Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2019regulatory community update▲ GoodMajor
Brookside has acquired ~45% of available acres in the Jewell Unit, its first operated SWISH development unit, and regulatory approvals are in. Pooling is expected to lift its working interest to ~95%; the parent well location is staked, but no drilling date is given.
7 Mar 2019production update▲ Good
Bullard well (20.57% interest) has produced over 160,000 BOE in 4.5 months, up from ~110,000 in December. About 60% of Brookside's drilling and completion capex is recovered, with payout expected in under two years; up to six more locations are flagged.
7 Mar 2019investor presentation● Neutral
March 2019 presentation repeats known themes: ~A$13.0m market cap, 999.2m shares, 295.1m listed options ($0.03, expiring 31 Dec 2020), ~A$2.8m cash available. Merchant Funds 11.3% and Twentieth Century Motor Company 9.0% listed as significant holders.
27 Feb 2019regulatory community update▲ Good
SWISH leasing has produced a potential ~6,000-acre position (down from the ~8,000-acre target), focused on seven development units. The company sees a chance to hold high working interests in at least four, with spacing or pooling applications filed on several.
30 Jan 2019capital raising announcement▲ Good
The listed option placement closed with applications exceeding the 225,140,625 options offered. Allocations will be finalised and excess money refunded. This resolves the demand question on the option offer; no dollar amount is given beyond the earlier ~$13,500.
8 Jan 2019capital raising announcement● Neutral
Prospectus lodged for the placement of up to 225.1m new listed options to expiring option holders, closing 28 January 2019, with a shareholder meeting on 31 January and quotation expected 5 February. It formalises the December proposal; the meeting date has moved from 11 January.
2 Jan 2019other● Neutral
Top 20 holder list at 31 Dec 2018 shows 994.8m shares on issue. The top holder has 11.31% and Mark Casey 5.05%; the top 20 hold 54.54%. No new event.
18 Dec 2018flow test result▲ Good
Bullard well (20.57% interest) has produced ~110,000 BOE in under three months, estimated ~US$850,000 net revenue to Brookside, and ~43% of drilling and completion capex recovered. The company says it beats pre-drill estimates and sees up to six more locations.
12 Dec 2018capital raising announcement● Neutral
Proposed placement of up to 225.1m new listed options ($0.03, expiring 31 Dec 2020) at $0.0006 each, one for every three expiring options, raising ~$13,605 just to cover prospectus costs. Needs shareholder approval; framed as a reward for loyalty.
12 Dec 2018admin correction● Neutral
Corrects the new option issue price to $0.00006, not $0.0006, so the offer raises about $13,500 rather than $13,605. All else in the earlier option placement announcement is unchanged.
6 Dec 2018resource reserve update▲ GoodMajor
Maiden reserves of 3.45 MMboe net (2.83 MMboe proved, 617 Mboe probable) covering ~20% of its Anadarko holdings, with NPV10 of US$12.5m. Management cites ~US$30,000 per acre. Resolves the maiden reserve report thread; the evaluation date is 31 December 2017.
4 Dec 2018other● Neutral
ASX again paused trading in Brookside's securities pending a further announcement. No reason is given; the maiden reserve release followed two days later (inference).
30 Nov 2018security holder rights change● Neutral
Notice to holders that the 675.4m listed 2-cent options expire 31 December 2018, with trading ceasing 21 December. Full exercise would bring in about $13.5m; shares last traded at $0.014, below the strike. No underwriting is in place.
4 Oct 2018flow test result▲ GoodMajor
Bullard 1-18/7H, Brookside's largest-interest well at 20.57%, in the Woodford Shale (SCOOP) flowed 1,828 BOE/d IP24 and 1,479 BOE/d IP30, about 5 miles from SWISH. It supports booking proved undeveloped reserves; LS Operating holds an option to take over the interest.
26 Sept 2018other● Neutral
ASX paused trading in Brookside's securities pending a further announcement. No reason is given in the notice; the same-day production release may be the related announcement (inference).
26 Sept 2018flow test result▲ Good
Updated results for Herring (18.2% interest) and Kevin FIU (2.1%): ~860,000 BOE produced in 10 months, US$860,000 net revenue to Brookside. Payout is forecast in 28 and 17 months. This resolves the open Kevin FIU result gap.
