2 Oct 2018drilling progress report● Neutral
Ungani 4ST1 reached section TD at 2,136m at the Dolomite top; running the 4.5-inch liner before drilling ahead through the reservoir.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2018farm in farm out completion▲ GoodMajor
Buru received the final $51 million of its Roc Oil Ungani sale once DMIRS registered the production-licence transfers - completing the transaction in full.
25 Sept 2018drilling progress report● Neutral
Ungani 4ST1 sidetrack drilled ahead to 1,890m.
18 Sept 2018drilling progress report▼ BadMajor
Ungani 4's productivity came in below expectations despite its large log-implied oil column, prompting a sidetrack (Ungani 4ST1, 50/50 with Roc Oil) to a new bottom hole location ~60m away; whipstock set and casing exit milled.
12 Sept 2018drilling spud● Neutral
Drilling began on the Ungani 4ST1 sidetrack, aiming to improve on Ungani 4's below-expectation productivity - the first confirmed instance in this corpus of Roc Oil (Canning) Pty Ltd holding a 50% equity/cost share in the Ungani wells and L20, a joint-venture partnership that carried through the field's later development wells.
3 Sept 2018drilling progress report● NeutralMajor
Buru began sidetracking the underperforming Ungani 4 well toward a new bottom hole ~60m southwest (aiming to fix a suboptimal original completion), ahead of drilling the Ungani West 1 exploration well, while Ungani Far West 1 flowed at up to 1,000 bfpd (~50% oil cut) in early production testing.
23 July 2018drilling progress report▲ GoodMajor
Ungani 4's beam pump was installed and it is now producing ~310 bopd (previously unable to flow naturally) while Ungani 5 resumed production 21 July; total field capacity could reach 1,800 bopd; this update also references the May 2018 sale of 50% of the Ungani Field to Roc Oil (Canning) Pty Ltd ($13m received upfront, $51m pending regulatory approval).
18 June 2018farm in farm out completion▲ GoodMajor
The first Ungani lifting split under the new Roc Oil deal (Buru 58,616 bbls / Roc 14,106 bbls, ~A$6.55M gross) went out as Buru received the first $13M of the $64M Ungani sale price, with the remaining $51M pending DMIRS approval and the farm-in on EP391/428/436 still conditional on a WA Parliament Act.
21 May 2018farm in farm out agreement▲ GoodMajor
Buru agreed to sell Roc Oil (Canning) Pty Ltd a 50% stake in the producing Ungani licences (L20/L21) for $64M cash, and separately let Roc farm into 50% of exploration permits EP391/428/436 by funding $20M of a $25M program - Buru's 100%-owned Laurel unconventional gas (including Yulleroo) was carved out of the farm-in.
1 May 2018drilling progress report▲ GoodMajor
The Ungani access road reopened after an unusually wet season kept the field shut in for over three months; crude trucking and the Ungani 1/2 production restart are now underway alongside Ungani 4/5 flowline tie-ins.
23 Jan 2018drilling progress report▼ Bad
Ungani 4 drilling operations completed and the rig stacked for maintenance; testing likely starts first week of February once packers set, but Ungani production remains shut in from Cyclone Joyce road damage with another tropical low threatening further delay.
18 Jan 2018resource reserve update▲ GoodMajor
RISC substantially raised Yulleroo's contingent and prospective gas/liquids resources (2C sales gas up to 714 PJ net to Buru), reflecting Buru's move to 100% interest in EP391/EP436 via its 2017 asset swap with Mitsubishi plus new well data.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string was run into the perforated liner with the rig set to demobilise once finished; the well test program was expected to start within about two weeks.
16 Jan 2018drilling progress report● Neutral
Ungani 4's completion string is being run for production testing within 14 days; a 53,377-barrel Wyndham cargo sold for ~US$3.38m provisional revenue; Cyclone Joyce re-shut Ungani production (restarted 6 Jan) on 12 January.
9 Jan 2018drilling progress report▲ GoodMajor
Rig returned to the suspended Ungani 4 well; basic logs confirmed the Dolomite top at 2,134m, implying a gross oil column of ~74m - better than Ungani 1ST1 (58m) and Ungani 2 (54m) - once the drill-in completion liner is run.
9 Jan 2018drilling progress report▲ Good
Ungani 4's completion progressed with MWD logs showing a 74m oil column above the field's oil/water contact (testing due late January); Ungani production briefly shut in by cyclone-related road closure resumed on 6 January.
2 Jan 2018drilling progress report▲ Good
Ungani 5's full log suite confirmed its ~53m oil column; the well was completed with swellable packers and suspended pending a production test in 2-3 weeks - the last weekly report for this well as the rig moves to finish Ungani 4.
29 Dec 2017drilling progress report▲ GoodMajor
Cyclone Hilda forced a temporary Ungani Field shut-in and may delay Ungani 5's completion, but full logs confirmed a ~53m oil column in Ungani 5 (comparable to Ungani 2); a facility upgrade completed doubling oil handling capacity to 4,900 bopd.
27 Dec 2017drilling progress report▲ GoodMajor
Ungani 5 reached 2,239.5m total depth; the Ungani Dolomite top was hit on prognosis at 2,122.4m (unlike the anomalously thin section in nearby Ungani 3) with good-excellent oil shows and mud gas peaks to 6.27% through the reservoir.
19 Dec 2017drilling progress report● Neutral
Ungani 5 reached 2,123m in the Ungani Shale just above the Dolomite target; prepping 7-inch casing.
14 Dec 2017drilling progress report▲ Good
Ungani 5 progressed smoothly (9⅝-inch casing set at 1,904m, minor oil shows in the Grant/Reeves sections) while Ungani 4's completion planning was finalised with equipment procured, completion to follow once Ungani 5 finishes.
12 Dec 2017drilling progress report● Neutral
Ungani 5: surface casing set at 915m, drilled ahead to 1,613m.
5 Dec 2017drilling progress report● Neutral
Ungani 5 (new appraisal well targeting the oil pool discovered by Ungani 3) spud, drilled to 918m surface casing point.
1 Dec 2017drilling spud▲ GoodMajor
Ungani 5 appraisal well spudded at 14:30hrs on 1 December 2017 to test whether the oil pool found by the earlier Ungani 3 well (in the previously untapped Eastern Fault Block) could be properly accessed with a new completion, after Ungani 3's own completion was judged to have missed the productive interval.
27 Nov 2017drilling progress report▼ BadMajor
Ungani 4 wireline logging failed after the shale section above the reservoir bridged off (extended open-hole time); the well was temporarily suspended and the rig moved to spud Ungani 5 while specialised equipment is sourced - flowline construction proceeds regardless given the well's positive results to date.
24 Nov 2017drilling progress report▼ Bad
Ungani 4 logging delayed by mechanical problems with the contractor's wireline unit, expected resolved within 24 hours.
22 Nov 2017drilling progress report▲ GoodMajor
Ungani 4 reached 2,249m total depth with oil shows and an oil-water contact consistent with the field; implies a gross oil column over 60m, pending log confirmation - better than Ungani 1ST1's 58m and Ungani 2's 54m.
21 Nov 2017drilling progress report● Neutral
Ungani 4: 7-inch casing cemented to 2,110m; drilled ahead to 2,137m in the lower Ungani Shale with the Dolomite objective expected imminently.
14 Nov 2017drilling progress report● Neutral
Ungani 4 reached 2,113m in the Ungani Shale just above the Dolomite target; prepping 7-inch casing before drilling into the reservoir.
7 Nov 2017drilling progress report● Neutral
Ungani 4 drilled ahead to 1,444m.