Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2022remuneration report● Neutral
Buru Energy's FY2022 remuneration report covered the CEO transition year: outgoing Executive Chairman Eric Streitberg, whose contract ended 31 December 2022, was still the year's top earner at $843,798 (including termination-related payments), ahead of incoming Chief Executive Officer Thomas Nador, who joined in September 2022 on a part-year $200,693. Non-executive directors Robert Willes, Joanne Kendrick and Malcolm King continued throughout.
31 Dec 2022other● Neutral
Buru published its 2022 Sustainability Report.
31 Dec 2022quarterly cashflow report● Neutral
Buru Energy reported $17.9M cash on hand at the end of the quarter ended 2022-12-31, having used $759K in operating cash flow that quarter. Against $759K in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 23.6 quarters of funding on hand.
31 Dec 2022other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2022.
21 Nov 2022production update● NeutralMajor
Ungani's third and final CY2022 lifting (~73,000 bbls, ~A$3.8M) brought the year's total to ~220,000 bbls exported; Buru also flagged Origin Energy's move to exit its Canning Basin interests, progress on the Geovault carbon-capture JV with EnRes, imminent Battmin zinc-lead assay results, and hydrogen business 2H Resources.
16 Nov 2022material agreement▲ GoodMajor
Buru signed an agreement with Transborders Energy to study a compact, marinised LNG plant as a faster, cheaper alternative pathway to commercialise Rafael gas than exporting via the North West Shelf.
11 Nov 2022joint venture update● NeutralMajor
Buru noted a Brookfield/MidOcean Energy consortium's non-binding offer to acquire Origin Energy would transfer Origin's Canning Basin JV interest to MidOcean (backed by EIG, a $40bn+ energy investor) - relevant given Origin had already flagged its intent to exit its Canning Basin position.
27 Oct 2022regulatory community update▼ BadMajor
The Commonwealth's $7M CCS grant to Geovault (offered April 2022) was cancelled after the October 2022 Federal Budget cut CCS funding; Buru said Geovault would pursue an expected 2023 replacement grant round while continuing its EnRes CCS joint venture regardless.
17 Oct 2022investor presentation● Neutral
New CEO Thomas Nador presented Buru's latest corporate presentation at the SPE Asia Pacific Oil and Gas Conference in Adelaide.
10 Oct 2022director officer appointment● Neutral
New CFO Paul Bird also took over as Company Secretary, and interim Company Secretary Alex Forcke stepped back to his regular commercial role - completing the leadership handover that began with Shane McDermott's departure three months earlier.
30 Sept 2022quarterly cashflow report● Neutral
Buru Energy reported $18.7M cash on hand at the end of the quarter ended 2022-09-30, having used $285K in operating cash flow that quarter. Against $308K in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 60.6 quarters of funding on hand.
28 Sept 2022joint venture update▲ GoodMajor
All three planned Barbwire Terrace holes were completed with base-metal sulphides in each (handheld XRF spot readings up to 23.9% Zn+Pb), though these preliminary field readings still needed lab assay confirmation before being relied on.
21 Sept 2022director officer appointment▲ GoodMajor
Buru appointed Paul Bird - previously CFO of fellow ASX-listed gas producer Metgasco - as its new Chief Financial Officer, filling the gap left by Shane McDermott's departure two months earlier after a formal executive search.
19 Sept 2022joint venture update▼ BadMajor
Origin Energy told Buru it intended to divest its 50% joint-venture stake in the Canning Basin (acquired via its 2020 farm-in), after the two companies failed to agree on a forward program - including Buru's proposal to test and run 3D seismic over the Rafael discovery alone - stalling out. Buru said Origin's exit reflected Origin's own funding priorities, not any problem with the Canning Basin assets, but a major joint-venture partner heading for the door over an unresolved operational disagreement is a real setback, not routine news.
7 Sept 2022investor presentation● Neutral
Executive Chairman Eric Streitberg presented Buru's latest corporate presentation (abridged version) at the Good Oil Conference in Perth.
