Buru Energy Ltd · ASX:BRU
Buru Energy — Shareholder Meeting (May 2014)
18 slides from Buru Energy's shareholder meeting presentation, May 23, 2014
Slide 1: 2014 Annual General Meeting
For personal use only 2014 Annual General Meeting Dr Keiran Wulff Managing Director May 23rd 2014
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer For personal use only This document has been prepared by Buru Energy Limited ABN 71 130 651 437 (“Buru"). This presentation contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in thes
Slide 3: Overview
Overview Highlights For personal use only Challenges and Opportunities Ungani Development Laurel Wet Gas Exploration Outlook 2
Slide 4: Achievements
Achievements 1. Ungani Central EPT producing strongly For personal use only • ~110,000 bbls to end April, total production ~200,000bbls • ~1,200 bopd (Ungani 2) with negligible water or pressure decline • Central area performing above expectations 2. Crude Export System working well • Wyndham Export
Slide 5: Achievements continued
Achievements continued 4. Exploration wells in coastal area confirmed For personal use only • Two wells, Olympus & Commodore planned 3Q (funded by Apache) • Rig tenders currently being assessed 5. Major 2D & 3D program scheduled • Focussed on Ungani Trend & high-graded areas (aerogravity) • Non Unga
Slide 6: Challenges/Opportunities
Challenges/Opportunities 1. Ungani Field distribution confirmation For personal use only • U1 dual completion unsuccessfully isolated water zone - requires workover to recomplete as oil producer only • U3 result - 700m on trend from U1 was the highest structural penetration and thickest h/c column b
Slide 7: Challenges/Opportunities
Challenges/Opportunities 4. Prudent decision to demobilise Crusader rig • Decision made on the basis of significant coincident and multiple factors:- For personal use only U3 tight reservoir - impacted geological model Seismic trial reprocessing - impacted confidence to optimally orientate horiz
Slide 8: Ungani Laurel Dolomite mapping and reservoir prediction
Ungani Laurel Dolomite mapping and reservoir prediction Major advances in seismic imaging on 3D For personal use only • Improved structural definition • Improved ability to predict stratigraphy • Seismic attributes tied to well results provide greater predictability & derisk drilling options • Key i
Slide 9: Ungani trend oil portfolio
Ungani trend oil portfolio High potential for near term Ungani look-a-likes Opportunity Maturity personal use only Ungani Flanks Increasing Geological Confidence (GPOS) Rafael Ungani Greater 2014 3D seismic Ungani 3D seismic Jackaroo Appraisal and develop drilling North Praslin (Jackaroo) DST 3D sei
Slide 10: Crusader rig program
Crusader rig program Why did we change direction? 1. Coincident Ungani 3 result, 3D trial seismic processing and decision to drill two For personal use only shallow coastal wells meant planned drilling program with Crusader rig delayed: 1. U3 well cost above budget 2. Third party services and well d
Slide 11: Ungani oil development - 2014
For personal use only Ungani oil development - 2014 10
Slide 12: Ungani oilfield export system
Ungani oilfield export system For personal use only Phase 1 • EPT @ 1200bopd U2 only Phase 2 • Build up to 2,000bopd from U2 • Targeting 2015+ & U1 3,000-5,000+bopd • Truck to Wyndham • Broome preferred export route • Confirm field size and distribution • Targeting use of existing port • Smaller par
Slide 13: Ungani to Ungani Seismic Correlation
Ungani 1 to Ungani 3 Seismic Correlation RMS amplitude from 80msec window over the For personal use only Dolomite Reservoir. The dim zone (purple) around Ungani 3 location is associated with a fault U3 U1 3D seismic section from Ungani 1 to Ungani 3 FWL Laurel Shale FWL FWL? Dolomite Reservoir U-1 U
Slide 14: Tight Gas Stimulation Program 2014
For personal use only Tight Gas Stimulation Program 2014
Slide 15: Delivering a quality Laurel gas evaluation program
Delivering a quality Laurel gas evaluation program Secure support to allow project to proceed & deliver value to shareholders • Program has undergone intense regulatory and Community engagement community scrutiny For personal use only • Buru committed to transparency and disclosure • Adopted very op
Slide 16: Corporate priorities
Corporate priorities 1. Corporate costs and efficiency program For personal use only • 2013 capability increases for Ungani development, gas preparations, active drilling program and HSE • Now consolidating into tighter more dynamic team supported by alliances • Discretionary spending under review 2
Slide 17: Targeting a material & sustainable growth path
Buru Energy Targeting a material & sustainable growth path 2014 2015 2016 For personal use only MAJOR DERISKING OF GAS, OIL EXPANSION, GAS PILOT DECISION, MULTI- MAJOR DERISKING OF OIL CONFIRMING GAS VIABILITY, OIL FIELD DEVELOPMENT & A TREND & TARGETED DRILLING MULTI-RIG APPRAISAL & MAJOR EXPLORATI
Slide 18: Buru Energy's vision
Buru Energy’s vision WA’s own powerhouse PHASE 1 Oil Export: 4Q 2013-2025+ For personal use only Oil export facility, >1-2+mmbo/yr export Broome Wyndham Port Hedland PHASE 4 : LNG sales 2020+ New or gas sales to existing LNG plants along Dampier NW Shelf PHASE 2 Powering the North & Midwest: •Target