6 Sept 2013drilling progress report▲ Good
Ungani 3D seismic acquisition restarted (243 sq km, ~50-55 days), with an early fast-tracked subset over the Ungani Oilfield itself timed to help site the upcoming Ungani 3 well.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 July 2013drilling progress report▲ Good
The 243 sq km Ungani 3D seismic survey (suspended in 2012) recommenced after renewed Traditional Owner engagement, aiming to firm up the field's ~10 million recoverable barrels estimate and site further development wells.
23 May 2013farm in farm out completion▲ GoodMajor
Buru's own completion announcement confirmed the Fitzroy Blocks sale to Mitsubishi and Rey Resources closed once regulatory approvals cleared, with Buru receiving the full ~$21.059M cash consideration.
23 May 2013farm in farm out completion▲ GoodMajor
Rey Resources completed its additional 15% acquisition in the Fitzroy Blocks (EP457/458), paying Buru $6.017 million once DMP and FIRB approvals cleared - leaving Buru 37.5% (operator), Mitsubishi 37.5%, and Rey 25% (10% free-carried).
19 Mar 2013drilling progress report▲ GoodMajor
Yulleroo 4 confirmed a very significant gas column supporting Yulleroo as part of the regional Laurel Basin Centred Gas System (RISC: over 6 TCF net to Buru in the Yulleroo area), while Cyrene 1 confirmed regional Goldwyer Shale prospectivity as prognosed and Ungani production was briefly suspended for logging.
18 Mar 2013farm in farm out completion▲ GoodMajor
Rey Resources agreed to buy an additional 15% interest in the Fitzroy Blocks (EP457/EP458) from Buru for $6.017 million, taking its total stake to 25% (its original 10% had been free-carried by Gujarat NRE Oil, which Buru had bought outright in 2012). As part of the same transaction, Mitsubishi Corporation bought a 37.5% interest in the Fitzroy Blocks from Buru, with Buru remaining operator - Rey must now fund 16.7% of forward capital costs on its enlarged stake, rather than being carried.
18 Mar 2013farm in farm out completion▲ GoodMajor
Mitsubishi and Rey Resources paid Buru a combined $21.058M cash to take stakes in the Fitzroy Blocks (EP457/EP458), diluting Buru's interest from 90% to 37.5% (Mitsubishi 37.5%, Rey 25%).
18 Mar 2013farm in farm out completion● Neutral
ASF Group (a ~22.7%-shareholder in Rey Resources) confirmed Rey Resources signed an agreement to acquire an additional 15% interest in the Fitzroy Blocks (permits EP457/EP458) from Buru.
15 Mar 2013farm in farm out agreement● Neutral
New Standard Energy and Green Rock Energy unwound their existing Laurel Project farm-in/area-of-mutual-interest arrangement: Green Rock gave up all its rights - including the 15% interest it was due to earn in permit EP417 - in exchange for New Standard taking over Green Rock's 40% stake in the neighbouring Seven Lakes acreage. New Standard ends up with 65% operated equity in EP417 (Buru holding the other 35%, unchanged) and full ownership of Seven Lakes.
14 Mar 2013drilling progress report▲ GoodMajor
Yulleroo 4's logging finished and 5½-inch casing was being run for suspension; gas shows spanned a substantial 1,686m interval (2,160m to the 3,846m total depth), confirming a very large gas column.
7 Mar 2013drilling progress report▲ Good
Yulleroo 4 was deepened to a revised 3,846m total depth (past the 3,800m plan) as gas shows continued; some sands showed fair-to-good interpreted reservoir potential.
28 Feb 2013drilling progress report▲ GoodMajor
Yulleroo 4 reached 3,649m, intersecting the Upper/Lower Laurel Formations and Yulleroo Gas Sands on prognosis (~200m structurally lower than Yulleroo 3) with gas signatures matching the other Yulleroo wells; higher mud weights gave more stable hole conditions than earlier wells.
25 Feb 2013drilling result▼ Bad
Cyrene-1's flow test of the Willara Formation recovered no hydrocarbons; the EP438 JV (Buru 37.5%, Mitsubishi 37.5%, Key 20%, Indigo 5%) plugged and abandoned the well, though a full Goldwyer Formation data set was captured for future unconventional assessment.
21 Feb 2013drilling progress report▲ Good
Yulleroo 4 reached 2,939m after casing cemented at 2,319m; Anderson Formation gas shows were consistent with other Yulleroo wells.
14 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached its 2,326m intermediate casing point with 9⅝-inch casing run to 2,319m, heading toward the Upper Laurel Formation.
12 Feb 2013drilling progress report● Neutral
Cyrene-1 continued coring the Goldwyer Formation (1,018m RT); after logging, the hole will be cased and drilled ahead to the conventional Willara Formation objective, with the next update expected once that target is evaluated.
11 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 cored the Goldwyer Formation to 1,014m RT with further oil and gas shows; Key's MD called the results 'extremely significant' for both conventional and unconventional potential, confirming an oil-generating source rock.
8 Feb 2013drilling progress report▲ Good
Cyrene-1's second Goldwyer core barrel reached 986m RT with gas readings climbing (10.1-14.5 units, C5 up to 70ppm) - encouraging unconventional shows.
8 Feb 2013resource reserve update▲ GoodMajor
RISC's first whole-of-permit independent assessment of the Laurel Formation Basin Centred Gas System (drawing on 22 wells, including five drilled by the Buru/Mitsubishi JV) confirmed the potential already suggested by in-house and earlier independent analyses.
7 Feb 2013drilling progress report● Neutral
Yulleroo 4 reached 2,078m, heading toward a 2,630m intermediate casing point.
6 Feb 2013drilling progress report▲ Good
Cyrene-1's Goldwyer coring reached 967m RT with further oil shows in claystone cuttings and background gas rising to 5.6 units.
5 Feb 2013drilling progress report▲ GoodMajor
Coring began on Cyrene-1's Goldwyer shale; oil shows so far were consistent with those at Hedonia-1 (160m away), supporting the JV's view that the Goldwyer Shale here sits in the oil generation window.
4 Feb 2013drilling progress report▲ GoodMajor
Cyrene-1 reached its 958m Goldwyer coring point with oil shows across a 43m interval (915-958m) in the lower Grant/Goldwyer Formations - an active-source-rock indication with unconventional potential, at the same depth the Goldwyer top was found in nearby Hedonia-1.
4 Feb 2013drilling progress report▲ Good
A duplicate lodgement of the same Cyrene-1 report describing oil shows across 915-958m and the Goldwyer Formation top matching Hedonia-1's depth.
1 Feb 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 888m in the Grant Formation.
31 Jan 2013drilling progress report● Neutral
Yulleroo 4's casing was cemented to 886m and the well reached 1,154m, heading toward a 2,630m intermediate casing point.
31 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the rig ran back in hole to resume drilling after mud pump repairs.
30 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: top drive serviced and mud pump repairs continuing, with a coring crew mobilising to core the Goldwyer Formation at ~940m.
29 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 824m while mud pumps were being repaired.
25 Jan 2013drilling progress report● Neutral
Key Petroleum's daily Cyrene-1 report: the well reached 680m in the Grant Formation with background gas rising slightly to 0.1 units.