Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2020investor presentation● Neutral
February 2020 presentation restating the 'real estate development' model. It shows ~A$2.7m cash available (incl. ~A$1.54m of the Leasing Facility, now maturing 31 Dec 2020) and ~A$7.0m market cap. No new events.
4 Feb 2020director officer appointment● Neutral
Richard Homsany, a corporate lawyer and Toro Energy chairman, joins the board as non-executive director. Loren King retires as director after joining at the 2015 recapitalisation, but stays as company secretary.
21 Jan 2020asset acquisition disposition● Neutral
Stonehorse, which holds step-in rights over Brookside's pipeline, took a 0.21% working interest in the Continental-operated Randolph STACK well, funded from its own cash flow. It is a buyer-side announcement with no new deal or cash for Brookside.
16 Jan 2020well test result▲ Good
Three new SWISH area wells, in which Brookside holds no interest, averaged almost 2,000 BOE/d IP24. These include Flash (1,978) and Courbet (1,621) near the Jewell Unit, and Park Place (2,377). Brookside says the results support higher acreage values.
27 Dec 2019other● Neutral
Board-approved share trading policy for directors and key staff, restricting dealing around reports and banning insider trading. Governance document only, with no business or financial information.
28 Nov 2019production update▲ Good
Brookside comments on Stonehorse's Bullard update: the Woodford well is set to pay out in under two years. Brookside keeps a 5.20% well interest and 20.81% of the undeveloped acreage. The retained percentages differ slightly from the ~4.96% and ~20.57% in earlier releases.
28 Nov 2019production update▲ Good
Stonehorse reports the Bullard well, in which it bought 15.61% from Brookside, has produced 335,000 BOE gross in about 14 months and US$12.13m gross revenue. It expects payout by around mid-2020. This is the buyer's announcement, with no new deal for Brookside.
25 Nov 2019well test result▲ Good
Continental-operated Leon Sycamore well in the SWISH area flowed 1,945 BOE/d (IP24, ~79% oil). Brookside holds just 0.12% WI. It is the third Sycamore well above 1,500 BOE/d nearby, and Brookside says results beat its own pre-drill estimates.
14 Nov 2019production update▲ Good
Devon-operated Centaur infill wells in the STACK averaged 2,600 BOE/d over their first 30 days, with four wells producing over 600,000 BOE in three months. Brookside holds only ~0.3% WI. Brookside says this supports its earlier STACK per-acre valuations.
30 Oct 2019asset acquisition disposition▲ GoodMajor
Brookside says acreage trading in the SWISH area brought in about US$720,000 cash and built a ~2,500-acre SCOOP position. It reports a ~90% WI in Jewell, with site works planned this quarter. No drilling date or funding for the well is given.
28 Oct 2019well test result▲ Good
Continental-operated Ringer Ranch Sycamore well in the SWISH area flowed 2,067 BOE/d (IP24, ~80% oil). Brookside holds only 0.02% WI. It adds to Betts and Boardwalk results and supports the Sycamore target for the Jewell well; nine wells are at various stages nearby.
24 Oct 2019asset acquisition disposition▲ GoodMajor
Brookside sells Stonehorse a 15.6% WI in Bullard and 2.3% in Henry Federal for US$1.15m, effective 1 Nov 2019. It keeps ~4.96% and ~4.97% well interests and 100% of proved undeveloped reserves. Gives fresh cash and a ~US$21,000 per acre valuation marker.
24 Oct 2019asset acquisition disposition● Neutral
Stonehorse's side of the deal: it steps into 15.61% of Bullard (~US$970,888) and 2.30% of Henry Federal (~US$179,500). It keeps rights to take more. This is the buyer's view of the sale in the next item.
10 Oct 2019well test result▲ GoodMajor
Two Sycamore wells in the SWISH area, Betts (no Brookside interest) and Boardwalk (2.42% WI), each flowed above 1,600 BOE/d (IP24). This supports the Sycamore target for Jewell. Brookside holds non-operated interests in five wells in the area.
