19 May 2022investor presentation● Neutral
An 'Oil and Gas and the Energy Transition' investor deck referenced Buru's official 26 April 2022 ERCE contingent/prospective resource release for Rafael.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2022director officer appointment▲ GoodMajor
Buru appointed Thomas Nador (from Beach Energy) as Chief Executive Officer to lead day-to-day operations and Rafael commercialisation, with Executive Chairman Eric Streitberg transitioning to Non-Executive Chair.
12 May 2022capital raising announcement● NeutralMajor
Buru mailed the prospectus for a 1-for-6 rights issue to raise up to $14.4 million at $0.16 a share, earmarked to fund a multi-phase appraisal program and commercial feasibility studies for its Rafael gas and condensate discovery.
3 May 2022appendix 3b new issue● Neutral
Buru lodged a standard pro-rata issue notice for up to 89,740,499 new ordinary shares, issue date 7 June 2022.
3 May 2022capital raising announcement● NeutralMajor
Buru Energy launched a 1-for-6 non-renounceable rights issue to raise ~$14.4 million at $0.16/share (a ~24% discount), funding an appraisal program for the Rafael gas condensate discovery.
2 May 2022trading halt request● Neutral
Buru Energy requested a trading halt pending a rights issue announcement.
26 Apr 2022resource reserve update▲ GoodMajor
ERCE's independent certification found Rafael 1's Ungani-Dolomite-equivalent reservoir holds Gross 3C Contingent Resources of ~1.02 TCF of gas and 20.5 million barrels of condensate (1C: 59 BCF/1.2 MMbbl), with pressure data suggesting the gas column could be even larger than mapped.
26 Apr 2022investor presentation● Neutral
Buru released an updated investor presentation, 'Oil and Gas and the Energy Transition', covering its asset portfolio and strategy as it worked to grow beyond its core oil business.
26 Apr 2022capital raising announcement▲ GoodMajor
Buru launched a 1-for-6 renounceable Rights Issue at 16 cents a share (a 24% discount) to fund appraisal of its newly confirmed, independently-assessed 1+ TCF Rafael gas/condensate discovery, including 2022 well testing and seismic work and a further drilling program planned for the following year.
20 Apr 2022regulatory community update▲ GoodMajor
Buru was offered a ~$7M Commonwealth grant over three years to fund a Geovault carbon-capture feasibility study in the onshore Carnarvon Basin, near its L20-1 permit application.
8 Apr 2022resource reserve update● NeutralMajor
Buru's independent Rafael resources report neared completion (delayed by lab workload and new seismic reprocessing) while Ungani, now at just ~600 bopd, got a workover of Ungani Far West 1 to recomplete it back to its originally productive Ungani Dolomite zone.
31 Mar 2022quarterly cashflow report● Neutral
Buru Energy reported $18.8M cash on hand at the end of the quarter ended 2022-03-31, having used $3.6M in operating cash flow that quarter. Against $4.8M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 3.9 quarters of funding on hand.
22 Mar 2022flow test result▲ GoodMajor
Detailed analysis confirmed Rafael 1's flow test results were genuinely positive: ideal gas composition, ~6,200 psi initial pressure with no depletion or boundaries seen, no formation water, and evidence the gas column is likely larger than what the well itself penetrated.
8 Mar 2022flow test result▲ GoodMajor
Rafael 1's completed flow test reached rates up to 7.6 mmcfd (flared) with consistent condensate yields (~40 bbl/mmcf, ~1,570 boe combined), confirming the discovery's flow potential before the well was shut in for pressure-buildup analysis.
1 Mar 2022flow test result▲ GoodMajor
Rafael 1's initial flow test brought gas and condensate to surface at 4-5 mmcfd with excellent gas quality (2% CO2) and bottom-hole pressure above 6,000 psi - the first real flow confirmation of the Rafael discovery - before being suspended for Cyclone Anika.
