22 Oct 2010joint venture update● Neutral
Empire Oil & Gas's own notice of the same further Stokes Bay-1 testing announced by Buru.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2010joint venture update● Neutral
Buru advised that further testing of Stokes Bay-1 (R1 permit) would begin mid-November 2010, using the coiled tubing unit mobilising for the Yulleroo-2 frac.
21 Oct 2010drilling progress report● Neutral
Paradise-1 (spudded 18 October) reached 248m after early mud-pump issues were resolved.
19 Oct 2010drilling spud▲ GoodMajor
Paradise-1 spudded at 18:00hrs on 18 October 2010 - the third well of the 2010 campaign and the first well of Buru's new Joint Exploration Program with Mitsubishi Corporation - testing a stacked-reservoir prospect with P50 potential of about 16 million barrels of oil plus over 200 Bcf of gas.
13 Oct 2010drilling scheduled● Neutral
Paradise-1 neared spud while the Yulleroo-2 flow test slipped to around 25 October after the stimulation contractor's equipment was stranded by Queensland floods; a seismic program continued in parallel to firm up targets for the 2011 six-well program.
13 Oct 2010securities registry admin● Neutral
Buru Energy's listed options (BRUO, exercise price $0.94) expired with 55,166,154 unexercised, leaving no listed options on issue; 20,241,000 unlisted director/employee options remained outstanding.
13 Oct 2010drilling scheduled▲ GoodMajor
Buru's rig moved to Paradise-1, the first well drilled under its new Joint Exploration Program with Mitsubishi Corporation (which funds 80% of costs as part of a $22.4 million 2010 commitment to earn an initial 40% interest across most of Buru's permits); the target zone had shown an untested 11-metre oil column in a nearby 2007 ARC Energy well (Valhalla-1) that was never flow tested.
11 Oct 2010form 605 ceasing substantial holder● Neutral
Trojan Equity Limited ceased to be a substantial Buru Energy shareholder.
8 Oct 2010appendix 3b new issue● Neutral
Buru Energy issued 2,929 new ordinary shares, taking total shares on issue from 182,777,620 to 182,780,549.
7 Oct 2010appendix 3b new issue● Neutral
Buru Energy issued 7,720 new ordinary shares, taking total shares on issue from 182,769,900 to 182,777,620.
7 Oct 2010securities registry admin● Neutral
Buru Energy advised that 2,650,000 fully paid ordinary shares would be released from voluntary escrow on 23 October 2010.
4 Oct 2010agm notice● Neutral
Buru Energy issued its 2010 Annual General Meeting notice and proxy form, for a meeting held 5 November 2010.
4 Oct 2010annual report● Neutral
Buru Energy distributed its 2010 Annual Report to shareholders, covering the year ended 30 June 2010.
24 Sept 2010appendix 3b new issue● Neutral
Buru Energy issued 87 new ordinary shares, taking total shares on issue from 182,769,813 to 182,769,900.
23 Sept 2010annual report● Neutral
Buru Energy released its audited full-year statutory accounts for the year ended 30 June 2010.
15 Sept 2010investor presentation● Neutral
Buru published a corporate and operations update covering progress on its 2010 exploration program and early preparations for a 2011 campaign.
7 Sept 2010securities registry admin● Neutral
Buru Energy corrected an earlier notice to its listed optionholders: quotation of its listed options (BRUO) would actually cease 30 September 2010, not 4 October as first stated, due to a public holiday.
7 Sept 2010drilling result▼ Bad
The Leander-1ST1 sidetrack (re-entering Leander-1 to test a nearby hydrothermal dolomite anomaly) reached a total depth of 2,280m with no hydrocarbon zones warranting further testing on wireline logs; the well was suspended and the rig released ahead of the Yulleroo-2 frac/test and the Paradise-1 spud.
7 Sept 2010securities registry admin● Neutral
Buru Energy notified holders of its listed options (BRUO) that they would automatically expire on 10 October 2010 if not exercised, with quotation ceasing 4 October 2010.
2 Sept 2010drilling progress report● Neutral
Leander-1ST1 reached 2,117m with fair-to-good hydrocarbon shows in the Laurel carbonates (without much reservoir development) and minor shows in the Yellowdrum Formation, heading toward the Nullara Formation - the Blina Field's productive horizon.
27 Aug 2010drilling progress report● Neutral
Buru Energy reported active drilling of the Leander-1ST1 sidetrack (at 1,602m), upcoming drilling at Paradise-1, and a planned fracture stimulation/flow test of Yulleroo-2 and drilling of Nangu-1 with JV partner Mitsubishi Corporation - part of the broader MC farm-in program.
26 Aug 2010drilling progress report● Neutral
Leander-1's sidetrack (now Leander-1ST1) succeeded on a second attempt after the first failed on equipment malfunction, reaching 1,523.5m.
19 Aug 2010drilling progress report▼ Bad
Leander-1's drill pipe became stuck during rig repairs; Buru cut the pipe above the bit and prepared to sidetrack around it.
12 Aug 2010drilling progress report● Neutral
Leander-1 remained suspended for Fairway Rig repairs, with the Anderson Sandstone objectives still expected once drilling resumes.
5 Aug 2010drilling progress report● Neutral
Leander-1 reached 1,668m before weather and rig repairs delayed further progress.
29 July 2010drilling progress report● Neutral
Leander-1 reached 1,508m after running 7-inch casing at 1,491m.
28 July 2010quarterly cashflow report● Neutral
Buru Energy reported $40.7M cash on hand at the end of the quarter ended 2010-07-28, having used $2.2M in operating cash flow that quarter. Against its own $8.2M forecast for next-quarter outflows, that implied roughly 5.0 quarters of funding on hand.
22 July 2010drilling progress report● Neutral
Leander-1 reached 1,359m, still heading toward its 1,500m casing point.
15 July 2010drilling progress report● Neutral
Leander-1 drilled to 666m with no hydrocarbons yet, heading toward 1,500m for 7-inch casing.
9 July 2010drilling spud● Neutral
Leander-1 spudded at 16:00hrs on 8 July 2010, the second well of the 2010 campaign, targeting Anderson Formation sands (up to ~1 million barrels recoverable P50) in the same play type already producing at the nearby Lloyd Oilfield.