Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2010drilling scheduled● Neutral
Buru's Fairway Rig moved to Leander-1 to begin rig-up for the 2010 campaign's second well, targeting about 1 million barrels of oil (P50) in the Anderson Formation - a 100%-Buru well that sits outside the new Mitsubishi farm-out.
24 June 2010farm in farm out completion▲ Good
A follow-up shareholder letter (one day after the first) again explaining the newly announced Mitsubishi Corporation farm-in and its up-to-A$152.4 million commitment - no new terms beyond what was already publicly announced.
23 June 2010farm in farm out completion▲ Good
Buru's Executive Director wrote to shareholders explaining the newly announced Mitsubishi Corporation farm-in (Mitsubishi committing up to A$152.4 million over 2010-2012) in plain terms, calling it "transformational" - reiterating, not adding to, the terms already publicly announced.
22 June 2010farm in farm out agreement▲ GoodMajor
New Standard Energy (a 10% Buru shareholder) highlighted an independent RISC report confirming large Goldwyer shale gas potential (40-480 Tcf GIIP) alongside Buru's newly announced $152.4M farm-in with Mitsubishi Corporation over adjacent Canning Basin acreage.
21 June 2010drilling result▼ Bad
Fairwell-1 reached total depth (1,871m) with no economically significant zones identified on logs or sidewall cores; the well was plugged and abandoned, with the rig moving on to spud Leander-1 around 4 July as the campaign's second well.
21 June 2010form 604 change substantial holder● Neutral
Trojan Equity Limited reduced its Buru Energy shareholding from 8.3% to 6.0% of votes.
17 June 2010drilling progress report▼ Bad
Fairwell-1 reached 1,849m; the Yellow Drum Formation showed no porosity or hydrocarbons, and the Nullara Formation below it only minor shows, with total depth expected imminently.
15 June 2010farm in farm out completion▲ GoodMajor
Buru signed a landmark, up-to-A$152.4 million Farm-in Agreement with Mitsubishi Corporation (MC) to jointly explore and develop its entire Canning Superbasin position: MC can earn up to a 50% interest across most of Buru's exploration permits by funding up to $102.4 million of exploration costs ($62.4M conventional, $40M unconventional) plus up to $50 million of future development costs, and separately has the right to buy into Buru's production permits at a price set by an independent expert off proved-plus-probable (2P) reserves. This is the founding deal behind the Buru-Mitsubishi Joint Exploration Program that drove Buru's exploration activity for years afterward.
10 June 2010drilling progress report▲ Good
Fairwell-1 reached 1,619m in the Laurel Formation with good gas shows in the Upper Laurel Shales as expected; the well's total depth was revised up to ~1,900m.
3 June 2010drilling progress report● Neutral
Fairwell-1 reached 1,378m in the Anderson Sands after a bit trip for slow drilling, still heading toward the Yellow Drum Formation.
31 May 2010drilling progress report● Neutral
Fairwell-1 reached 1,253m; the Grant Formation sands (843m) showed no hydrocarbons, with drilling heading toward the Yellow Drum Formation at 1,520m.
27 May 2010drilling progress report● Neutral
Fairwell-1 reached 716m after casing at 509m and a fully-recovered Noonkanbah Shale core (650-659m), heading toward the Grant Formation at 1,250m.
20 May 2010drilling progress report● Neutral
Fairwell-1 drilled to 403m with no hydrocarbons yet, heading toward a 9⅝-inch casing point (~500m) then a core of the Noonkanbah Shale at 650m.
18 May 2010drilling spud▲ GoodMajor
Fairwell-1 spudded at 01:00hrs on 18 May 2010, the first well of Buru's six-well 2010 Canning Basin campaign, targeting a combined P50 4.8 million barrels of oil across the Grant and Yellow Drum Formations.
10 May 2010drilling scheduled▲ GoodMajor
Buru kicked off its six-well 2010 Canning Basin drilling campaign, mobilising the refurbished Fairway Rig to spud the shallow Fairwell-1 well - targeting a combined P50 4.8 million barrels of oil across two horizons - as the campaign's first well.
