Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2018investor presentation● Neutral
March 2018 investor presentation largely repeats known points: ~2,100 acres, ~300 BOE/d net production, target ~1,000 BOE/d, and US$4.0m leasing facility. Lists 790m shares, 435m options and ~US$3.5m cash available including undrawn facilities. Market cap shown as ~A$15m.
16 Mar 2018debt financing▲ Good
The Anadarko Leasing Facility with OEC was raised from US$3.0m to US$4.0m, with maturity extended to 31 December 2019. Other terms are unchanged from the 21 June 2017 release. It funds more leasing, continuing the step-ups from US$2.0m.
15 Mar 2018flow test result▲ Good
Tenth producing well came online at ~1,400 BOE/d IP24 (76% oil), with ~34,000 BOE in 27 days and payout forecast in under two years. Brookside's interest doubled to ~8.0% from 3.9% via pooling. Total well count remains twenty-seven.
13 Mar 2018listing compliance notice● Neutral
Replying to an ASX aware query after the share price rose from $0.017 to $0.023 before the 7 March release, Brookside said ~304 acres were leased between 1 Feb and 6 Mar and it updates the market after 200-400 acre increases. It confirmed Listing Rule compliance.
7 Mar 2018asset acquisition disposition▲ Good
Working interest leasehold passed 2,000 acres, up from 1,700 at end of January 2018 (a 17% rise in under two months); total holdings are ~2,100 acres including royalty acreage. Funded from the US$3.0m OEC leasing facility; talks have begun to expand it.
21 Feb 2018production update▲ GoodMajor
Net production is ~300 BOE/d from the first nine wells, with first sales since May 2017, and is expected to give ~US$2.0m net cash flow over 12 months. Company targets ~1,000 BOE/d from 14 further wells and says it can book PUD reserves. These are forecasts.
24 Jan 2018flow test result▲ Good
Three newest wells all exceeded 2,000 Boe/d IP24, one a company record ~3,500 Boe/d, at ~5.7% average interest. Fourteen wells spud; total count twenty-seven. Company says they are on track for EURs above its 1,039 Mboe estimate, subject to continued performance.
22 Dec 2017debt financing● NeutralMajor
Anadarko Leasing and Oklahoma Energy Consultants agreed to raise the leasing facility limit from US$2.0m to US$3.0m, with other terms unchanged. It follows November talks and funds further leasing; repayment terms remain those of the 21 June release, not given here.
20 Nov 2017asset acquisition disposition▲ GoodMajor
Working interest leasehold rose to ~1,680 acres, 30% above the 1,280 acre target, with total holdings ~1,780 acres including royalty. Funded from the US$2.0m Anadarko Leasing Facility; talks have begun with OEC to expand it.
13 Nov 2017other● Neutral
Brookside announces a Red Leaf Securities research report rating it 'Speculative Buy', saying it trades at a discount to other acreage deals. The announcement itself carries no new company information; the report is on the website.
13 Nov 2017flow test result▲ Good
Landreth BIA (IP30 2,420 BOE/d) and HR Potter (IP30 1,700 BOE/d) beat Marathon's type curve. Two more wells are flowing back above 2,100 BOE/d, with 13.6% and 3.1% interests. Twelve wells now spud; total count is twenty-five.
13 Sept 2017asset acquisition disposition▲ GoodMajor
Brookside reached its initial 1,280 working interest acre target, with total Anadarko holdings of about 1,380 acres including royalty acreage. Average working interest per development unit rose to ~5.4%. This completes the ~1,000 acre position reported on 31 July.
31 Aug 2017investor presentation● Neutral
September 2017 investor presentation restates strategy: build proved reserves toward 10 Mmboe, use the US$3.5m Merchant venture, and reach ~1,280 acres. Lists 790m shares, 435m listed options and ~US$2.8m cash available, including undrawn facilities. Mostly repeats known facts.
30 Aug 2017half year report● Neutral
Half-year report to 30 June 2017 restates operations: thirteen wells, over 700 acres, ~27 development units and ~US$1.6m of Merchant funding used. Financial statements are not in the extract, so cash and loss are unknown.
14 Aug 2017flow test result▲ GoodMajor
The first five Brookside wells averaged ~1,700 Boe/d IP24, which the company says beats its pre-drill expectations; two exceeded 2,000 and the best was ~2,300 Boe/d. Brookside now holds twenty wells (eighteen working interest, two royalty), nine spud. Interests are small, so revenue to Brookside is modest.
