Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Nov 2010director interest notice● Neutral
A director's interest notice duplicate-confirming the same 2,500,000-unlisted-option grant to Eric Streitberg (filed alongside a companion notice the same day).
30 Nov 2010director interest notice● Neutral
Buru Energy director Eric Streitberg was granted 2,500,000 unlisted employee share options.
30 Nov 2010joint venture update▲ GoodMajor
Mitsubishi Corporation committed a further A$40M of a A$50M 2011 exploration program plus up to A$50M of Ungani-area development costs, on top of its existing A$22.4M 2010 program commitment - a strong vote of confidence in the Canning Superbasin.
29 Nov 2010drilling progress report● Neutral
Nangu-1 (spudded 28 November, Mitsubishi funding 80%) reached 310m, targeting wet gas in the Grant Formation sands (P50 estimate 1 MMbbl condensate/15 Bcf gas) updip from a 1965 well with good shows.
25 Nov 2010drilling progress report● Neutral
Paradise-1 reached 1,474m with continued mud losses and oil still observed on the shakers ahead of the first primary objective.
25 Nov 2010drilling scheduled● Neutral
Rig-up began at Nangu-1, the 2010 campaign's fourth well and the second under the Mitsubishi Joint Exploration Program, targeting a modestly-sized wet gas/condensate structure Buru said could open up a regional gas-gathering project if successful.
23 Nov 2010joint venture update● Neutral
Oil Basins Limited earned a 100% beneficial interest in the Backreef Area after drilling Backreef-1 past 1,500m, issuing 2 million shares to Backreef Oil Pty Ltd to settle its interest - basin-adjacent, Buru remains permit titleholder.
18 Nov 2010drilling progress report● Neutral
Paradise-1 reached 1,119m with continued (partially cured) lost circulation; oil was still being observed on shakers and drill pipe, though its origin and significance remained unclear.
15 Nov 2010joint venture update▼ Bad
Empire Oil & Gas's own version of the same Stokes Bay-1 negative test result.
15 Nov 2010flow test result● Neutral
Yulleroo-2's logging runs finished with still no stabilised flow rate, though rising shut-in pressure buildup indicated the well continued to clean up; it was also flowed through a separator to sample liquids.
15 Nov 2010joint venture update▼ Bad
Pancontinental's own report of the Stokes Bay-1 test results matched Buru's: 2,760 barrels of all-water fluid recovered, no hydrocarbons, well suspended.
15 Nov 2010well test result▼ BadMajor
Stokes Bay-1's testing recovered 2,760 barrels of reservoir fluid that was 100% water with no hydrocarbon indications; the well was suspended.
10 Nov 2010flow test result● Neutral
Yulleroo-2's stimulation program re-established gas flow after nitrogen lifting but couldn't hold a stabilised rate over roughly six hours; the well was shut in for pressure measurement and wireline logging.
8 Nov 2010drilling progress report▲ Good
Yulleroo-2's three planned stimulation zones (3,100m/2,980m/2,850m) were all completed with no problems; the well flowed unaided for 16 hours before being shut in for wireline logging as part of the standard clean-up process.
5 Nov 2010agm notice▲ Good
Buru Energy shareholders approved every resolution at the 2010 AGM, including Peter Jones's re-election, the remuneration report, and an increase to the non-executive directors' pay cap.
5 Nov 2010investor presentation● Neutral
Buru Energy presented an operations and exploration overview to shareholders at its 2010 AGM.
5 Nov 2010drilling progress report▲ Good
Paradise-1 drilling resumed after curing lost-circulation zones, while Yulleroo-2's first two frac stages showed encouraging pressure signs (wellhead pressure over 4,500 psi) ahead of a planned flow test.
4 Nov 2010drilling progress report▼ Bad
Paradise-1 reached 924m with no returns to surface; cement plugs were run to cure lost circulation in the Grant Formation.
1 Nov 2010drilling progress report● Neutral
Yulleroo-2's stimulation program began, perforating the first of three zones (3,100m) under the Buru-Mitsubishi Joint Exploration Program (Mitsubishi funding 80% of costs).
28 Oct 2010admin correction● Neutral
ASX cancelled and re-released an announcement that had been misfiled under Buru Energy's code (it belonged to Burleson Energy Limited, an unrelated company); no substantive Buru Energy content was involved.
28 Oct 2010joint venture update▲ Good
New Standard Energy reported a successful frac at its Heintschel #1 well, with healthy initial hydrocarbon flow rates while the well continued cleaning up - basin-adjacent context.
28 Oct 2010drilling progress report● Neutral
Paradise-1 reached 771m.
25 Oct 2010quarterly cashflow report● Neutral
Buru Energy reported $33.8M cash on hand at the end of the quarter ended 2010-10-25, having used $5.5M in operating cash flow that quarter. Against its own $5.0M forecast for next-quarter outflows, that implied roughly 6.8 quarters of funding on hand.
22 Oct 2010joint venture update▲ GoodMajor
Buru began stimulating and testing the Yulleroo-2 gas well (permit EP391) under its June 2010 Farm-in Agreement with Mitsubishi Corporation (MC) - MC was funding 80% of a $22.4 million 2010 Canning Basin work program to earn an initial 40% interest across most of Buru's permits, the first year's cost-carry tranche under the broader up-to-$152.4 million MC farm-in.