6 May 2010drilling progress report● Neutral
Buru Energy reported the Fairway Rig had completed refurbishment and safety inspection ahead of mobilising to the Canning Basin, with all Traditional Owner and government approvals in place to begin its 2010 drilling season at the Fairwell-1 well.
6 May 2010admin correction● Neutral
Buru Energy corrected an earlier release that had mistakenly attached an outdated (20 April 2010) operations update instead of its intended 6 May 2010 corporate and operations update.
29 Apr 2010quarterly cashflow report● Neutral
Buru Energy reported $43.9M cash on hand at the end of the quarter ended 2010-04-29, having used $1.2M in operating cash flow that quarter. Against its own $5.8M forecast for next-quarter outflows, that implied roughly 7.6 quarters of funding on hand.
22 Apr 2010joint venture update▲ Good
Pancontinental Oil & Gas (a Buru JV co-venturer) reported the grant of Production Licence L15 over the West Kora-1 oil discovery, shared Empire Oil & Gas 49%/Buru 17%/Pancontinental 12%/First Australian 12%/Indigo Oil 8%, aiming to restore West Kora-1 production.
22 Apr 2010regulatory community update▲ Good
The WA government granted Petroleum Production Licence L15 over the West Kora-1 oil discovery in the Canning Basin, confirming the joint-venture split there: Empire Oil & Gas (via Gulliver Productions) 49%, Buru 17%, Pancontinental Oil & Gas 12%, First Australian Resources 12%, and Indigo Oil 8%.
20 Apr 2010investor presentation● Neutral
Buru published a presentation marking the start of its 2010 exploration program, routine investor material.
13 Apr 2010drilling scheduled▲ GoodMajor
Buru confirmed the first three wells of its six-well 2010 Canning Basin campaign - Leander-1 and Fairwell-1 (near the producing Sundown/Blina fields) and Paradise-1 (a larger oil/gas/condensate structure) - and engaged Terrex Seismic for 2D surveys later that year to firm up further targets.
12 Mar 2010agm notice● Neutral
Buru Energy issued its notice for the 2010 Annual General Meeting, covering the routine agenda (director elections, remuneration report adoption, and other standard resolutions).
3 Mar 2010joint venture update● Neutral
Empire Oil & Gas (operating via Gulliver Productions, Buru's R1 JV partner) reported progress testing Gingin West-1 and preparing an engineering study to test Stokes Bay-1.
29 Jan 2010appendix 3b new issue● Neutral
Buru Energy issued 2,650,000 new ordinary shares, taking total shares on issue from 180,119,813 to 182,769,813.
27 Jan 2010quarterly cashflow report● Neutral
Buru Energy reported $45.8M cash on hand for the quarter ended 31 December 2009 (lodged 27 January 2010), having used $1.4M in operating cash flow that quarter. Against its own $800K forecast for next-quarter outflows, that implied roughly 57.2 quarters of funding on hand.
27 Jan 2010investor presentation● Neutral
Buru published an update on progress with its 2010 Canning Basin exploration program, routine investor material.
25 Jan 2010appendix 3b new issue● Neutral
Buru Energy issued 85 new ordinary shares, taking total shares on issue from 180,119,728 to 180,119,813.
15 Jan 2010farm in farm out completion● Neutral
Empire Oil & Gas confirmed that it (via subsidiary Gulliver Productions) and Indigo Oil signed a Farmin Agreement with Buru on 12 January 2010 for permit EP438 (Broome Arch, Canning Basin): Buru will spend a further $3 million on exploration there - including drilling one well - to earn a 75% interest, with Empire retaining 20% and Indigo 5%, both carried through that spend.
15 Jan 2010farm in farm out completion● Neutral
Buru restructured a multi-party Canning Basin permit position with Empire Oil & Gas (via subsidiary Gulliver Productions), Indigo Oil, and United Orogen: Buru gave up its 5% stake (and the associated $3 million farm-in funding commitment) in permit EP448, in exchange for the right to earn a further 70% interest in the neighbouring EP438 permit - taking its total stake there to 75% - by spending $3 million on further exploration, including a planned well.
