where to from here?

The jigsaw pieces are falling into place. Buru is likely to be fully funded for the rest of this year, subject to release of final drilling program (but hard to see the spending all their cash this year). Key deliverables and catalysts include:
1. State Agreement - soon.
2. Drilling program - depends on TO discussions (but there are wells that can be drilled outside the current TO negotiations around the Ungani area)
3. Resource upgrade - could be substantial given Y4 results
4. Flowrates - hopefully they can frack and flow several V and Y wells later this year. This is a critical development and is about the last link in the chain before the commerciality of the resource can be estimated. It's also a key metric for supermajors to watch ...
5. Pipeline - Buru will be confident about flowrates so planning must be proceeding ASAP. Once thy have proven flowrates, the ability to commercialise their resource (ie. pipeline) becomes the most important issue.

So by the end of 2013 we could have more high probability exploration (Ungani), large increase in V&Y resource, demonstrated commerciality (flowrates) and a known route to market (pipeline). All of that is worth a lot more than $3 per share. The next capital raising will be done for a company with much larger resources, demonstrated commerciality and a route to market which is underway (maybe even in construction). And hopefully th pipeline is mostly debt funded.