Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2020debt financing▲ GoodMajor
OEC agreed to extend the Anadarko Leasing Facility maturity from 31 December 2020 to 31 July 2021, other terms unchanged. This removes the near-term repayment date, resolving that open thread. The facility was about US$2.9m drawn.
21 Sept 2020capital raising announcement● Neutral
The closing date of the 300m-option offer (A$0.011 options at A$0.001 each) is extended from August to 5pm WST on 2 October 2020. Terms are otherwise unchanged.
14 Sept 2020half year report▼ Bad
Unreviewed half-year accounts to 30 June 2020 show a loss of A$818,828 against a A$155,722 profit a year earlier. Cash was A$624,538. Reviewed accounts are delayed to 14 October under ASIC relief.
9 Sept 2020capital raising announcement▲ GoodMajor
Entitlement offer closed after the 99.4m-share shortfall was placed at A$0.005 (A$497,003) plus a 26.4m-share oversubscription placement (A$131,875). Total raised A$1,387,493 before costs, resolving the shortfall thread. Funds are for Orion acquisitions and working capital.
3 Sept 2020drilling progress report● Neutral
Second re-release of the Mitchell 12-1 workover completion, with identical text to refs 2 and 3. No new information; production rate still awaited.
3 Sept 2020drilling progress report▲ Good
Workover of the Orion JV's Mitchell 12-1 well is complete; gas and condensate reached surface and about 260 feet of Sycamore perforations were treated. The well is shut in awaiting a gas meter. No production rate yet, resolving the 31 August workover.
3 Sept 2020drilling progress report● Neutral
Clarification re-release of the Mitchell 12-1 workover completion; the text matches ref 2. Workover done, perforations treated, well shut in awaiting a gas meter. No new information or production rate.
1 Sept 2020investor presentation● Neutral
Text largely unreadable (garbled encoding) for the StockPal webinar presentation of 1 September 2020. Appears to be a standard presentation with disclaimers, repeating the known Oklahoma strategy. No new figures can be confirmed.
31 Aug 2020drilling progress report● Neutral
A workover rig is on location at the Orion JV's Mitchell 12-1 well in the Jewell unit. Work covers equipment repair and clean-up of the Sycamore interval, then swab testing and planned restoration of production. No result yet.
28 Aug 2020listing compliance notice● Neutral
ASX lifted the suspension of the BRKOB deferred settlement options the next day, 28 August. It resolves the one-day suspension notice and applies to that class only.
27 Aug 2020other● Neutral
Registry report of the top 20 holders of the new BRKOB options (A$0.011, June 2022). Total is 151,724,371 options. The largest holder has 18.9%. Administrative data only.
27 Aug 2020listing compliance notice● Neutral
ASX suspended the deferred settlement BRKOB options from quotation on 27 August. It applies to that class only, not to other BRK securities. No reason is given in the notice.
25 Aug 2020capital raising announcement● NeutralMajor
Entitlement offer closed with applications for 151.7m shares raising A$758,615, about 60% of the ~A$1.26m maximum. The remaining 99.4m shares, with free options, go to a shortfall placement via CPS Capital under the prospectus.
20 Aug 2020capital raising announcement● Neutral
Reminder that the entitlement offer closes at 5pm WST on 21 August, with payment by BPAY. No new information.
20 Aug 2020investor presentation● Neutral
Brookside will present at the StockPal Hot Equities webinar on 1 September 2020. Notice only; no new business information.
18 Aug 2020joint venture update▲ Good
Brookside's copy of the Orion release: second purchase, the Mitchell 12-1 well in the Jewell unit, closed. Workover rig due later this month; success could hold up to 160 Jewell acres by production. Costs split 50/50. Same news as ref 6.
18 Aug 2020joint venture update▲ GoodMajor
Orion JV closes its second purchase, the Mitchell 12-1 well, also inside the Jewell unit. Workover is due later in August. With Newberry, success could hold up to 160 acres by production. Workover expected to give a mid-30% return, with payout in about 2.5 years.
6 Aug 2020director officer appointment▲ Good
Gracjan Lambert joins as Executive General Manager Commercial, working with MD David Prentice on strategy, business development and corporate affairs. He has 23 years in oil and gas, including five years as a commercial advisor at ExxonMobil. Started 3 Aug 2020.
