Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2024flow test result▲ GoodMajor
The four FMDP wells produced about 80,000 BOE gross (87% liquids) in early flowback, earning roughly US$4.3m gross revenue, with combined output near 3,900 BOE/d and under 6% of frac fluid recovered. Brookside's average working interest is about 68%. Peak and IP rates still to come.
3 Oct 2024debt financing▲ GoodMajor
Brookside's US subsidiary secured a three-year, interest-only US$25m credit facility with UMB Bank, with an initial borrowing base of US$8.5m, currently undrawn. Hedging is required only above 50% utilisation. Follows earlier talk of a facility up to US$15m for SWISH development.
26 Sept 2024production update▲ GoodMajor
All four FMDP wells are producing and selling oil and gas, about seven months after Iginla spudded in February. Early rates are called 'very encouraging' but no figures are given; IP24, IP30 and IP90 rates are to follow. Resolves the first-sales target.
18 Sept 2024drilling progress report● Neutral
All frac plugs drilled out on the four FMDP wells; clean-up has begun and flowline and wellhead hookups are under way. A reportable incident during rig-down damaged contractor equipment, with no injuries. First sales still targeted late Q3/early Q4 2024.
13 Sept 2024half year report▲ Good
Half-year to 30 June 2024: oil and gas revenue A$15.4m, gross profit A$8.4m, adjusted NPAT A$7.1m, capex A$12m mostly FMDP, cash and receivables A$24.3m. Net production averaged 1,096 BOE/d; FMDP and Gapstow expected to lift output in Q4.
11 Sept 2024agm notice● Neutral
Letter to shareholders giving notice of a General Meeting at 10:00am WST on 11 October 2024 in Crawley, with proxies due 9 October. The meeting is where the proposed capital consolidation would be voted on (inference from the same-day announcement).
11 Sept 2024other● NeutralMajor
Brookside resolved to pursue an NYSE American listing via American Depositary Shares while keeping its ASX primary listing, and to consolidate shares 1-for-50, cutting about 4.77 billion shares to roughly 95.5 million, subject to shareholder vote. Builds on the December 2023 aim to attract US investors.
29 Aug 2024admin correction● Neutral
Amended re-release of the 28 August FMDP stimulation-complete announcement, adding disclosure the ASX Listing Rules require for the forecast production target and financial information. Content is otherwise unchanged: 92 Sanford stages done, first sales still targeted late Q3/early Q4 2024.
28 Aug 2024drilling progress report▲ Good
Stimulation of all four FMDP wells is complete (92 stages on the Sanford Pad wells), on budget and schedule. Plug drill-out has begun and flowback and first sales remain targeted for late Q3/early Q4 2024. No flow rates yet.
15 Aug 2024drilling progress report▲ Good
Rocket completion finished with all 46 stages placed, on budget and schedule. Completion has begun on the Sanford Pad wells (Iginla, Maroons, Fleury) using zipper fracs. First sales still targeted late Q3/early Q4 2024.
6 Aug 2024joint venture update▲ Good
Continental's Gapstow development, where Brookside holds 20.9% working interest in seven of nine wells, has its final well nearing total depth, with completions and tank battery work under way. Production is expected early Q4 2024, about 150 BOEPD net.
5 Aug 2024investor presentation● Neutral
Notice of an investor webinar on 7 August 2024 covering June quarter results, hosted by David Prentice. Administrative; no new information.
31 July 2024quarterly activities report● Neutral
June quarter: receipts A$8.7m, operating cash flow A$2.6m, net production 1,078 BOE/d (down from 1,191). Cash fell to A$21.8m after about A$15m FMDP-related capex; no debt. FMDP and Gapstow still target over 2,500 BOEPD by Q4 2024. The text gives A$21.4m once, apparently an inconsistency.
30 July 2024drilling progress report▲ Good
Completion work has started on Rocket (46 stages), then moves to the three-well Sanford Pad using zipper fracs. Company still targets first sales late Q3/early Q4 and 2,500 BOEPD net by Q4 2024. No flow results yet.
