23 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 23 October Lawford 1 update (1,325m, casing leak repairs). No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2008drilling progress report▼ Bad
Lawford 1 stopped at 1,325m for three days after a wellhead leak, then a leak was found in the 9 5/8" casing. The fix is to run 7" casing to about 1,320m. No restart date given; a setback, not yet a result.
20 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 20 October Lawford 1 update (1,300m). No new information.
20 Oct 2008drilling progress report● Neutral
Lawford 1 is at 1,300m, still in a shale section more than 100m thick, with trace gas up to 7 units. Anderson and Laurel sands are still expected before the 1,650m total depth. Progress remains ahead of plan.
16 Oct 2008drilling progress report● Neutral
Lawford 1 is at 1,050m in the lower Grant formation, with only trace background gas. The Grant section is thicker than predicted, so the Anderson top will be deeper than expected. Drilling progress remains ahead of plan.
16 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 16 October Lawford 1 update (1,050m). No new information.
13 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 13 October Lawford 1 update (770m). No new information.
13 Oct 2008drilling progress report● Neutral
Lawford 1 is at 770m, with 9 5/8" casing cemented at 769m and blowout preventers tested. Drilling ahead for the Grant, Anderson and Laurel sands is about to resume. No hydrocarbon indications.
9 Oct 2008drilling progress report● Neutral
Lawford 1 drilled from 369m to 760m, with trace gas up to 20 units. The bit is being changed before 9 5/8" casing is run. No significant result yet; the 1,650m target is still ahead.
6 Oct 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 6 October Lawford 1 spud update. No new information.
6 Oct 2008drilling spud● NeutralMajor
Lawford 1, the second EP417 well, spudded at 12:30pm on 4 October 2008 and was at 369m by 6 October, with no significant hydrocarbons. Planned depth is 1,650m. Targets are Anderson and Laurel sands; prospect could hold over 500 BCF gas or 440mmb oil if hydrocarbons are present. NSE 65%, Buru 35%.
2 Oct 2008drilling scheduled● Neutral
Buru's cover note re-releasing NSE's 2 October announcement that Lawford 1 is due to spud within 7 days. No new information.
2 Oct 2008drilling scheduled● Neutral
Following the Lanagan 1 dry result, ADS rig 6 has reached the Lawford 1 site and the well will spud within 7 days, about 10 days late due to rig repairs. The structure could hold over 500 BCF gas or 440mmb oil in place if hydrocarbons are present. Cost impact not expected to be material.
26 Sept 2008annual report● Neutral
Annual report to 30 June 2008, largely covering the former Hawk Resources as the merger completed after year end. The chairman cites the $7.5m raising, about $12m combined cash and Buru's partnership. Lodged after, and not updated for, the Lanagan 1 result.
17 Sept 2008drilling result▼ Bad
Buru's re-release of NSE's 17 September Lanagan 1 update. The primary Basal Laurel Sandstone target at 1,400m showed no significant hydrocarbons; the well is expected to be plugged and abandoned after logging at about 1,530m. No new information.
17 Sept 2008drilling result▼ BadMajor
Lanagan 1, the first well of the campaign, found no significant hydrocarbons in the Basal Laurel Sandstones reached at 1,400m (gas up to 8 units). After logging at about 1,530m it is expected to be plugged and abandoned. This is effectively a dry hole against the 220mmb prospect.
15 Sept 2008drilling progress report● Neutral
Lanagan 1 drilled from 1,110m to 1,311m through the Laurel limestone seal, still heading for the Basal Laurel Sandstones. Only trace background gas and no significant hydrocarbon indications so far.
15 Sept 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 15 September Lanagan 1 update (1,311m). No new information.
11 Sept 2008drilling progress report● Neutral
Lanagan 1 is at 1,110m. The main target, Basal Laurel Sandstones, is now expected at about 1,300m (was 1,650m) and total depth cut to about 1,450m (was 1,800m), because the Grant A formation was thinner than expected. Oil-in-place estimate stays at 220mmb; no significant hydrocarbon indications.
11 Sept 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 11 September Lanagan 1 update with the shallower target (about 1,300m) and reduced total depth (about 1,450m). No new information.
8 Sept 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 8 September Lanagan 1 drilling update (900m). No new information.
8 Sept 2008drilling progress report● Neutral
Lanagan 1 cased at 735m and drilled to 900m after a bit change due to poor penetration. Only trace gas, no significant indications. Well is close to its planned timeline, with no new result.
4 Sept 2008drilling progress report● Neutral
Buru's cover note re-releasing NSE's 4 September Lanagan 1 drilling update. No new information.
4 Sept 2008drilling progress report● Neutral
Lanagan 1 drilled to 740m and 9 5/8" casing is being run to 736m. Only trace background gas and no significant indications. The well is on prognosis, with no new result.
1 Sept 2008drilling spud▲ GoodMajor
Lanagan 1 spudded at 6pm on 29 August 2008, as flagged, and reached 430m by 1 September, on prognosis with only trace background gas. NSE holds 65% and Buru 35%. Target is the Basal Laurel Sandstones, expected at 1,650m.
1 Sept 2008drilling spud● Neutral
Buru's cover note re-releasing NSE's Lanagan 1 spud and drilling report (430m, on prognosis). Buru holds 35% with an option for a further 15%. No new information.
27 Aug 2008farm in farm out agreement▲ GoodMajor
Buru Energy will fund 35% of the first two EP417 wells, Lanagan 1 and Lawford 1, to earn a 35% interest, paying $75,000 for past costs. It has an option for a further 15%. NSE stays operator, reducing its drilling cost exposure.
26 Aug 2008drilling scheduled▲ Good
With approvals received and ADS rig #6 on site, Lanagan 1 is due to spud around 28 August 2008. It targets about 1,800m and 220mmb mean oil in place, with about 25 days to reach depth. Spud is imminent but not yet confirmed.
8 Aug 2008drilling scheduled● Neutral
Site works for the two-well 2008 EP417 campaign are nearly done. Lanagan 1 (Lanagan A, about 1,800m, 220mmb mean oil in place) is still planned to spud in August and take about 25 days. No new results.
7 Aug 2008other▲ GoodMajor
The Canning Basin acquisition is complete and the company raised $7.5m under its prospectus. It will be re-quoted on ASX as NSE from 8 August 2008. This resolves the re-listing thread after the Hawk suspension.