Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2021asset acquisition disposition▲ GoodMajor
Brookside agreed to buy the eleven STACK wells held in its Merchant Drilling JV, for 125m shares (~US$2.0m, ~US$8.30 per BOE). It lifts net production to ~110 BOE/d, nearly four-fold. Completion depends on shareholders refreshing share-issue capacity at the 1 April meeting.
3 Mar 2021price query● Neutral
ASX queried a rise in Brookside's share price from $0.011 to an intraday high of $0.0165 on heavy volume on 3 March 2021. The company said it knew of no unannounced information and had no explanation for the move.
1 Mar 2021agm notice● Neutral
Shareholder letter giving notice of a general meeting at 10:00am WST on 1 April 2021 in Subiaco; proxies due 30 March. The letter does not list resolutions. Possibly linked to the February placement (inference).
22 Feb 2021farm in farm out agreement▲ GoodMajor
Brookside farmed out part of the Jewell wellbore to Stonehorse, which will fund up to 50% of drilling and completion costs for the same share of the well. Brookside keeps 100% of the acreage outside the wellbore, and Flames and Rangers. Spud preparations are advanced.
10 Feb 2021capital raising announcement▲ GoodMajor
Brookside raised A$8.25m before costs in an oversubscribed CPS Capital placement, fully funding the Jewell well, the first of a potential 20-plus well program. Price and share count are not stated in the text. Far exceeds the roughly A$1.2m cash held at December.
4 Feb 2021production update● Neutral
Thelma 12-1 sold a second oil load of about 300 barrels on 20 Jan 2021. The team is reviewing other behind-pipe zones and the adjacent 40 acres for a possible vertical well. No new rates or results.
29 Jan 2021quarterly activities report● Neutral
December quarter: sales A$303,000, cash A$1.249m, 31 producing wells, net production 110 BOE/d (116 last quarter). Mitchell and Thelma were brought on; Jewell funding trust launched. Market cap A$10.8m at A$0.008, with 1.35bn shares and 700m options.
28 Jan 2021joint venture update▲ Good
Brookside pooled a further 80 acres (about 9%) of the Jewell DSU at low cost. Management says nearby offset wells are outperforming its Jewell type curve, and drilling is picking up near Rangers. The 11,606 Mboe resource is unchanged; the uplift is management's view.
13 Jan 2021well test result▲ GoodMajor
Thelma well came online at an initial rate of 130 barrels of oil a day from a behind-pipe zone, expected to settle near 30 a day. First 313-barrel load sold 30 Dec 2020. A further 40 HBP acres were bought, creating a new area of interest, the Bradbury Prospect. Resolves the Thelma workover thread.
8 Jan 2021security holder rights change● Neutral
All 295,140,625 BRKOA options ($0.03 exercise price) expired unexercised on 31 Dec 2020 and were cancelled, raising nothing. Capital structure is now 1.35bn shares and 700m BRKOB options ($0.011, June 2022). No unlisted securities.
17 Dec 2020production update▲ Good
Mitchell 12-1 sold its first oil load (169 barrels) on 2 Dec 2020; gas sales have run since 13 Nov. Oil has peaked above 10 barrels a day, averaging over 5. The well holds 80 acres in the Jewell DSU. Resolves the first-oil thread; rates are small.
14 Dec 2020investor presentation● Neutral
Notice that David Prentice will present at the Proactive Energy webinar on 16 December 2020. Administrative notice with no new business information.
1 Dec 2020drilling progress report▲ Good
Workover of Thelma 1-32, the Orion JV's third acquisition, finished on time and budget (transfer effective 21 Oct 2020). A 'behind pipe' Simpson Group zone was perforated and is being tested. A successful test would establish a new area of interest outside SWISH.
25 Nov 2020production update▲ Good
Orion JV's Mitchell 12-1 well has 'kicked off' and gas sales have started, with first oil sales expected later in November. The well is already cash flowing; peak rates are still awaited. This partly resolves the thread on the Mitchell production rate.
