Key Developments: Buru Energy Ltd (BRU.AX)

BRU.AX on Australia Stock Exchange

11 Jul 2014
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$-0.06 (-6.10%)
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Latest Key Developments (Source: Significant Developments)

Buru Energy appoints Eric Streitberg as chairman
Friday, 23 May 2014 02:10am EDT 

Buru Energy Ltd:Eric Streitberg appointed as executive chairman.  Full Article

Buru Energy Ltd does not propose dividend
Friday, 21 Mar 2014 04:36am EDT 

Buru Energy Ltd:Directors do not propose to recommend payment of dividend for period ended, Dec. 31, 2013.  Full Article

New Standard Energy Ltd announces ceasing of substantial interest by Buru Energy Ltd
Monday, 3 Feb 2014 02:50am EST 

New Standard Energy Ltd:Says Buru Energy Ltd is ceasing substantial interest in share capital of company.  Full Article

Buru Energy Ltd announces exercise of options
Tuesday, 17 Dec 2013 02:16am EST 

Buru Energy Ltd:Says to issue 26,937 new ordinary shares as conversion of unlisted options.Says issue new shares for non-cash consideration of A$256,680.  Full Article

Buru Energy Ltd Enters Into Binding Agreements With Mitsubishi Corporation And Apache Energy Limited
Sunday, 3 Nov 2013 04:27pm EST 

Buru Energy Ltd announced that it has entered into binding agreements with Mitsubishi Corporation (MC) and Apache Energy Limited (Apache) pursuant to which an Apache subsidiary will farm-in to a number of the joint venture's exploration permits in the Canning Basin. The permits principally cover the Goldwyer Shale areas of the joint venture's portfolio and are prospective for shale oil and gas as well as for conventional sandstone reservoirs, particularly in the southern areas. Under the agreements, subject to satisfaction of certain conditions: Apache will earn a 50% interest in explorations permits 390, 471 and 473 and upto a 50% interest in exploration permits 438 (Coastal Permits) by agreeing to fund a AUD25 million exploration program to be conducted on the Coastal Permits during 2014; Apache will be granted an option to earn a 40% interest in exploration permits 472, 476 and 477, upto a 40% interest in exploration permits 478 and upto a 50% interest in exploration permit 474 (Acacia Permits); Apache will pay Buru and MC a non-refundable option fee equal to the greater of $7.2 million and 80% of the costs of the 20,000 sq km aerogravity survey currently being conducted by Buru and MC over the Acacia Permits (excluding exploration permit 474) and a 650 km seismic survey planned to be conducted by Buru and MC on the Acacia Permits (excluding exploration permit 474) in 2014.  Full Article

Buru Energy Ltd Does Not Propose Final Dividend
Wednesday, 28 Aug 2013 11:35pm EDT 

Buru Energy Ltd announced that the Directors do not propose to recommend the payment of a dividend for the period. No dividends have been paid or declared by the Company during the current period  Full Article

Buru Energy Ltd Announces Commencement Of Legal Action By Fitzroy River Corporation Limited
Monday, 26 Aug 2013 11:06pm EDT 

Buru Energy Ltd announced that on August 26, 2013 Fitzroy River Corporation Ltd commenced legal proceedings regarding the interpretation of a royalty deed to which Buru and Fitzroy River are parties and which applies to a number of permits including the permit containing Ungani Oilfield. Fitzroy River is seeking a declaration regarding the calculation of the royalty including the deductibility of certain costs. Buru is firmly of the view that its method of calculation of the royalty is correct. Buru wholly rejects Fitzroy River’s claims and will defend the proceedings.  Full Article

Buru Energy Ltd Announces Share Purchase Plan
Sunday, 18 Aug 2013 10:05pm EDT 

Buru Energy Ltd announced that it has offered, in a share purchase plan (SPP), under which the shareholders can apply for up to $15,000 in shares at the lower of the Placement price ($1.65 per share) and the volume weighted average price of the Company’s shares over the last 5 trading days in the SPP offer period. Participation in the SPP is optional. It will be open to shareholders who were holders of fully paid ordinary shares in the Company. The proceeds raised under the SPP will be applied, together with proceeds from the Placement, to fund the Company’s 2014 exploration program outside the Ungani Oil development and Laurel Wet Gas appraisal program, working capital and overheads.  Full Article

Buru Energy Ltd Completes $35 Million Institutional Placement
Thursday, 8 Aug 2013 07:51pm EDT 

Buru Energy Ltd announced that it has successfully raised $35 million through the placement of new shares to institutional investors and its forward program is fully funded. The Institutional Placement priced at $1.65 per share, a 8.8% discount to the 5-day VWAP of $1.81. The bookbuild was supported by new and existing Buru shareholders and closed multiple times oversubscribed. Buru will issue 21.3 million New Shares, representing approximately 7.8% of the Company’s existing issued capital, and the New Shares will rank equally with existing shares from allotment. Settlement of the Institutional Placement is expected to take place on August 14, 2013, with allotment expected on August 15, 2013. Proceeds raised from the Institutional Placement, together with the balance of the funding package announced by Buru on 8 August 2013, will provide Buru with the capital to progress the development of the Ungani Oilfield into full scale production, to complete an appraisal program of the Laurel Wet Gas project, and to recommence an active seismic and drilling exploration program for conventional oil prospects, with an initial focus on the Ungani oil trend.  Full Article

Buru Energy Ltd Announces Completion of Sale to Mitsubishi Corp and Rey Resources Ltd of Interests in EP 457 and EP 458 in Canning Superbasin
Wednesday, 22 May 2013 08:18pm EDT 

Buru Energy Ltd, Mitsubishi Corp and Rey Resources Ltd announced on March 18, 2013, that they have entered into a transaction pursuant to which Buru sold interests in exploration permits EP 457 and EP 458 (Fitzroy Blocks) in the Canning Superbasin to MC and Rey. The sale had a number of standard conditions including approvals by Department of Mines and Petroleum of Western Australia and FIRB approval. Buru Energy Ltd announced that these conditions have now been fulfilled, and Buru has received a total cash payment of $21.059 million. The interests in the Fitzroy Blocks are now: Buru Energy - 37.5% (operator); Mitsubishi Corp - 37.5%; and Rey Resources - 25.0%. Mitsubishi Corp holds its interest through its wholly owned subsidiary - Diamond Resources Fitzroy Pty Ltd).  Full Article

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