Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015drilling progress report● Neutral
Senagi 1's casing was cemented to 759m and the well was cored to 904m; the Laurel Formation carbonate top (~829m) showed a thin vugular zone with oil shows, but these are interpreted as residual, with coring continuing toward the deeper Nullara Formation objective.
29 Oct 2015drilling progress report▼ BadMajor
Victory 1 reached its 2,600m total depth still suffering complete lost circulation (over 10,000 barrels of water lost, with no sample returns); wireline logs were being acquired, with any test to use 3½-inch production casing configured to maximise low-cost oil recovery chances.
22 Oct 2015drilling progress report● Neutral
Senagi 1 had conductor and surface casing run to 377m, preparing to drill ahead in 6⅛-inch hole.
22 Oct 2015drilling progress report▼ BadMajor
Victory 1 reached 1,976m after remediating its casing issues, but hit complete lost circulation at 1,945m (with erratic drilling rates similar to the Ungani Dolomite elsewhere); managed pressure drilling didn't stop the losses, and no sample returns meant hydrocarbon presence in this zone couldn't yet be assessed.
15 Oct 2015drilling progress report▼ Bad
Victory 1's casing was cemented at 1,893m, but mechanical issues with the casing required remediation expected to take several more days before drilling into the primary objectives.
15 Oct 2015drilling spud● Neutral
Senagi 1 spudded in EP458, targeting the updip extension of oil-bearing Laurel/Nullara carbonates first identified near a 1989 mineral exploration well (Camelgooda 1).
8 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,893m; wireline logs were completed and casing was being run ahead of drilling into the prognosed primary objectives.
1 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,830m, heading toward a revised ~1,900m casing point.
24 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,277m, heading toward a ~1,600m sectional total depth.
23 Sept 2015farm in farm out agreement● Neutral
Quadrant Energy (formerly Apache Energy, which had committed in Nov 2013 to fund a $25 million exploration program on the Coastal Permits EP390/438/471/473 to earn a 50% stake) is withdrawing early after the Commodore-1 and Olympic-1 wells it helped fund came up non-commercial - Quadrant is instead paying the Buru-Mitsubishi joint venture a lump $10 million (about $4.9 million net to Buru) to settle its remaining funding obligations, leaving Buru and Mitsubishi as sole holders of these non-core permits (outside the main Ungani/Laurel trend).
17 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,020m with casing cemented at 1,018m, heading toward a ~1,970m sectional total depth.
9 Sept 2015drilling spud▲ GoodMajor
Victory 1 spudded on the Ungani Trend in EP 457 (Buru operator, Rey Resources holding 25% equity/16.7% cost), targeting a considerably larger structure than Ungani itself - Buru's own pre-drill estimate put the prospect at a best case of 40 million barrels of recoverable oil (range 7-98 million).
9 Sept 2015drilling progress report▲ GoodMajor
Praslin 1's flow test was imminent as Victory 1 spudded, Senagi 1 site works began, Ophir 1 planning progressed, TGS stimulation finished at Asgard/Valhalla North, and a second Ungani oil cargo sale was agreed.
9 Sept 2015drilling spud● Neutral
Victory 1 spudded in EP457 (Buru 37.5%/41.67% cost, Mitsubishi 37.5%, Rey 25%/16.7% cost), a potentially larger Ungani-style structure on the eastern trend.
3 Sept 2015drilling progress report▲ Good
Praslin 1 was plugged back to 2,145m with a completion string run to 2,120m for a separate testing crew to flow-test later; the rig was released to Victory 1 - the last weekly report for Praslin 1.
28 Aug 2015drilling progress report▲ Good
Praslin 1's wireline logs showed a 23m oil-bearing interval resembling Ungani's productive zone; the well was plugged back and completed for a dedicated flow-testing crew, while the rig moved on to Victory 1.
27 Aug 2015drilling progress report▲ GoodMajor
Praslin 1 reached its 2,512m total depth with further hydrocarbon indications below the interpreted Ungani Dolomite, ahead of wireline logging to decide on production casing and testing.
24 Aug 2015drilling progress report▲ Good
Praslin 1 drilled into ~50m of dolomites/limestones with mud losses and hydrocarbon indications, with wireline logs and testing to follow once total depth was reached.
20 Aug 2015drilling progress report▲ GoodMajor
Praslin 1 reached 2,125m with casing cemented at 2,122m after hitting a dolomitic section with drilling breaks and hydrocarbon indications; drilling continued with managed pressure techniques.
13 Aug 2015drilling progress report● Neutral
Praslin 1 reached 1,986m (slowed by minor rig issues), approaching the casing point ahead of the Ungani Dolomite primary objective.
6 Aug 2015drilling progress report● Neutral
Praslin 1 reached 1,828m, still heading toward its ~2,050m sectional total depth.
30 July 2015drilling progress report● Neutral
Praslin 1's casing was cemented to 964m and the well reached 1,297m, heading toward a ~2,050m sectional total depth.
23 July 2015drilling progress report● Neutral
Praslin 1 reached 964m, heading toward its first casing point.
17 July 2015drilling spud● Neutral
Praslin 1 spudded, the first of at least four 2015 Ungani-trend exploration wells (Buru/Mitsubishi 50/50), targeting an Ungani-style conventional oil structure 15km from the Ungani Oilfield.
25 June 2015drilling progress report▼ BadMajor
Olympic 1 was cored to its 1,447m total depth in the Nambeet Formation with no significant hydrocarbons found; the well was plugged and abandoned and the rig released - the last report for Olympic 1.
18 June 2015drilling progress report▼ Bad
Olympic 1 was cored to 1,376.5m with excellent recovery; the upper Nambeet Formation showed no significant hydrocarbon shows so far.
11 June 2015drilling progress report▼ Bad
Olympic 1 reached 1,125m; wireline logs confirmed no significant hydrocarbons in the Willara Formation objectives, with coring now planned through the secondary Nambeet Formation objective.
4 June 2015drilling progress report▲ Good
Olympic 1's casing was cemented to 695m and the well reached 933m with a minor oil show in the upper Willara Formation, heading toward a ~1,125m sectional total depth then coring to 1,450m.
28 May 2015drilling progress report● Neutral
Olympic 1 (the second Apache-funded farm-out well) reached its 698m first casing point.
22 May 2015drilling spud● Neutral
Olympic 1 spudded 22 May 2015, the second well under the same Apache farm-out (EP 473), continuing the $25M Apache-funded exploration program.
