Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2024drilling result▲ Good
Maroons finished drilling at about 12,665 feet, on budget and schedule. The company says the Sycamore lateral crossed numerous fractures with continuous gas shows. These are drilling indications, not production results. The rig now moves to Fleury.
17 Apr 2024resource reserve update▲ GoodMajor
Brookside outlines a 16-well full field development of SWISH from early 2025, after the current drilling program. Forecasts (at US$70 oil) are ~4,500 BOE/d and US$51m net income in 2028. Updated 2P reserves are 11.6 MMBOE, down from 11.9. Net capex is estimated at US$126m, funded from cashflow and a credit facility of up to US$15m.
10 Apr 2024drilling progress report● Neutral
Maroons' intermediate section is cased, the curve landed, and the lateral is drilling at about 8,500 feet. The company says operations are safe, on budget and on time. No results yet.
3 Apr 2024drilling progress report● Neutral
Casing and cementing of the Iginla lateral was completed and the rig was walked to the Maroons Well. Maroons, the second of four Flames-Maroons wells and a Sycamore target, was drilling the intermediate section at about 6,800 feet. No results were reported.
28 Mar 2024annual report▲ Good
FY2023 annual report: after-tax profit A$16.65m (2022: A$15.10m), no dividend. Net production 509,921 BOE for the year; 1,410 BOE/d at December quarter. Restates known points: 11.9 MMBOE 2P reserves, the Flames-Maroons plan targeting ~2,500 BOE/d by Q4 2024. Text is truncated.
28 Mar 2024drilling result▲ GoodMajor
Iginla, the first Flames-Maroons well, finished drilling at about 18,685 feet, on budget and schedule. The company says the lateral crossed numerous fracture swarms with gas shows in oil-prone Woodford shale. These are drilling indications, not production results; casing is being cemented.
28 Mar 2024admin correction● Neutral
Appendix 4G and corporate governance statement for FY2023, pointing to the company website. Compliance filing with no new information on operations or finances.
20 Mar 2024drilling progress report● Neutral
Iginla's lateral is drilling ahead at about 16,500 feet, on budget and on time. The rig will then move back to Maroons. No results yet.
14 Mar 2024drilling progress report● Neutral
Iginla's curve is landed and the rig is drilling the lateral at about 11,100 feet measured depth. The company says operations remain on budget and on time. No results yet.
13 Mar 2024investor presentation● Neutral
Brisbane conference deck repeating known points: 11.9 MMBOE 2P reserves, 1,410 BOE/d, about A$26m cash, no debt, and the drilling program aiming to double production by Q4 2024. Says further buy-backs are contemplated after the drilling program. No new information.
6 Mar 2024drilling progress report● Neutral
Iginla's intermediate section is drilled and cased at about 7,800 feet. The curve is next, then the lateral. The company says operations are on budget and on time; no results yet.
28 Feb 2024drilling progress report● Neutral
Maroons and Fleury have now also spudded, so three of four Flames-Maroons wells are started, with surface holes cased. The rig is back on Iginla drilling the intermediate section, and the company says it is on budget and on time. No results yet.
23 Feb 2024director officer appointment● NeutralMajor
Chris Robertson, a Sydney-based investor and shareholder since 2016, joins as independent non-executive director from 1 March 2024. Brookside also buys out the 11.6% back-in interest held by US executives, paying a 1.3% SWISH royalty plus seven instalments of about US$618,000 from 2025.
19 Feb 2024drilling spud▲ GoodMajor
The first of four Flames-Maroons wells, Iginla, has spudded, with Kenai Rig 19 set up ahead of schedule. This begins the drilling the company calls transformational, targeting about 2,500 BOE/d by Q4 2024. No results yet.
8 Feb 2024drilling progress report● Neutral
The Sanford Pad is ready for the drill rig, with conductors set on the Fleury, Maroons and Iginla wells. Kenai Rig 19 is due within 10 days, and grid power is connected, saving generator rental. Continues the Flames-Maroons plan; no well results yet.
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.
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.
31 Oct 2023quarterly activities report▲ Good
September quarter: receipts A$12.9m, operating cashflow A$6.3m, cash A$28.1m, no debt; net production 1,517 BOE/d (67% liquids). Buy-back has bought 219,999,999 shares (4.4%) for A$2.81m. Monetisation plan for the 11.9 MMBOE reserves is still 'being finalised', with no deal announced.
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.
31 July 2023quarterly activities report▲ Good
June quarter: record receipts A$17.5m, operating cashflow +A$9.3m, cash A$23.5m, no debt. Net production 1,603 BOE/d; Flames back to full rates. A buy-back began: 129.8m shares bought for A$1.77m. Receipts rose as the March report had expected.
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.
