2 Feb 2024investor presentation● Neutral
Notice of an online briefing on 6 February 2024 on the December quarter results, hosted by David Prentice. Administrative; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2024quarterly activities report▲ GoodMajor
December quarter: receipts A$12.2m, cash A$26.2m after A$3.9m prepaid for the four-well Flames-Maroons program, no debt; net production 1,410 BOE/d, down 7% on the quarter. First well spudded; the plan targets about 2,500 BOE/d by Q4 2024. Buy-back finished at 250m shares (A$3.13m), with a further one planned.
17 Jan 2024drilling progress report▲ Good
The multi-well Sanford Pad is built, on budget. Three wells (Fleury, Maroons, Iginla) will drill from it and a fourth (Rocket) from the existing Flames pad, under the Flames-Maroons Development Plan announced 13 December 2023. No well results yet.
6 Dec 2023investor presentation● Neutral
Ord Minnett deck largely repeating the Noosa presentation: enterprise value A$29.4m versus A$265m NPV10 of the 11.9 MMBOE reserves, A$5.2m free cash flow, and buy-back. No new announcement content.
17 Nov 2023investor presentation● Neutral
Noosa conference deck repeating known points: enterprise value A$29.4m against A$265m NPV10 of the 11.9 MMBOE reserves (an 89% discount), A$5.2m free cash flow in the September quarter, and a buy-back that has cut shares on issue 4.4%.
8 Nov 2023investor presentation● Neutral
Notice that David Prentice will present at the Noosa Mining Investor Conference on 17 November 2023. Administrative; no new company information.
1 Nov 2023director officer appointment● NeutralMajor
Shane Gray, a US oil and gas CFO formerly with El Toro Resources, is appointed CFO of Brookside and Black Mesa, starting later in November and reporting to David Prentice. The company links the hire to the next stage of monetising its assets.
27 Oct 2023other● Neutral
Notice of an online investor briefing on 31 October 2023 after the September quarterly report. No new information on operations or finances.
26 Sept 2023asset acquisition disposition▲ GoodMajor
Brookside added about 400 gross acres in the Woodford 'Oil Window', lifting its position there 12.5%, and says the OCC approved a 1,280-acre Bruins unit (up 33%) and initial Flames approvals. This builds a contiguous 3,200-acre block; monetisation steps are still being mapped, with no terms given.
13 Sept 2023half year report▲ Good
First-half 2023: gross production revenue A$26.8m, net profit adjusted for non-cash items A$14.9m, cash and receivables A$28.4m, no debt. The buy-back has bought 150m shares (3% of issued capital) for A$2.02m at an average A$0.0135.
24 Aug 2023production update● NeutralMajor
Juanita is on commercial production, commingled from two Simpson Group sands, averaging 112 barrels of oil a day over five days with an initial peak of 130. That is below the 329 and 258 BOE/d test peaks. Remaining zones to be tested later.
16 Aug 2023investor presentation● Neutral
August 2023 presentation restating known facts: cash A$23.5m, no debt, market cap A$60m, enterprise value A$36.5m against 11.9 MMBOE 2P reserves. No new announcement content.
27 July 2023production update▲ GoodMajor
Brookside has produced 1 million BOE (715,000 barrels of liquids) in under two years since Jewell came on. It says plans for monetising the 11.9 MMBOE 2P reserves (US$170.5m, A$0.05/share NPV10) are 'well advanced', with no deal or terms given.
20 July 2023well test result▲ Good
A second Simpson Group sand at Juanita peaked at 258 BOE/d (78% oil), adding to the earlier 329 BOE/d zone. The zone is shut in while plans are optimised; production will focus on these two zones, with other horizons tested later.
22 June 2023drilling progress report● Neutral
A rig is on site at Juanita to test the next Simpson Group zone, starting around end of week and taking about 6 weeks. Thelma's surface facilities were upgraded to take Juanita's output instead of building new ones. No new results.
20 June 2023admin correction● Neutral
Revised re-release of the 19 June auditor change notice, adding only that Hall Chadwick's appointment is effective 19 June 2023. No other change.