25 Feb 2022flow test result● Neutral
Rafael 1's flow-test program began with an initial cleanup flow, after some minor operational delays; definitive rate and gas-composition results are expected next week.
18 Feb 2022drilling progress report● Neutral
The Rafael 1 test crew reached site and began rigging up equipment, with the planned 7-10 day flow test expected to start within days.
11 Feb 2022drilling result▼ Bad
Roc Oil's sole-risk sidetrack of Ungani 8HST1 hit stuck pipe again at 2,473m in the Ungani Shale; Roc (bearing all costs) decided to suspend the well, closing out the 2021 drilling campaign.
8 Feb 2022drilling progress report● Neutral
WA's eased quarantine rules let the Rafael 1 test crew start about a week earlier than planned, moving the flow test to mid- rather than late-February.
7 Feb 2022drilling progress report● Neutral
The Rafael 1 flow-test crew cleared COVID quarantine delays and remobilised, pushing the test toward late February, while Ungani delivered a ~70,000-bbl lifting and the Ungani 8H ST1 sidetrack progressed on schedule.
24 Jan 2022drilling progress report▼ Bad
WA's hard border COVID restrictions delayed the Rafael 1 flow-test crew's mobilisation to around late February, while on Ungani 8H the drill string became stuck retrieving from 2,605m and had to be backed off and abandoned in the hole at 2,206m.
7 Jan 2022drilling progress report● Neutral
Ungani 8H drilled ahead to 2,088m toward its casing point, while the planned Rafael 1 flow test was delayed past early February by Western Australia's COVID-era interstate border closures, which stopped the specialist test crew from reaching site from Queensland and South Australia.
31 Dec 2021remuneration report● Neutral
Buru Energy's FY2021 remuneration report covered a board in transition - Robert Willes continuing throughout, Eve Howell and Sarah Tough both departing by May, and new directors Joanne Kendrick and Malcolm King joining in February - led by Executive Chairman Eric Streitberg at $606,953.
31 Dec 2021other● Neutral
Buru published its inaugural 2021 Sustainability Report, covering climate, environment, safety, community, and governance performance.
31 Dec 2021quarterly cashflow report● Neutral
Buru Energy reported $23.7M cash on hand at the end of the quarter ended 2021-12-31, having used $9.2M in operating cash flow that quarter. Against $9.2M in quarterly cash outgoings (operating costs plus exploration spend), that implied roughly 2.6 quarters of funding on hand.
31 Dec 2021other● Neutral
Buru Energy published its Corporate Governance Statement for the year ended 31 December 2021.
29 Dec 2021drilling progress report● Neutral
Ungani 8H (new development well 700m NNW of Ungani 1/2) drilling ahead toward its ~2,565m Dolomite casing point with no incidents so far.
20 Dec 2021drilling spud▲ GoodMajor
Ungani 8H development well spudded at 17:00hrs on 18 December 2021 (Roc Oil 50/50 JV), targeting undrained oil in the Ungani Field's central fault block using a larger-casing design informed directly by the operational lessons from Ungani 6H/6H ST1 and Ungani 7H.
13 Dec 2021drilling scheduled▲ GoodMajor
With Ungani 8H's spud expected within days, Buru also flagged that the Rafael 1 flow test had slipped to mid-January (specialist crews blocked by WA's COVID-era border and quarantine rules) and that further log analysis had found a second, shallower hydrocarbon-bearing zone in Rafael 1 - a dolomitised Upper Laurel Carbonate section with up to 75m of gross wet-gas column - adding a new conventional play type alongside the main Ungani Dolomite intersection.
6 Dec 2021drilling progress report▲ Good
Rafael 1's drilling rig was released after running 4½-inch tubing inside 7-inch casing, leaving the interpreted Ungani Dolomite reservoir section uncased ('barefoot') to maximise flow potential ahead of a mid-December production test; the rig then remobilised to the Ungani Oilfield, with Ungani 8H expected to spud before Christmas.