6 Aug 2020capital raising announcement● Neutral
Letter to shareholders on the 1-for-4 offer at A$0.005 with a free option (A$0.011, June 2022), plus 300m options at A$0.001. Raise up to ~A$1.56m; record date 6 Aug, closing 21 Aug. Option offer needs shareholder approval. Repeats the prospectus terms.
6 Aug 2020capital raising announcement● Neutral
Notice to option holders: existing options carry no right to join the entitlement offer unless exercised before the 6 Aug record date. No action needed otherwise. Administrative restatement of the offer terms.
6 Aug 2020capital raising announcement● Neutral
Notice to shareholders with addresses outside Australia and New Zealand that they are ineligible for the entitlement offer. Administrative; the offer terms repeat the prospectus (maximum 251,125,000 shares and 502,250,000 options).
3 Aug 2020capital raising announcement● Neutral
Prospectus for the entitlement offer of ~251m shares at A$0.005 (one free option per share, A$0.011, June 2022) to raise up to ~A$1.26m, plus the 300m option offer at A$0.001. It formalises the 31 July announcement; CPS Capital is lead manager.
What it means for a shareholder
251m new shares at A$0.005 to raise about A$1.3m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0199% to 0.0159% of the company. To keep it you'd need 49,975 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
3 Aug 2020capital raising announcement● NeutralMajor
Brookside plans a 1-for-4 entitlement offer of ~251m shares at A$0.005 with a free option (A$0.011, June 2022), raising up to ~A$1.26m, plus up to 300m options at A$0.001 for A$300,000. CPS Capital is appointed adviser and lead manager.
What it means for a shareholder
251m new shares at A$0.005 to raise about A$1.3m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0199% to 0.0159% of the company. To keep it you'd need 49,975 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
3 Aug 2020quarterly activities report▼ Bad
June 2020 quarter: production 130 BOE/d (down from 140), sales A$92,000, cash A$412,000, 24 producing wells. Working capital of ~A$1.9m assumes the full entitlement and option offers are raised. Restates the pivot to acquisitions and the Orion Newberry win.
20 July 2020joint venture update▲ GoodMajor
Stonehorse's copy of the Orion update: the JV bought a 43.45% interest in the Newberry vertical well inside Brookside's Jewell Unit, then completed a workover lifting gas from 6 to ~40 Mcf/day. Costs of ~US$104,000 were split 50/50. It is a first Orion deal.
20 July 2020joint venture update▲ GoodMajor
Orion JV bought a 43.45% interest in the Newberry 12-1 vertical well in Brookside's Jewell Unit, holding 80 acres by production. A workover lifted gas from 6 to ~40 Mcf/day; costs were ~US$25,200 plus ~US$78,897, shared 50/50. First deal under the new JV.
10 June 2020joint venture update▲ GoodMajor
Brookside and Stonehorse form the Orion Project, a 50/50 JV to buy mature, gas-weighted producing wells in the Anadarko Basin, operated by Black Mesa. Initial commitment is US$500,000 combined; Black Mesa gets an 18.75% back-in after payout. It extends the drilling deferral with an acquisition path.
10 June 2020investor presentation● Neutral
June 2020 investor deck for the Orion Project. It restates ~A$7.0m market cap, 1,001,721,875 shares, ~3,000 acres, US$12.5m reserve NPV and ~A$2.6m cash available (incl. ~A$1.78m of Leasing Facility). No new events.
10 June 2020joint venture update▲ GoodMajor
Stonehorse's release of the new 50/50 Orion Project JV with Brookside to buy producing, gas-weighted Anadarko properties, with Black Mesa as operator. Initial combined commitment is US$500,000; Black Mesa gets an 18.75% back-in after payout. Same news as Brookside's release.
30 Apr 2020quarterly activities report▼ Bad
March 2020 quarter: production 140 BOE/d (down from 160), sales A$120,000, cash A$841,000, working capital A$2.627m, 23 producing wells. Repeats the post-quarter cost cuts and shift to preserving core SWISH acreage announced on 20 April.
