Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2017quarterly activities report▲ Good
June 2017 quarter report: first STACK well flowed 1,784 BOE/d, thirteen wells held, holdings up 40% to over 700 acres, and the US$2.0m leasing facility secured. About US$1.6m of the US$3.5m Merchant funding used. Largely restates earlier announcements.
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.
27 Apr 2017quarterly activities report● Neutral
March 2017 quarter report: twelve wells, 500 acres and 14 development units. Strack is completed with first sales expected in the June quarter. US$1.145m of the US$3.5m Merchant funding has been used to date. Largely restates earlier announcements.
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.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter report restates ~500 acres, 18 development units and five STACK wells, with Strack drilled awaiting completion and Ike drilling. Placements in the quarter raised $1m at $0.01. No material new substance; Payne County saw no activity.
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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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.
31 Oct 2016quarterly activities report● Neutral
September 2016 quarter report restates ~400 acres, the Merchant joint venture still described as proposed, the Strack well election and the new E&P agreement. No new substance beyond earlier announcements; financial figures are not in the extract.
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.
