Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Aug 2018quarterly activities report● Neutral
June 2018 quarter: well count stays at twenty-eight; Drilling JV cash flow is estimated at ~US$1.9m for calendar 2018, with ~US$1.0m redeployed. Recaps the two acreage sales and record well. Leasing in SWISH continues toward ~8,000 acres.
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.
30 Apr 2018quarterly activities report● Neutral
March 2018 quarter: well count rose to twenty-eight, ~US$875,000 net cash flow received, and holdings stayed ~2,100 acres. Repeats the ~US$2.0m 12-month cash flow forecast and 8,000-acre SWISH target. Largely restates earlier announcements.
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.
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.
31 Jan 2018quarterly activities report● Neutral
December 2017 quarter report: twenty-seven wells, ~1,800 total acres, and the leasing facility lifted to US$3.0m. Cash was ~A$1.0m, with ~US$1.1m left under the drilling joint venture. Largely restates earlier announcements.
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.
31 Oct 2017quarterly activities report▲ Good
September 2017 quarter report: nine wells drilled, twenty participating (eighteen working interest, two royalty), first five averaging ~1,700 Boe/d IP24, and the 1,280 acre target reached. Company says holdings are valued at ~US$5,000 per acre on its market cap. Largely restates earlier announcements.
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.