31 July 2017asset acquisition disposition▲ GoodMajor
Brookside's STACK and SCOOP holdings rose a further ~40% to about 1,000 acres, closing in on the 1,280 acre target; the company calls it a 100% increase since the 31 May announcement. Also cites a Devon well's 6,000 Boe/d peak rate, which is not a Brookside well.
5 July 2017drilling progress report▲ Good
Brookside is now in seventeen wells (fifteen working interest, two royalty), up 30% from thirteen. One is producing, two flowing back, three drilled awaiting completion and two drilling, including Herring (11.5% interest). Incremental update; no new results.
21 June 2017debt financing▲ GoodMajor
Brookside's new subsidiary Anadarko Leasing signed a facility with Oklahoma Energy Consultants for up to US$2.0m to fund leasing. With the US$3.5m Merchant venture, non-equity funding totals US$5.5m. Management says this avoids equity dilution; repayment terms are not in the text.
20 June 2017asset acquisition disposition▲ GoodMajor
Brookside added about 200 working interest acres, lifting STACK and SCOOP holdings 40% to over 700 acres across ~27 development units. The company says this could support upwards of 170 wells at ~3% average interest. Progress toward the 1,280 acre target.
31 May 2017asset acquisition disposition▲ Good
Brookside and Black Mesa are expanding leasing beyond Blaine County into the wider Anadarko Basin (SCOOP and STACK) up-dip liquids-rich areas. No acreage figures or funding are given; it extends the ~500 acre Blaine position and the 1,280 acre goal.
23 May 2017drilling progress report▲ Good
Brookside is now in thirteen STACK wells (twelve working interest, one royalty). Two more are flowing back, one is drilled awaiting completion, and Herring (now 11.5% interest) is set to spud. US$1.34m of Merchant funding used so far. Strack's first revenue is expected in the September quarter.
22 May 2017admin correction● Neutral
Brookside is moving its share registry to Automic, effective 29 May 2017. Administrative notice only; no impact on the business.
11 May 2017flow test result▲ GoodMajor
Strack 1-2-11XH, Brookside's first STACK well, flowed at an IP24 of 1,784 BOE/day (77% oil) and produced 33,000 BOE in 30 days. Brookside's interest is about 1.0%. Merchant is repaid first, then takes 25% of Brookside's net revenue from the well.
31 Mar 2017annual report● Neutral
Annual report for 2016 shows an after-tax loss of $0.4m (2015: $2.2m). It restates the STACK strategy and the Merchant venture, still described as proposed. The auditor is now HLB Mann Judd, replacing Grant Thornton in the earlier context. Remaining financials are not in the extract.
28 Mar 2017drilling scheduled▲ Good
Brookside elected into the Triumph-operated Herring 1-33 well with about 9.0% working interest (US$443,388 cost share, funded by the Merchant venture), taking it to twelve STACK wells. Spud is expected this week.
8 Mar 2017drilling scheduled▲ Good
Brookside confirmed a 6.25% working interest in the Devon-operated Sphinx well, its eleventh STACK well, with a US$453,470 cost share funded by the Merchant venture. Spud is expected in the June 2017 quarter.
23 Feb 2017drilling progress report▲ Good
Completion operations began on Strack 1-2-11XH, Brookside's first STACK working-interest well, with production facilities being installed. First sales are expected early in the June quarter 2017. Ike and Davis are still drilling.
13 Feb 2017investor presentation● Neutral
February 2017 presentation restates the STACK strategy, ~500 acres, the US$3.5m Merchant venture and the 10 million barrel proved reserve target. It adds a goal of ~1,280 acres and ~50% held by production within 12 months. Repeats known facts.
10 Feb 2017drilling progress report▲ Good
Brookside now says it is in ten STACK horizontal wells (up from five), at roughly 1% to 9% working interests, with five new permitted wells added. Strack completion is expected within six weeks and HR Potter to spud in April 2017. Costs are funded by the Merchant venture.
25 Jan 2017capital raising announcement▲ GoodMajor
Brookside placed 165m shares at $0.012 to raise A$1.98m, with one free option per two shares (exercisable at $0.02 by 31 Dec 2018). Proceeds fund STACK leasing and working capital. Larger than its earlier $0.01 placements.
What it means for a shareholder
165m new shares at A$0.012 to raise about A$2.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0133% to 0.0105% of the company. To keep it you'd need 22,000 more shares - about A$264 at the issue price.
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