5 Sept 2022joint venture update▲ GoodMajor
Barbwire Terrace's second hole found visible galena over a 38m interval with handheld-XRF readings up to 19.8% combined lead+zinc - an encouraging early indicator, pending lab assay confirmation.
31 Aug 2022joint venture update▲ GoodMajor
Barbwire Terrace's first diamond hole (410m) hit dolomitised Pillara Limestone shallower than expected, with vuggy, veined, sulphide-bearing rock - a real technical proof-of-concept for the target mineral system.
2 Aug 2022joint venture update▲ GoodMajor
Sipa Resources began diamond drilling up to four holes at Barbwire Terrace (50/50 JV with Buru, Sipa operator, co-funded by a WA Government EIS grant), testing base-metal targets analogous to the Lennard Shelf lead-zinc deposits.
2 Aug 2022joint venture update▲ Good
Buru's own announcement confirmed its wholly-owned Battmin subsidiary's first-ever mineral exploration drilling campaign had begun at Barbwire Terrace, the practical payoff of applying Buru's petroleum-derived geological knowledge to mineral targets.
8 July 2022director officer appointment● NeutralMajor
Shane McDermott - CFO and Company Secretary for over 13 years, one of Buru's longest-serving executives - resigned; commercial manager Alex Forcke stepped in as interim Company Secretary while Buru searched for a permanent CFO. A genuine loss of institutional knowledge after more than a decade, though handled as a planned, orderly exit rather than a sudden departure.
30 June 2022quarterly cashflow report● Neutral
Buru Energy reported $19.0M cash on hand at the end of the quarter ended 2022-06-30, having used $8.5M in operating cash flow that quarter. Against $8.9M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 2.1 quarters of funding on hand.
30 June 2022other▼ Bad
Buru's H1 2022 interim report showed cash down to $19.0M (from $23.7M) and a half-year loss widening to $9.5M from $6.3M.
30 June 2022production update▲ GoodMajor
A record ~75,000-bbl Ungani lifting (~A$5.5M to Buru, over $1M above the prior record) went out as Origin Energy asked for more time on internal approvals, delaying Buru's planned Rafael 3D seismic survey and further flow test toward early 2023.
7 June 2022appendix 2a quotation● Neutral
Buru Energy listed for quotation 55,350,094 ordinary shares from a previously-announced capital raise.
7 June 2022appendix 2a quotation● Neutral
Buru Energy listed for quotation 57,600,094 new ordinary shares, taking total shares on issue from 538,442,991 to 596,043,085.
7 June 2022capital raising announcement▲ GoodMajor
Buru's rights issue raised about $9.2 million (entitlements, shortfall applications, and a placement to new investors combined) despite what Executive Chairman Eric Streitberg called challenging market conditions - fully funding the next phase of appraisal work, including flow testing and 3D seismic, at its Rafael gas and condensate discovery.
3 June 2022capital raising announcement● Neutral
Buru pushed back the announcement of its rights issue results by a few days due to postal delays in processing applications - a minor administrative delay, not a sign of any problem with the raise.
26 May 2022investor presentation● Neutral
A near-duplicate re-lodgement of the 'Oil and Gas and the Energy Transition' investor deck two days later.
26 May 2022other● NeutralMajor
Buru chose a coil-tubing unit (cheaper, less formation-damage risk than a workover rig) to clean up and individually flow-test multiple Rafael 1 zones in Q3 2022, including the gas-influx zone behind casing and a light-oil-bearing Upper Laurel Dolomite zone; the update also references a Carnarvon Basin (L20-1) farmout for a CCS program and a rights issue backed by major shareholders.
24 May 2022farm in farm out agreement▲ GoodMajor
Buru and Energy Resources Limited (EnRes, a Mineral Resources Limited subsidiary) agreed to restructure their Carnarvon Basin L20-1 permit (Buru 25%/EnRes 75% and operator, EnRes carrying Buru's first two 2023 wells) and formed an aligned Geovault carbon-capture-and-storage joint venture on the same equity split.
