Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Jan 2017joint venture update▲ Good
Brookside is now in five STACK wells, with holdings approaching ~500 acres (about 400 leasehold plus ~100 royalty) across 18 development units. It says this could support upwards of 100 wells, a company view. Strack is drilled awaiting completion; Ike is drilling.
9 Dec 2016capital raising announcement▲ GoodMajor
A second Marathon well, ALTA BIA 1511 1-6-31MXH (~22,549 ft), was permitted on Brookside's leasehold. It also placed 40m shares at $0.01 to raise $400,000 for leasing and working capital.
What it means for a shareholder
40.0m new shares at A$0.010 to raise about A$400,000. That's 6.0% dilution: every existing holder's slice gets 6.0% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.016% to 0.015% of the company. To keep it you'd need 6,400 more shares - about A$64 at the issue price.
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25 Nov 2016drilling scheduled▲ Good
Continental is moving equipment onto location for the Ike #1-20-17XH royalty well, to ~22,393 ft depth. Brookside bears no drilling or operating costs and will receive its share of revenue once the well produces.
15 Nov 2016drilling spud▲ GoodMajor
Marathon began drilling Strack 1-2-11XH, Brookside's first STACK working-interest well, with 12.5 acres in the unit. Target depth is ~20,106 ft in about 26 drilling days. Brookside says its share of costs is funded by the Merchant venture.
28 Oct 2016material agreement▲ Good
Black Mesa signed an Exploration and Participation Agreement with an unnamed Edmond, Oklahoma private company to speed STACK leasing across Blaine, Kingfisher and Canadian counties. Financial terms are not disclosed; it builds on the leasing campaign.
26 Oct 2016investor presentation● Neutral
October 2016 presentation restates the STACK strategy, ~400 acres and the US$3.5m Merchant joint venture. It shows 585m shares, 250m options and a ~A$6.4m market cap. Repeats known facts.
24 Oct 2016capital raising announcement▲ GoodMajor
Brookside added ~100 acres of STACK leasehold, taking holdings to ~400 acres (up from ~300), and placed 60m shares at $0.01 to raise $600,000 for leasing and working capital. It expects more acreage by year-end to fully use the Merchant joint venture funds.
What it means for a shareholder
60.0m new shares at A$0.010 to raise about A$600,000. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.019% to 0.0171% of the company. To keep it you'd need 11,429 more shares - about A$114 at the issue price.
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16 Sept 2016asset acquisition disposition▲ GoodMajor
Brookside's STACK holdings grew to ~300 acres, nearly double the ~160 acres reported in August, in the over-pressured volatile oil window. It says this is well down the path to a 10 million barrel proved reserve target, a company claim. Merchant joint venture is to fund development.
13 Sept 2016half year report● Neutral
Half-year report to 30 June 2016 recaps the STACK strategy, ~160 leasehold acres and the Merchant in-principle joint venture. It confirms the remaining 40m placement shares and 50m options were approved at the AGM and issued. Financial figures are not in the extract.
17 Aug 2016drilling scheduled▲ GoodMajor
Marathon Oil will operate Strack 1-2-11XH, the first of six wells on Brookside's STACK leasehold, an extended-reach well with 20,448 feet measured depth. Brookside holds 12.5 acres in the unit; its costs are to be funded by the proposed Merchant joint venture.
4 Aug 2016asset acquisition disposition▲ GoodMajor
Brookside's STACK working-interest leasehold more than tripled to ~160 acres, up from 50, across six soon-to-be-drilled 1,280-acre spacing units. It says this gives exposure to 48-60 potential wells in full development, which is a company view. The leasing campaign continues.
25 July 2016farm in farm out agreement▲ GoodMajor
Brookside agreed in principle to a STACK-A joint venture with Merchant Funds Management, which would lend up to US$3.5m to fund its share of up to ten STACK wells. Merchant is repaid first from revenue, then gets 25% net revenue interest plus options. Binding terms are not yet agreed.
30 May 2016investor presentation● Neutral
AGM presentation restates the strategy, Black Mesa structure and STACK acquisitions. It shows 500m shares and 250m options once the remaining 40m shares and 62.5m options are approved, at a ~$4m market cap. Repeats known facts.
27 May 2016asset acquisition disposition▲ GoodMajor
Brookside added 50 acres of leasehold in one core STACK section, found by Black Mesa under the Drilling Program Agreement. Location and terms are withheld as commercially sensitive. This is the first working-interest acreage, beyond the earlier royalty deal; the leasing campaign continues.
