilling system.
16 Oct 2018drilling spud● Neutral
Ungani West 1 exploration well spudded at 17:45hrs on 16 October 2018 (Roc Oil 50/50 JV), testing a separate mapped structure midway between the producing Ungani and Ungani Far West oilfields, with tie-back materials pre-ordered for fast development if successful.
8 Oct 2018drilling progress report▼ Bad
Ungani 4ST1's liner was set at 2,136m but a mechanical fault in the liner top was found, needing specialised equipment not readily available in Australia; the well was temporarily suspended and the rig moved to spud the new Ungani West 1 exploration well while the part is sourced.
