Past year: ▼ 28%(1.20c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2026resource reserve update▲ GoodMajor
Buru nearly tripled Ungani's estimated remaining recoverable oil (2C Contingent Resources) to 660,000 bbls and is now assessing lower-cost restart options and offtake, after keeping the field under care and maintenance since August 2023.
18 Dec 2025drilling scheduled● NeutralMajor
Buru said it was running a global process to secure a funding partner for the roughly A$40 million 2026 Rafael resource/flow-rate validation program (drilling the new Rafael 2H well and recompleting Rafael 1), targeting partner selection in Q1 2026 and a Final Investment Decision in the second half of 2026, with first cashflow still guided for 2028.
7 July 2025drilling scheduled● NeutralMajor
Buru resequenced the Rafael Gas Project to drill and test a new Rafael B appraisal well before recompleting Rafael 1 (aimed at reducing risk and raising the probability of higher reserves), pushing drilling to the June 2026 quarter while still targeting first production in late 2027.
7 July 2025resource reserve update▲ GoodMajor
Buru identified a new gas prospect, Flying Fox, directly beneath the Rafael field on 3D seismic - assessed Prospective Resources of 60-614 Bscf gas (P50 247 Bscf) and 1.2-12.6 MMstb condensate (P50 5.0 MMstb), roughly matching Rafael's own existing contingent resource in size, testable via a incremental ~500m extension of a planned Rafael well.
23 Oct 2024drilling result▼ BadMajor
Rafael Shallow 1 was drilled safely to 1,203m on time and budget but found no moveable hydrocarbons and will be plugged and abandoned - a disappointing result, though Buru stressed it doesn't affect the separate, already-proven Rafael (deep) gas and condensate resource that remains its core strategic priority.
22 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 reached its planned total depth through the target reservoirs and began wireline logging.
18 Oct 2024drilling progress report● Neutral
Rafael Shallow 1's casing was cemented and the wellhead/BOPs installed, ready to drill ahead into the target Poole and Grant reservoirs.
16 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 reached its planned 712m casing-point depth and began running 9-5/8-inch casing.
14 Oct 2024drilling progress report● Neutral
Rafael Shallow 1 drilled to 487m on schedule, on track for its 9-5/8-inch casing point.
9 Oct 2024drilling spud● NeutralMajor
Rafael Shallow 1 spudded, drilled by the Rafael Shallow Joint Venture (Buru 75%, with Twinsouth Holdings and Jingie Investments - the entities that took up the interest after Sabre Energy's original farm-in didn't proceed - at 15%/10%), targeting shallow Poole/Grant sandstone oil reservoirs similar to the historic Blina Oilfield.
13 Aug 2024drilling scheduled▲ Good
Buru began well-pad construction at the Rafael Shallow 1 location after securing heritage and environmental approvals, targeting a spud in late Q3/early Q4 2024 with the Silver City Drilling Rig 24 - the shallow oil prospect identified less than four months earlier as a potential funding source for the larger Rafael Deep gas/condensate project.
6 Aug 2024drilling scheduled▲ GoodMajor
Buru signed a Letter of Intent with Silver City Drilling for Rig 24 to drill a two-well 2024 Canning Basin campaign - the Rafael Shallow and Mars oil prospects - following new farm-in agreements with Sabre Energy covering both wells plus a restart of Ungani Oilfield production, with drilling expected late Q3/early Q4 2024. Rafael Shallow-1 did spud that October, but ultimately under a different joint venture (Twinsouth Holdings/Jingie Investments, not Sabre); Mars-1 remained undrilled as of the latest documents in this corpus.
5 Aug 2024farm in farm out agreement▲ GoodMajor
Buru signed a new farm-in agreement with Sabre Energy for the Rafael Shallow oil prospect in permit EP428: Sabre will fully fund Buru's A$6 million share of drilling and testing the well to earn a 50% interest (Buru keeps the other 50% and stays operator), plus pay Buru a further A$1.5 million for prior exploration costs if the well leads to a declared commercial discovery. Buru's own resource estimate puts a best case of 19 million barrels of recoverable oil at Rafael Shallow.
