Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2015drilling scheduled▲ Good
Buru's drilling contractor, Titan Energy Services (via its Atlas Drilling subsidiary), secured a rig contract for an initial three-well Canning Basin program with Buru, with drilling due to start around June 2015 - the mobilisation behind what became the Praslin-1 oil discovery two months later.
9 Feb 2015drilling result▼ Bad
Sunbeam 1 reached 1,200m with no significant hydrocarbons in the targeted Grant Formation channel sands and was suspended, though Buru flagged possible re-entry to test the deeper Emanuel reefal prospect.
5 Feb 2015drilling progress report● Neutral
Sunbeam 1's 7-inch casing was cemented to 612m and the well reached 828m, heading toward its primary objective.
29 Jan 2015drilling progress report● Neutral
Sunbeam 1 reached 568m, heading toward a ~700m casing point.
27 Jan 2015drilling spud● Neutral
Sunbeam 1 spudded on 25 January 2015 (EP129, Buru 100%), a Year-4 permit commitment well targeting Grant Formation conventional oil reservoirs, following on from the successful Commodore 1 well.
23 Dec 2014drilling progress report▼ BadMajor
Commodore 1 was cored to its 1,600m total depth through the Goldwyer Shale Formation with excellent recovery; despite some oil shows, no producible hydrocarbon zones were found and the well was plugged and abandoned - the last report for Commodore 1.
18 Dec 2014drilling progress report● Neutral
Commodore 1 began coring, reaching 1,392m in the Carribuddy Formation limestones, heading toward the Nita Formation objective.
11 Dec 2014drilling progress report● Neutral
Commodore 1's 5-inch casing was cemented to 1,250m, with drilling continuing toward coring the Nita Formation objective to 1,550m.
4 Dec 2014drilling progress report▼ Bad
Commodore 1 reached its 1,150m sectional total depth in the Lower Grant Formation with no hydrocarbon indications; wireline logs are pending before coring ahead into the deeper Nita Formation objective.
1 Dec 2014drilling progress report▲ Good
The 224 sq km Jackaroo 3D seismic survey (linking the Yulleroo and Ungani grids and covering the Jackaroo/Praslin prospects) was completed with good-to-excellent data quality and no incidents.
28 Nov 2014drilling progress report▲ Good
Phase 1 of the Laurel Formation Tight Gas Pilot program finished at the Asgard and Valhalla North wells (site civil works, well conditioning, cement bond logging, and diagnostic mini-fracs) with no operational or environmental incidents, setting up the main 2015 frac program.
27 Nov 2014drilling progress report● Neutral
Commodore 1 (the first Apache-funded farm-out well) reached its 477m casing point.
24 Nov 2014drilling progress report● Neutral
Ungani North 1's ~30m interpreted oil interval was perforated underbalanced with a nitrogen cushion, with nitrogen-lift operations continuing to establish inflow rates ahead of a definitive result.
21 Nov 2014drilling spud● Neutral
Commodore 1 spudded 21 Nov 2014, the first well under Apache's November 2013 farm-out (Apache 50%, fully funding a $25M exploration program across EP390/438/471/473; Buru and Mitsubishi 25% each).
12 Nov 2014drilling progress report● Neutral
Ungani North 1's completion string was run and the rig moved on to Commodore 1 (spud planned the following week), with the interpreted Ungani Dolomite oil zone still to be perforated and flow tested.
7 Nov 2014drilling progress report● Neutral
DDH1 Rig 31 began production-test operations on Ungani North 1 (the original Ungani-discovery follow-up well, with a ~46m interpreted oil column) before moving on to spud Commodore 1.
5 Mar 2014drilling result● NeutralMajor
Ungani 3 was completed with 7-inch production tubing after cores confirmed live oil in the same Ungani Dolomite interval as prior wells, though the reservoir was generally tight with only one zone showing further-test potential; the deeper Nullara section was barren.
25 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,547m in the Nullara Formation; logs found a fracture zone at the Ungani Dolomite top coinciding with elevated gas readings, with pressure/fluid sampling and coring now underway.
20 Feb 2014drilling progress report● Neutral
Ungani 3's logs showed zones in the Ungani Dolomite warranting further testing; the plan became to drill deeper to the Nullara Formation, which had good oil/gas shows in Ungani 1 and North-1 but was never tested.
17 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,383m in the Nullara Formation, but mud-log and drilling-parameter indications suggested anomalously poor reservoir porosity at this location versus the central Ungani Field - a result not expected to affect 2014 production forecasts, pending wireline log confirmation.
10 Feb 2014drilling progress report▲ Good
Ungani 3's 9⅝-inch casing was cemented at 2,141m, with the reservoir top interpreted 69m above the field's known oil/water contact and 16m higher than any prior Ungani penetration - encouraging, pending a planned barefoot drill-stem test.
7 Feb 2014drilling progress report▲ Good
Ungani 3 reached the top of the Ungani Dolomite with hydrocarbon shows consistent with prior wells, pulling out of hole to run 9⅝-inch casing before evaluating the reservoir.
6 Feb 2014drilling progress report● Neutral
Ungani 3 reached 2,119m (slowed by a bit change), still heading toward the Ungani Dolomite top and its 9⅝-inch casing point.
30 Jan 2014drilling progress report● Neutral
Ungani 3 reached 2,020m, heading toward the Ungani Dolomite top.
23 Jan 2014drilling progress report● Neutral
Ungani 3 reached 1,110m after 13⅜-inch casing at 670m.
15 Jan 2014drilling spud● Neutral
Ungani 3 spudded at 17:30hrs on 14 January 2014 (Crusader 405 rig), the first well of the 2014 Buru-Mitsubishi drilling program, targeting the Ungani Dolomite with a secondary Grant Formation objective.
23 Dec 2013farm in farm out agreement● Neutral
Key Petroleum's Gulliver Productions subsidiary and Indigo Oil agreed to acquire Buru's 15.50% interest in production licence L15 and 43.28% interest in retention lease R1 (taking Gulliver to 61.4% and 65.23% respectively) - in exchange, Gulliver and Indigo sold their EP438 interests to Buru, consolidating Buru's EP438 position while ending its involvement in the L15/R1 assets entirely.
4 Nov 2013farm in farm out agreement▲ GoodMajor
Buru and Mitsubishi Corporation signed binding agreements bringing Apache Energy (a subsidiary of the US oil major, later renamed Quadrant Energy) into their Canning Basin joint venture: Apache can earn up to 50% of the "Coastal Permits" (EP390/438/471/473) by funding a A$25 million 2014 exploration program, and separately holds an option - for a fee of at least $7.2 million - to earn 40-50% of a second permit group (the "Acacia Permits", EP472/474/476-478) by funding further surveys and, if exercised, 80% of the first two exploration and appraisal wells there. Buru stays operator of both permit groups for now, with Apache able to take over operatorship after a transition period.
24 Oct 2013drilling progress report▲ Good
The Ungani 3D seismic survey (241 sq km) finished without incident; the data will guide final Ungani Field appraisal/development well placement, with the Frome Rocks 2D survey next.
10 Oct 2013farm in farm out agreement● Neutral
Buru sold its remaining 35% stake in permit EP417 to New Standard Energy, which now owns the Laurel Project permit outright (100%) - ending Buru's direct equity interest in that specific Canning Basin permit. New Standard said the simplified single-owner structure was partly meant to attract a new farm-in partner for future drilling there.
