7 Sept 2023investor presentation● Neutral
CEO Thomas Nador presented Buru's latest corporate presentation at the Good Oil Conference in Perth.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2023drilling scheduled▲ Good
Buru began acquiring a 200 sq km 3D seismic survey over the Rafael gas/condensate discovery to refine the structure and support development-partner selection, with results due late 2023 feeding into the planned 2024 appraisal drilling program.
29 Aug 2023production update▼ BadMajor
A ~72,500-barrel lifting (~A$4.0m to Buru) was the last before the Ungani oilfield's operations were suspended; CEO Nador noted the field has produced and sold over 2.3 million barrels since 2012 and pointed to the Rafael gas/condensate discovery as the company's next flagship asset.
22 Aug 2023farm in farm out completion● NeutralMajor
Roc Oil agreed to withdraw from and assign its 50% Ungani Oilfield interest to Buru (effective ~30 Sept 2023), following the decision to suspend Ungani operations; Roc remains liable for its share of suspension and eventual decommissioning costs, ending its role as JV partner since May 2018 after 22 shipped cargoes.
17 Aug 2023resource reserve update▲ GoodMajor
WA's updated Domestic Gas Policy confirmed Canning Basin gas can be exported (15% reserved for domestic use), clearing a path for Buru's phased Rafael development - a Kimberley-focused domestic gas-to-power Phase 1 (FID targeted mid-2025) followed by an export-focused Phase 2.
14 Aug 2023asset acquisition disposition▲ GoodMajor
Buru sold its 25% non-operated Carnarvon Basin interests (EP510, L22-2, L22-4) to joint-venture partner EnRes for an immediate $5M cash payment, strengthening its balance sheet ahead of 2024 Rafael appraisal drilling.
11 Aug 2023production update▼ BadMajor
Buru recommended suspending Ungani Oilfield operations after its next lifting, once Main Roads WA confirmed the Fitzroy River causeway would be replaced by a barge unsuitable for crude transport ahead of a permanent bridge not due until mid-2024 - a real, forced shutdown decision.
3 Aug 2023material agreement▲ GoodMajor
Buru confirmed a phased Rafael development strategy - a small, low-cost Kimberley gas-to-power Phase 1 (targeting 2027 production, moving to FEED) followed by a larger Phase 2 (methanol/ammonia/LNG, informed by 2024 appraisal drilling) - based on concept studies with Petrofac, Transborders, and Technip.
25 July 2023resource reserve update▲ Good
2H Resources signed a research agreement with CSIRO to deploy autonomous soil-gas sensors for hydrogen detection, part of the exploration workflow ahead of drilling on its South Australian licence applications.
21 July 2023drilling scheduled▲ Good
Buru contracted Terrex to acquire ~200 sq km of Rafael 3D seismic (plus 2D lines in EP457) over 8 weeks, to inform 2024 appraisal drilling and the Rafael partner-selection process.
14 July 2023production update● NeutralMajor
Ungani operations resumed once the flooded Fitzroy Crossing causeway reopened, but Buru flagged the coming wet season's river-crossing plan was still unresolved with a permanent bridge not expected until mid-2024.
6 July 2023production update▼ BadMajor
Fresh flooding closed the temporary Fitzroy River causeway again, and Ungani production was suspended on 5 July once onsite storage reached capacity; a full crude lifting is planned once the causeway reopens.
4 July 2023regulatory community update▲ GoodMajor
Western Australia's mines department approved Buru's Declaration of Location for the Rafael gas/condensate discovery (potential 1+ TCF gas, 20 million barrels condensate) - a required regulatory step giving Buru up to four years to apply for a Production Licence - clearing the way for 3D seismic later in 2023 and appraisal drilling planned for 2024.
30 June 2023other▼ Bad
Buru's H1 2023 interim report showed cash down to $10.9M (from $17.9M) and a half-year loss narrowed to $6.0M from $9.5M.
30 June 2023quarterly cashflow report● Neutral
Buru Energy reported $11.3M cash on hand at the end of the quarter ended 2023-06-30, having used $2.6M in operating cash flow that quarter. Against $2.6M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 4.4 quarters of funding on hand.
25 May 2023investor presentation● Neutral
New CEO Thomas Nador (appointed September 2022) delivered his first AGM address, reflecting on Buru's 15-year history and thanking staff, Traditional Owners, and shareholders.