25 Nov 2020production update▲ Good
Orion JV's Mitchell 12-1 well has 'kicked off' and gas sales have started, with the first oil load expected later in November. The well is already cash flowing; peak rates are still awaited. Repeats the 25 Nov release.
20 Nov 2020investor presentation● Neutral
Notice that Brookside will present at a SparkPlus Australian Equities Day webinar on 2 December 2020. Administrative notice with no new information.
17 Nov 2020resource reserve update▲ GoodMajor
First Prospective Resource estimate for the Jewell, Flames and Rangers DSUs: 11,606 Mboe net (best estimate, unrisked), prepared by Black Mesa. Jewell would be the first of a potential 21-well, 5-year program. Prospective resources are unrisked and not yet drilled.
17 Nov 2020investor presentation● Neutral
Investor webinar slides repeating known facts: three business pillars, about 1.35bn shares, ~A$8.1m market cap, ~A$1.5m cash, ~3,000 acres, US$4.0m Leasing Facility maturing 31 July 2021. No new information.
11 Nov 2020joint venture update▲ GoodMajor
Brookside launched a funding initiative with Hall Chadwick, the SABO Development Trust, to fund a working interest share of drilling the Jewell well. Stonehorse also registered interest. Spud is expected in the March quarter of 2021, first sales in the June quarter. This addresses the Jewell funding thread; trust subscription size is not stated.
10 Nov 2020investor presentation● Neutral
Announcement of an investor webinar hosted by David Prentice on 17 November 2020. Administrative notice with no new business information.
5 Nov 2020agm notice● Neutral
Shareholder letter giving notice of a general meeting at 10:00am WST on 8 December 2020 in Subiaco. This is the meeting expected to approve the option issues and ratify the OEC share issue (inference from the earlier open thread; the letter itself does not list resolutions).
30 Oct 2020quarterly activities report● Neutral
September quarter net production was 10,634 BOE (~116 BOE/d), with net revenue up ~200% on the June quarter. Cash was A$1.51m after the A$1,687,493 raise; 1.35bn shares on issue. Leasing Facility extended to 31 July 2021. Mitchell was the second Orion acquisition.
21 Oct 2020investor presentation▲ Good
Brookside says 75% of its paid-out non-operated STACK wells recovered costs within 12 months, averaging 16 months. It cites a twenty-location, 5-year drill-ready inventory in SWISH. Repeats the strategy rationale; no new result or reserve.
14 Oct 2020asset acquisition disposition▲ GoodMajor
The Orion JV signed a purchase and sale agreement for its third producing well, Thelma 1-32 (40 HBP acres) in Murray County, about 20 miles from Jewell. Acquisition cost is US$20,000; workover is estimated at ~US$149,000, split 50/50. Rig expected early November.
14 Oct 2020asset acquisition disposition● Neutral
Re-release of the Thelma 1-32 third Orion acquisition announcement, with identical text to the previous release. No new information.
9 Oct 2020director officer appointment● Neutral
Loren King, a founding director, resigned as Company Secretary; Katherine Garvey, a corporate lawyer, replaced her from 9 October 2020 and is now the ASX contact.
6 Oct 2020capital raising announcement▲ GoodMajor
The A$300,000 option offer closed fully subscribed, taking total offer proceeds to A$1,687,493; issue needs shareholder approval. Brookside will also issue 68m shares and 68m options to OEC for facility interest due to 31 December 2020. A general meeting will follow.
5 Oct 2020drilling progress report● Neutral
Stonehorse's copy of the Mitchell 12-1 release: production equipment installed and operating, peak gas rate awaited, and new Orion acquisition candidates in negotiation. Same news as ref 10.
5 Oct 2020drilling progress report▲ Good
Surface equipment, including a refurbished pumping unit, is installed and operating at Mitchell 12-1. A peak gas rate is still awaited. The Orion JV says new acquisition candidates are in negotiation or due diligence.
30 Sept 2020financial restatement▼ BadMajor
Reviewed half-year report to 30 June 2020 differs materially from the unreviewed accounts released 11 September: audit adjustments added A$667,000 to the loss. On the earlier A$818,828 loss, this implies roughly A$1.49m (inference).