2 Oct 2019farm in farm out agreement▼ BadMajor
Stonehorse withdrew from the Jewell well step-in, and Brookside formally agreed. This reverses the 12 Sep funding path. Brookside says it is still working on funding for Jewell drilling and completion, with no timing given.
13 Sept 2019half year report● Neutral
Half-year report to 30 June 2019 largely restates known operations: ~2,000 SWISH acres, Jewell pooling order and the 'real estate' model. It notes a partial Roser Unit acreage sale for US$212,322. Financial figures are not in the text provided.
12 Sept 2019farm in farm out agreement▲ Good
Stonehorse agreed to fund about US$214,311 of site works for the Jewell well, giving a potential step-in of up to ~90% WI. This is a first step toward funding the long-delayed Jewell well. It was later withdrawn (see 2 Oct).
12 Sept 2019joint venture update▲ GoodMajor
Brookside now expects ~90% WI (~80% NRI) in the 880-acre Jewell Unit after pooling elections. Stonehorse agreed to take a well-bore interest and fund 100% of site works. No spud date is given, but drilling preparations are moving ahead.
16 Aug 2019other● Neutral
Stonehorse Energy, Brookside's step-in partner, listed on the ASX after raising $4,656,727. It holds two producing wells and access to Brookside's pipeline via the Step-in Agreement. This is a partner's announcement, with no direct new deal for Brookside.
15 Aug 2019well test result▲ GoodMajor
Continental-operated Henry Federal 1-8-5XH well in the STACK (Brookside 7.27% WI) flowed 1,319 BOE/d (65% oil) over its first 24 hours. Brookside says this supports recoveries at the upper end of its STACK estimates; sustained results and cashflow are promised in Q3.
25 July 2019regulatory community update▲ GoodMajor
The Oklahoma regulator issued a pooling order for the Jewell Unit, an 880-acre unit, with Black Mesa as operator. Brookside holds ~47% of acres and expects over 95% via pooling. This resolves the pooling thread; a drilling date is still not given.
24 July 2019admin correction● Neutral
Updated Noosa presentation adds further disclosure on the maiden reserve report and removes the single-well breakeven prices slide. No new business information.
17 July 2019investor presentation● Neutral
Noosa conference presentation promotes the 'real estate development' model. Market cap now circa A$11.0m, cash ~A$2.4m as at 31 March 2019, 999.2m shares. Facility and holder details are unchanged. Repeats known themes.
5 July 2019regulatory community update▲ Good
SWISH holdings reach ~2,000 acres (about 2,700 acres company-wide), consolidating around core operated units. Brookside also holds non-operated interests in five other units at stages from drilling to producing. The ~6,000-acre target is not reached yet.
17 May 2019investor presentation● Neutral
AGM presentation repeats the strategy and capital structure: 999.2m shares, 295.1m options, cash available ~A$2.4m (was ~A$2.8m) and market cap ~A$12.0m. Funding facilities unchanged. No new events.
11 Apr 2019drilling progress report▲ GoodMajor
Brookside is joining Devon Energy's four-well Centaur infill project in the STACK, its first development of proved undeveloped locations. Interest is small; two wells reached ~21,000 ft depth. Costs are funded from working capital, with revenue expected Q4 2019.
1 Apr 2019annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the company's corporate governance statement. Administrative filing with no new business information.
1 Apr 2019annual report● Neutral
Annual report for 2018: after-tax loss of $1,217,780 (2017: $1,095,551), no dividend. It restates the maiden reserves of 3.45 MMboe and the acreage sale at US$28,600 per acre. Board unchanged; auditor HLB Mann Judd.
1 Apr 2019annual report● Neutral
Corporate governance statement current at 30 March 2019, setting out which ASX governance recommendations the company follows. Administrative disclosure with no new business information.
1 Apr 2019other● Neutral
Annual shareholder message restates the strategy: ~2,400 acres held, growth to ~6,000 via forced pooling, 3.45 MMboe booked reserves with NPV10 US$12.5m. Says Jewell Unit parent well is expected to spud late in first half 2019. Largely repeats known facts.