11 July 2024well test result▲ Good
Wolf Pack well, the 2023 SWISH well with a 2,034 BOE/d peak rate, has paid back its drilling and completion costs in 13 months, after ~424,000 BOE sold and over US$21m revenue. It is the third SWISH well to pay out, after Jewell and Rangers.
20 June 2024drilling result▲ GoodMajor
Rocket, the fourth and final FMDP well, reached 17,955 feet and is cased; all four wells took 115 days versus 136 planned. Completions start late July/early August, with first sales late Q3/early Q4 and target of 2,500 BOEPD net by Q4 2024. No flow rates yet.
19 June 2024investor presentation● Neutral
Gold Coast Investment Showcase presentation repeating known points: 11.6 MMBOE 2P reserves, A$32.7m cash, no debt, 5% buy-back completed, and production growing to 6,300 BOEPD by FY2028. No new information in the text seen.
5 June 2024drilling progress report● Neutral
Rocket continues drilling the lateral at about 13,178 feet. Construction of the Sanford Pad tank battery has begun off-site, with tanks due in coming weeks. Company says on budget and on time. No results yet.
29 May 2024drilling progress report● Neutral
Rocket's intermediate section is cased, the curve is landed, and the lateral is drilling at about 9,205 feet. Company says on budget and on time. No results yet.
24 May 2024investor presentation● Neutral
AGM presentation held 24 May 2024, repeating known points: 11.6 MMBOE 2P reserves, A$32.7m cash, no debt, and the drilling program to double production by Q4 2024. No new information in the text seen; AGM results not shown.
22 May 2024drilling progress report● Neutral
Rocket, the final Flames-Maroons well, has surface casing cemented and is drilling the intermediate section at about 7,047 feet. Company says on budget and on time. No results yet.
16 May 2024drilling result▲ Good
Fleury finished drilling at 13,115 feet and production casing is cemented. The company says the Woodford lateral crossed numerous fracture swarms with notable hydrocarbon shows. These are drilling indications, not flow results. The rig has moved to Flames Pad and spudded Rocket, the fourth and final well.
15 May 2024investor presentation● Neutral
Presentation for the London 121 investor conference repeating known points: 11.6 MMBOE 2P reserves, A$32.7m cash, no debt, and the drilling program aiming to double production by Q4 2024. No new information.
9 May 2024drilling progress report● Neutral
Fleury's intermediate casing is cemented, the curve is landed and the lateral is drilling at about 12,975 feet. Company says on budget and on time. No results yet.
8 May 2024farm in farm out agreement▲ GoodMajor
Brookside will join Continental Resources' Gapstow full field development next to its Bruins and Jewell units, in seven wells at 20.9% working interest for a net US$2.5m, already in the 2024 capex budget. The company expects about 150 BOE/d net (70% liquids) from the December quarter.
2 May 2024drilling progress report● Neutral
Fleury's intermediate section is drilled to about 7,825 feet and casing is being run and cemented. It is the third of four Flames-Maroons wells. Company says on budget and on time; no results yet.
1 May 2024investor presentation● Neutral
Notice of an investor webinar on 2 May 2024 on March quarter results, hosted by David Prentice. Administrative; no new information.
30 Apr 2024quarterly activities report● Neutral
March quarter: receipts A$10.2m, operating cash flow A$5.2m, cash A$32.7m (up from A$26.2m), no debt. Net production fell to 1,191 BOE/d, as Rangers and Jewell were shut in temporarily. Buy-back restart deferred until after drilling-program production starts.
24 Apr 2024drilling progress report● Neutral
Maroons is cased and the rig has moved to Fleury, the third of four wells and a Woodford target, drilling the intermediate section at about 2,250 feet. No results yet.
23 Apr 2024agm notice● Neutral
Cover letter for the annual general meeting at 10:00am WST on 24 May 2024 in Crawley, with proxies due 22 May. Administrative; no new information.