19 June 2023auditor change● Neutral
Hall Chadwick Audit (WA) is appointed auditor after HLB Mann Judd resigned with ASIC consent. The company says it is refocusing its audit efforts on its US operations and subsidiaries. Appointment is to be ratified at the next AGM.
31 May 2023well test result▲ GoodMajor
Juanita's first production test, from a Simpson Group sand, peaked at 329 BOE/d (75% oil) and averaged 174 BOE/d over 27 days; about 5,065 BOE sold so far. Three deeper secondary and tertiary zones showed low commerciality. First flow result for the Bradbury well, after March's logs showed pay.
16 May 2023investor presentation● Neutral
May 2023 investor presentation restating known facts: 11.9 MMBOE 2P reserves, US$170.5m NPV10, cash A$17.7m (31 Mar), no debt, market cap A$75.2m. It says the reserve is a 'catalyst for on-market share buy-back', the first mention of a buy-back in this context.
11 May 2023well test result▲ GoodMajor
Wolf Pack reached a peak IP24 of 2,034 BOE/d (88% liquids) and IP30 of 1,869 BOE/d, both Brookside operated-well records. It has produced over 140,000 BOE, worth over US$7.9m gross at current prices. Company WI is 83.93%. Resolves the open IP24/IP30 thread.
26 Apr 2023resource reserve update▲ GoodMajor
Independent engineers Haas certify SWISH 2P net reserves of 11.9 MMBOE (1P 3.7 MMBOE), with pre-tax NPV10 of US$170.5m (A$254.5m). This is a big step up from the 3.45 MMboe maiden reserves of 2017, and covers twenty undrilled locations. Excludes Bradbury and future pooling.
3 Apr 2023admin correction● Neutral
Amended re-release of the 31 March FY2022 results. Headline figures are unchanged (revenue A$53.0m, profit A$15.1m); the results table is reformatted and EPS is corrected to 0.35 cents from 0.8 cents.
31 Mar 2023annual report▲ GoodMajor
FY2022 results: revenue A$53.0m (2021: A$12.6m), record after-tax profit A$15.1m (2021: A$2.6m loss), 613,533 BOE gross operated, acreage up 41% to ~4,615 acres. First annual profit in the period covered; EPS figure here was later amended.
31 Mar 2023admin correction● Neutral
Appendix 4G corporate governance checklist for FY2022, confirming the governance statement is current at 31 March 2023 and available on the company website. Administrative filing with no new business information.
22 Mar 2023investor presentation● Neutral
March 2023 investor presentation restating known facts: market cap A$55.2m, 5.01bn shares, cash ~A$32.9m (31 Dec 2022), enterprise value ~A$22.3m, ~4,300 acres, 11.6 MMBOE prospective resources. No new announcement content seen.
21 Mar 2023production update▲ GoodMajor
Wolf Pack has produced over 40,000 BOE (80% oil) in its first 30 days, generating about US$2.5m estimated gross revenue at WTI US$70. Rates have exceeded 1,500 BOE/d and are rising. This gives the first figures after February's 'very encouraging' sales start.
2 Mar 2023drilling result▲ GoodMajor
Logs on the Juanita well show 389 feet of net pay within 1,119 feet gross across all the pre-drill target zones, and production casing is set. Production testing, several months of reservoir-by-reservoir work, starts in 2–3 weeks. Pay is not yet flow or reserves. WI stated as 95%.
21 Feb 2023other● Neutral
ASX has temporarily paused trading in Brookside shares pending a further announcement. No reason is given in the notice. Same-day Wolf Pack release suggests it may be linked (inference).
21 Feb 2023production update▲ GoodMajor
Wolf Pack, the first Phase Two well, has established commercial oil and gas sales during flowback, a company-record three months from spud. Early rates are called 'very encouraging' but no figures are given; IP24, IP30 and IP90 will be reported later.
14 Feb 2023drilling progress report● Neutral
Wolf Pack is circulating fluids while the gas sales pipeline connection, flowlines and tank battery are installed. Flowback through permanent facilities is next. Routine progress; no flow results.