24 May 2016material agreement● Neutral
At ASX's request, Brookside clarified its Black Mesa deals: BRK Oklahoma has agreed to commit US$10m to acquisitions or drilling, but can reject proposals, so is not legally bound. Black Mesa gets a 25% back-in on drilling projects. Failure to fund lets Black Mesa buy its 15% stake.
18 Apr 2016drilling scheduled▲ Good
Continental Resources will operate the first extended-reach horizontal well, Ike 1-20-17XH, in Brookside's Blaine County royalty acreage. Brookside owns minerals over about 38 acres in that section and bears no cost. Industry type curve is 1,700 Mboe per well; this is not a company estimate.
6 Apr 2016other● Neutral
Brookside replied to an ASX query about the timing of the royalty acquisition disclosure. It first learned of the opportunity around 26 February 2016 and was told of completion on 26 March, then requested a halt and announced on 31 March. It confirmed compliance.
4 Apr 2016other● Neutral
Standard Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the company website. No new business information.
1 Apr 2016annual report● Neutral
Annual report for 2015 shows a loss of $2.2m (2014: $211m). It recaps the DOCA, the A$2.5m raise, relisting on 5 August 2015, the consolidation to 350,000,303 shares and the 175m options issued in October 2015.
1 Apr 2016listing compliance notice▼ Bad
ASX suspended Brookside's shares and options from 1 April 2016 for failing to lodge its accounts for the year ended 31 December 2015 on time. This is the company's second suspension since 2014.
1 Apr 2016listing compliance notice▲ Good
ASX will lift the suspension from 4 April 2016, after Brookside released its annual report for the year ended 31 December 2015. This resolves the one-day-old suspension.
31 Mar 2016investor presentation● Neutral
March 2016 presentation restates the strategy, the Black Mesa joint venture structure and the new royalty acquisition. It shows 400m shares and 187.5m options on issue, rising to 500m and 250m after the raise, at a market cap of about $5m. Repeats known facts.
31 Mar 2016asset acquisition disposition▲ GoodMajor
Through BRK Oklahoma, Brookside bought royalties over about 100 acres in Blaine County's STACK Meramec play for about A$1.1m, the first deal under the Black Mesa joint venture. Black Mesa gets an 18.75% back-in after payout. It also launched a $1m raise of 100m shares at $0.01, with half-options.
16 Mar 2016price query● Neutral
ASX queried a 55% share price rise, from $0.009 to $0.014, over 10-16 March 2016. Brookside said it knew of no undisclosed information, pointing to Black Mesa's ongoing evaluation and the oil price rebound. It confirmed compliance with listing rules.
7 Dec 2015asset acquisition disposition▲ GoodMajor
Brookside's US subsidiary acquired a 15% stake in Black Mesa Production LLC, a Tulsa-backed energy start-up, effective 1 December 2015. Equity members commit US$3.126m over three years pro rata; David Prentice joins the Black Mesa board. This is the first step on the Cicero-advised acquisition path.
6 Nov 2015capital raising announcement● Neutral
The placement is complete: 49,999,697 shares issued at $0.012 to raise about $600,000. The attaching options still need shareholder approval at the next meeting.
What it means for a shareholder
50.0m new shares at A$0.012 to raise about A$600,000. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0238% to 0.0208% of the company. To keep it you'd need 11,905 more shares - about A$143 at the issue price.
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2 Nov 2015capital raising announcement● NeutralMajor
Placement of up to 49,999,697 shares at $0.012 to raise about $600,000, with free 1-for-4 options at $0.02 expiring 2018. Cicero manages it for a 6% fee. Funds go to the main business and working capital.
What it means for a shareholder
50.0m new shares at A$0.012 to raise about A$600,000. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0238% to 0.0208% of the company. To keep it you'd need 11,905 more shares - about A$143 at the issue price.
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29 Oct 2015material agreement● Neutral
Brookside appointed Cicero Advisory Services, which designed the DOCA, as corporate advisor to advise on acquisitions that could transform the company. Cicero is paid on a success-fee basis.
11 Sept 2015half year report● Neutral
Half-year report to 30 June 2015 covers the administration period. It recaps the DOCA terms: a $50,000 Cicero loan converting to shares, $400,000 from the raise going to creditors' trust and Guggenheim, and old directors resigning.
1 Sept 2015security holder rights change● Neutral
Notice of a 10-for-1 share consolidation, cutting shares on issue from 3.5bn to about 350m, with effect from 2 October 2015, subject to a 30 September shareholder vote.
