Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Aug 2016quarterly activities report● Neutral
June 2016 quarter report restates the royalty deal, the extra 50 leasehold acres and the Merchant in-principle joint venture (US$3.5m, up to ten wells). No new substance beyond earlier announcements.
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.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: Brookside bought royalties over ~100 acres in the STACK Meramec play (modelled ~US$4m royalties), with Continental to drill the Ike well. After quarter end it placed 60m shares at $0.01 (~$600k); 40m more plus options await approval at the 30 May AGM.
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.
8 Feb 2016quarterly activities report● Neutral
Addendum to the December quarter report: Black Mesa reviewed opportunities but none completed. No exploration or production occurred on the Payne County leases (465 gross, 282 net acres, 100% interest). No new substance.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: placement completed, share consolidation done and the Black Mesa investment made. Cash ended at about A$1.8m, with 400m shares and 187.5m options at $0.02 on issue. Operating cash outflow was A$356k; next quarter's planned outflow is A$224k.
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.
Create a free account to see this worked out for your own holding.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: relisted 5 August, AGM resolutions passed, 10-for-1 consolidation completed leaving 350,000,303 shares, and 175m options at $0.02 issued. Raised A$2.55m, ending with about A$1.56m cash; the company is reviewing acquisition opportunities.
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.
3 Aug 2015listing compliance notice● Neutral
ASX formal notice confirms reinstatement on 5 August 2015 with 3,500,000,000 fully paid shares quoted under code BRK. Duplicates the reinstatement announcement with admin details.
3 Aug 2015other● Neutral
Planned use of the $2,549,980 raised: $350,000 to the creditors' trust, $995,000 for reviewing and developing the existing business, $372,000 director and executive fees, and $495,842 working capital, with the rest on costs.
3 Aug 2015other● Neutral
Corporate governance statement dated 20 July 2015 sets out which ASX governance recommendations the company will follow on readmission. Standard compliance document with no new business information.
3 Aug 2015other● Neutral
Business strategy is unchanged: explore the Payne County acreage in Oklahoma, possibly sole-funded or farmed out, and look for other mid-continent oil and gas opportunities. The board may also seek acquisitions.
3 Aug 2015listing compliance notice▲ GoodMajor
ASX will reinstate Brookside's shares to quotation from 5 August 2015 under code BRK, after the recapitalisation. This ends the suspension that began 10 December 2014.