13 Sept 2018well test result▲ GoodMajor
Landreth BIA 1-14H, Brookside's first well to pay back, recovered its drilling and completion costs in 11 months. Brookside's 2.5% interest earned US$230,000 net revenue; it now receives 75% of future net revenue after ~US$210,000 is returned to the Drilling JV.
12 Sept 2018half year report● Neutral
Half-year to 30 June 2018 report restates the SWISH leasing target (~8,000 acres, 35,000-acre area) and the two STACK acreage sales (US$28,600/acre; US$1.475m). It books a US$125,370 provision for US tax at 21% on the US$597,000 gain from the royalty sale.
4 Sept 2018flow test result▲ Good
Two new STACK wells came online: Dr. No. (3.7% interest) at 1,769 BOE/d IP24 and Ladybug (2.2%) at 3,200 BOE/d IP30. Brookside is in sixteen wells, fourteen producing at ~2,400 BOE/d average IP24, with ~30 month average payout. A maiden reserve report is planned.
31 July 2018asset acquisition disposition▲ GoodMajor
Brookside sold ~96.5 acres of royalty acreage (RA Minerals) for US$1,475,000, about US$15,300 per acre, versus ~US$878,000 paid in March 2016. This is its second STACK acreage sale; proceeds will fund SWISH leasing.
18 July 2018investor presentation● Neutral
Noosa Mining Conference presentation by the managing director repeats known points on the business model, funding facilities and recent results. It shows ~990m shares and ~675m listed options. Market cap ~A$14m, cash available ~US$4.75m.
31 May 2018investor presentation● Neutral
AGM presentation repeats the May 2018 material: 987.5m shares, ~US$4.75m cash available, the acreage sale and the record 5,400 BOE/day well. No new information is stated in the text provided. Listed options of 250m remain subject to the approval being sought at the AGM.
29 May 2018flow test result▲ GoodMajor
A new STACK well, in which Brookside holds a ~2.0% interest, set a company-record IP24 of ~5,400 BOE/day (IP30 ~4,200). It produced ~154,000 BOE (~15% oil) in 38 days and is forecast to pay out in under 18 months.
24 May 2018investor presentation● Neutral
May 2018 presentation repeats known points: the US$28,600 per acre sale, SWISH strategy and funding facilities. Shows 987.5m shares, 685m listed options (250m subject to AGM approval) and ~US$4.75m cash available including undrawn facilities. Market cap ~A$14m.
15 May 2018asset acquisition disposition▲ GoodMajor
Brookside sold eleven acres in a STACK development unit for US$28,600 per acre, over 10 times the ~US$2,500 average cost paid in late 2016. Proceeds go to SWISH leasing and STACK drilling. First sale under its acreage-revaluation model; the total raised is not stated.
20 Apr 2018admin correction▼ BadMajor
At ASX's request Brookside retracted its 19 April release and told investors not to rely on it. ASX objected to the potential reserve value claim and the in-place and recovery estimates. The reissued version drops the US$135m figure and the type-well tables.
19 Apr 2018other● Neutral
Brookside announced the SWISH SCOOP project, with up to 8,000 acres identified in a ~35,000-acre area and about 10% leased so far. It gave type-well estimates and claimed potential PUD value of more than US$135m.
6 Apr 2018capital raising announcement▲ GoodMajor
Brookside raised A$3.16m through a placement of 197.5m shares at A$0.016, each with a free listed option (A$0.02, expiring 31 Dec 2018). Money will fund leasing in a new ~8,000 acre southern SCOOP area, 'SWISH'. Options need approval at the AGM.
What it means for a shareholder
198m new shares at A$0.016 to raise about A$3.2m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.00791% to 0.00633% of the company. To keep it you'd need 15,625 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
3 Apr 2018annual report● Neutral
Annual report for 2017: after-tax loss of $1,095,551 (2016: $409,994). Restates twenty-seven wells, ~1,700 working interest acres, and drilling costs funded from the US$3.5m joint venture. No dividends.
29 Mar 2018production update▲ Good
Brookside's interest in the Herring 1-33 well rose to ~18.2% from 13.6% via pooling; the well has produced ~230,000 BOE in about four months. Flowback is starting on the Kevin FIU well (~2.1% interest), with results expected late April.
