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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2019quarterly activities report● Neutral
March 2019 quarter: net production ~380 BOE/d (up from ~334), net revenue US$850,474, fourteen producing wells. Bullard contributed ~110 BOE/d and ~US$305,450. Jewell parent well still expected to spud late in the first half of 2019; ~1,800 SWISH acres held.
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.
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.
31 Jan 2019quarterly activities report● Neutral
December 2018 quarter: net production ~334 BOE/d (down from ~375) and net revenue US$851,630. SWISH leasing now covers twenty-three 640-acre sections; thirteen producing wells (was fourteen). Mostly restates the maiden reserves and Bullard results already announced.
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.
31 Oct 2018quarterly activities report▲ Good
September 2018 quarter: interests in twenty-one 640-acre sections in SWISH (~13,000 gross acres), net production ~375 BOE/d and net revenue US$1.012m. Casey Capital became a substantial holder, with its chairman chairing the Advisory Board. Mostly restates earlier releases.
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.