Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2020quarterly activities report● Neutral
Revised re-release of the March 2020 quarterly report. The visible text matches the original: production 140 BOE/d, sales A$120,000, cash A$841,000. The changes are not identifiable from the text provided.
20 Apr 2020other▼ BadMajor
Responding to oil prices at a ~20-year low, Brookside cuts general and administration costs ~30% (MD fee A$180,000 to A$120,000) and shifts to renewing SWISH leases rather than drilling. Its Black Mesa stake rises from 17.2% to 28.7%, cutting the back-in to 17.8%.
31 Mar 2020other● Neutral
Corporate governance statement current at 31 March 2020, setting out which ASX governance recommendations the company follows. Governance document only, with no business or financial information.
31 Mar 2020annual report▲ Good
Annual report for the year to 31 Dec 2019 shows an after-tax profit of $917,503, against a $1,217,780 loss in 2018. It reports ~3,000 net acres across four Oklahoma counties, ~700 held by production. Richard Homsany replaces Loren King on the board.
31 Mar 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative only, with no business or financial information.
27 Feb 2020asset acquisition disposition▲ GoodMajor
Brookside now has three SWISH spacing units: Jewell, Rangers and Flames. It expects ~91% WI in the 640-acre Rangers unit after pooling, and has ~64% of the 960-acre Flames unit so far. This builds on Jewell's earlier pooling.
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.
31 Jan 2020quarterly activities report● Neutral
December 2019 quarter: cash A$1.187m, working capital A$2.733m, sales A$464,000, production 160 BOE/d (down from 224). Brookside says it has secured a path to operations on two more spacing units beyond Jewell, and borrowings fell slightly.
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.
31 Oct 2019quarterly activities report● Neutral
September 2019 quarter: leasing and trading generated US$1.87m of working capital. Cash was A$408,000, quarterly sales A$342,000 and production 224 BOE/d (down from ~290). Brookside says a funding path for Jewell is identified and it has spoken to a drilling contractor; no firm terms are given.
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.
31 July 2019quarterly activities report● Neutral
June 2019 quarter: net production ~290 BOE/d (down from ~380), net revenue US$544,036. Brookside has an interest in 43 horizontal wells and ~2,000 SWISH acres. Jewell pooling order is noted; initial results from key wells are expected in the third quarter.
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.
