Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2023capital raising announcement● NeutralMajor
Buru raised $5 million through a share placement at 11.5 cents a share and launched a follow-on Share Purchase Plan for existing shareholders at the same price, earmarked for long-lead items in the planned 2024 Rafael gas appraisal drilling program - a notably smaller raise than Buru's 2021-2022 rounds, reflecting a more incremental, cash-conscious funding approach as Rafael appraisal work continued.
10 Nov 2023trading halt request● Neutral
Buru Energy requested a trading halt pending a capital-raising announcement.
1 Nov 2023price query● Neutral
Buru Energy responded to an ASX price query, saying it wasn't aware of any undisclosed information explaining the recent trading.
9 Oct 2023resource reserve update▲ Good
Buru awarded GHD the pre-FEED engineering study for Rafael's Phase 1 development (a small, scalable hybrid gas-to-power project with 50% renewable supply), targeting FEED entry in the second half of 2024.
5 Oct 2023other● Neutral
Buru appointed Miro Capital as advisor to run a strategic partner-selection process for the Rafael discovery and its other Canning Basin interests.
3 Oct 2023drilling progress report▲ Good
The ~200 sq km Rafael 3D seismic survey was completed safely, on time and on budget, with Origin's earlier-agreed $4M contribution minimising Buru's cost exposure; fast-track interpretation was due in Q4 2023.
30 Sept 2023quarterly cashflow report▼ Bad
Buru Energy reported $9.5M cash on hand at the end of the quarter ended 2023-09-30, having used $3.8M in operating cash flow that quarter. Against $6.8M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 1.4 quarters of funding on hand.
21 Sept 2023investor presentation● Neutral
CEO Thomas Nador presented Buru's 'responsible energy transition' story at the Kimberley Economic Forum.
7 Sept 2023investor presentation● Neutral
CEO Thomas Nador presented Buru's latest corporate presentation at the Good Oil Conference in Perth.
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 2023agm notice● Neutral
Buru Energy shareholders approved the resolutions put to the vote at the company's 2023 Annual General Meeting.
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.
20 Apr 2023agm notice● Neutral
Buru wrote to shareholders giving notice of its 2023 Annual General Meeting, to be held 25 May 2023 in West Perth, with the notice of meeting and proxy form available online.
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.