26 July 2024resource reserve update▲ GoodMajor
New 3D seismic analysis tightened Buru's Rafael contingent resource range, lifting the gross recoverable 1C estimate to 85 Bscf of gas and 1.8 million barrels of condensate - enough on its own, Buru said, to support a small-scale Phase 1 development entirely within its 100%-owned EP428 acreage - though the update trimmed the higher-end 3C upside pending further studies; the same regional seismic work also flagged a new set of untested prospects along the Fitzroy Trough's southern margin.
17 June 2024farm in farm out agreement▲ GoodMajor
Buru agreed a new Farm-in Agreement letting Sabre Energy earn 70% of the producing Ungani Oilfield (L20/L21) for a $6M carry - $1M toward restarting Ungani production and $5M toward drilling the nearby Mars prospect - with operatorship transitioning to Sabre and Buru retaining 30%.
24 Apr 2024resource reserve update▲ GoodMajor
Interpretation of the Rafael 3D data identified a new, sizeable shallow prospect (Rafael Shallow, 18 sq km, 125m+ closure) targeting the Poole Sandstones/Grant Formation, with Best Estimate prospective resources of 19 million recoverable barrels (range 3.2-79 MMstb) - while the main Rafael partner-selection process slipped to 2025.
22 Mar 2024drilling progress report▲ GoodMajor
Rafael 3D seismic fast-track processing confirmed a major data-quality uplift over 2013-vintage 2D data and revealed new backfill/play prospectivity, as Buru received $3.4M from Roc Oil to release it from future Ungani decommissioning liabilities and withdrew from the non-core, low-prospectivity EP458 permit.
27 Nov 2023resource reserve update▲ Good
Geovault's RISC-validated CO2 storage assessment found the Canning Basin's storage capacity comfortably exceeds the emissions expected from a larger-scale Rafael hub development, strengthening the case for a CCS-enabled Rafael expansion.
21 Nov 2023resource reserve update● Neutral
Buru clarified a media report on Rafael's resource size by pointing to its own official April 2022 ERCE assessment: Net Contingent Resources of 1.2/5.0/18.4 MMstb oil and condensate and 58/245/921 Bscf gas at 1C/2C/3C, based on Buru's 100% (EP428) and 60% (EP457) working interests.
15 Nov 2023drilling scheduled▲ GoodMajor
With a $5 million share placement and SPP just completed for balance-sheet strength, Buru ordered long-lead casing, wellheads, and accessories to keep the Rafael appraisal well and a Rafael 1 recompletion/test on schedule for the second half of 2024.
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.
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.
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.
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.
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.
13 Feb 2023farm in farm out completion▲ GoodMajor
Buru bought back Origin Energy's entire Canning Basin joint-venture stake (including Rafael) via a wholly-owned subsidiary, paying only a capped future reimbursement tied to gas-production success while Origin still funds up to $4M of the 2023 Rafael 3D seismic - Buru returns to 100% operator across ~22,500 km2 net (100% of EP129/391/428/431/436, 60% of EP457/458 with Rey).
23 Jan 2023resource reserve update▲ GoodMajor
Buru's wholly-owned hydrogen/helium subsidiary 2H Resources was confirmed preferred applicant for six South Australian hydrogen exploration licences (~30,000 sq km) plus two gas-storage licences; RISC assessed prospective hydrogen resources of 49M-1.3B kg (best estimate 343M kg) across the areas.
24 May 2022farm in farm out agreement▲ GoodMajor
Buru and Energy Resources Limited (EnRes, a Mineral Resources Limited subsidiary) agreed to restructure their Carnarvon Basin L20-1 permit (Buru 25%/EnRes 75% and operator, EnRes carrying Buru's first two 2023 wells) and formed an aligned Geovault carbon-capture-and-storage joint venture on the same equity split.