15 May 2023production update▲ GoodMajor
Ungani production restarted 8 May 2023 at near-normal rates (500-600 bopd) after a four-month shut-in caused when ex-Cyclone Ellie damaged the Fitzroy River crossing and cut the export road to Wyndham; the next lifting was planned for Q3 2023.
21 Apr 2023appendix 3g unquoted issue● Neutral
Buru issued 1,000,000 unlisted options under its Employee Share Option Plan.
18 Apr 2023material agreement▲ GoodMajor
A pre-feasibility study with Transborders Energy and Technip Energies found a ~1.6 MTPA Kimberley-based Floating LNG facility a technically and commercially feasible, lower-cost path to commercialise Rafael's 1+ TCF gas/20+ MMbbl condensate resource, with further collaborative studies (methanol, ammonia) also underway.
5 Apr 2023regulatory community update▲ GoodMajor
Buru submitted a Declaration of Location application for the Rafael discovery, the next regulatory step (after a May 2022 Discovery Assessment Report) toward the Production Licence needed to commercialise it.
31 Mar 2023quarterly cashflow report● Neutral
Buru Energy reported $13.9M cash on hand at the end of the quarter ended 2023-03-31, having used $4.0M in operating cash flow that quarter. Against $4.1M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 3.4 quarters of funding on hand.
14 Mar 2023production update▼ BadMajor
The Great Northern Highway floodplain section reopened via a temporary gravel road on 24 February, but the Fitzroy Crossing river crossing itself remains closed to heavy vehicles; WA is planning a temporary low-level crossing (targeting May 2023) and a permanent replacement bridge by end of 2024.
14 Feb 2023investor presentation● Neutral
Buru issued an investor corporate update titled 'Focused on Growth', released under new Non-Executive Chairman Eric Streitberg's authorisation shortly after his transition from Executive Chair.
13 Feb 2023farm in farm out completion▲ GoodMajor
Buru bought back Origin Energy's entire Canning Basin joint-venture stake (including Rafael) via a wholly-owned subsidiary, paying only a capped future reimbursement tied to gas-production success while Origin still funds up to $4M of the 2023 Rafael 3D seismic - Buru returns to 100% operator across ~22,500 km2 net (100% of EP129/391/428/431/436, 60% of EP457/458 with Rey).
23 Jan 2023resource reserve update▲ GoodMajor
Buru's wholly-owned hydrogen/helium subsidiary 2H Resources was confirmed preferred applicant for six South Australian hydrogen exploration licences (~30,000 sq km) plus two gas-storage licences; RISC assessed prospective hydrogen resources of 49M-1.3B kg (best estimate 343M kg) across the areas.
18 Jan 2023joint venture update▼ BadMajor
Lab assays disappointed relative to the earlier field readings: Barbwire Terrace's best zinc intersection was just 0.3% Zn over 5m (versus pXRF spot readings that had suggested up to 23.9% combined Zn+Pb) - the mineralisation runs along fracture/vein surfaces rather than through the rock mass, a real check on the project's economics.
16 Jan 2023joint venture update▲ GoodMajor
Buru and EnRes won two more Northern Carnarvon Basin/Merlinleigh Sub-basin exploration areas (EnRes 75%/Buru 25%), making the JV the largest acreage holder in the region as it planned two EP510 exploration wells for 2024.
10 Jan 2023production update▼ BadMajor
The Ungani facility and access road only sustained minor flood damage, but ex-Cyclone Ellie structurally damaged the Fitzroy Crossing bridge, severing the export route to Wyndham Port; CEO Thomas Nador says full restoration will likely take months.
5 Jan 2023production update▼ BadMajor
Ex-Tropical Cyclone Ellie flooding forced Buru to suspend Ungani Production Facility operations and evacuate field personnel, cutting off oil transport - the start of what would become a prolonged, field-ending disruption.
3 Jan 2023director officer appointment▲ GoodMajor
Eric Streitberg - Buru's Executive Director since its 2008 split from ARC Energy and Executive Chair since 2014, credited with the original Ungani oil discovery and the newer Rafael gas discovery - stepped back from day-to-day executive duties to become Non-Executive Chair, formally handing operational leadership to recently-appointed CEO Thomas Nador. This ends founder-led executive management at Buru, a planned, orderly succession rather than a sign of trouble.