Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 May 2023agm notice● Neutral
All three AGM resolutions passed on a poll: the remuneration report, re-election of Chair Michael Fry, and renewal of proportional takeover provisions. Each drew over 98% of votes cast in favour. Routine outcome, no change to the board.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter: receipts A$9.0m, down on temporary well shut-ins and lower prices; capex A$18.9m for Wolf Pack and Juanita; working capital A$17.7m, no debt. Net production 1,053 BOE/d. Wolf Pack made 71,333 BOE by quarter end; its revenue falls in the June quarter.
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.
21 Apr 2023agm notice● Neutral
Cover letter for the Annual General Meeting at 10:00am WST on 26 May 2023 in Crawley, with proxies due 24 May. Administrative notice only; no business content in the letter.
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.
2 Feb 2023drilling progress report● Neutral
Wolf Pack's isolation plugs have been milled out and the snubbing unit demobilised. Fluid circulation to clean up the well comes next, before flowback. Routine progress; no flow results yet.
30 Jan 2023quarterly activities report● Neutral
December quarter: receipts A$16.3m, operating cashflow +A$8.6m, cash A$32.9m (up A$4.17m), no debt. Net production 1,064 BOE/d versus 1,395 in September quarter. Wolf Pack drilled and in completion; Juanita drilling. Shares 5.01bn, market cap ~A$65m.
24 Jan 2023admin correction● Neutral
Re-release of the 23 January Juanita update (TD ~6,350 ft, oil shows in all ten zones, logging next). No new information.
23 Jan 2023drilling result▲ Good
Juanita reached total depth of ~6,350 ft, with oil shows and elevated gas readings in all ten target reservoirs. Wireline logging comes next; shows are only an early indicator and no flow or reserves are confirmed. Follows the November rig suspension.
18 Jan 2023drilling progress report▲ Good
Multi-stage hydraulic stimulation of Wolf Pack, the first Phase Two SWISH well, is complete, and the crew is demobilising. Next are milling out plugs, clean-up and flowback. No flow rates yet.
17 Jan 2023drilling progress report▲ Good
Dan D Rig 7 is set up and tested, and Juanita has been re-entered and is drilling at about 3,500 ft. This resolves the rig-replacement thread after the November suspension; logging of the ten target zones is next.
5 Jan 2023drilling progress report● Neutral
A replacement rig, Dan D Rig 7, is mobilising to the Juanita well, with re-entry expected the week of 9 January. It follows the November suspension at ~3,500 ft TVD for over-pressure. No new results; routine progress.
29 Dec 2022contract award▲ Good
Halliburton (spelled 'Haliburton' in the release) has been appointed to run completion operations on Wolf Pack, with crews mobilising and work expected to start the following week. Management says it is on track for a company record for days from spud to first sales.
22 Dec 2022drilling result▲ GoodMajor
Wolf Pack reached total depth of ~17,260 ft in 37 days, with oil and gas shows throughout the lateral, and production casing is run and cemented. Rig release is under way; stimulation and production facilities come next. Flow rates are not yet known.
15 Dec 2022drilling progress report▲ Good
Wolf Pack is drilling the lateral at ~13,500 ft measured depth, with extensive oil and gas shows that the company says match expectations. Shows are an early indicator only; production rates are not yet known.
