Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2020drilling progress report▲ Good
Surface equipment, including a refurbished pumping unit, is installed and operating at Mitchell 12-1. A peak gas rate is still awaited. The Orion JV says new acquisition candidates are in negotiation or due diligence.
3 Sept 2020drilling progress report● Neutral
Second re-release of the Mitchell 12-1 workover completion, with identical text to refs 2 and 3. No new information; production rate still awaited.
3 Sept 2020drilling progress report▲ Good
Workover of the Orion JV's Mitchell 12-1 well is complete; gas and condensate reached surface and about 260 feet of Sycamore perforations were treated. The well is shut in awaiting a gas meter. No production rate yet, resolving the 31 August workover.
3 Sept 2020drilling progress report● Neutral
Clarification re-release of the Mitchell 12-1 workover completion; the text matches ref 2. Workover done, perforations treated, well shut in awaiting a gas meter. No new information or production rate.
31 Aug 2020drilling progress report● Neutral
A workover rig is on location at the Orion JV's Mitchell 12-1 well in the Jewell unit. Work covers equipment repair and clean-up of the Sycamore interval, then swab testing and planned restoration of production. No result yet.
2 Oct 2019farm in farm out agreement▼ BadMajor
Stonehorse withdrew from the Jewell well step-in, and Brookside formally agreed. This reverses the 12 Sep funding path. Brookside says it is still working on funding for Jewell drilling and completion, with no timing given.
12 Sept 2019farm in farm out agreement▲ Good
Stonehorse agreed to fund about US$214,311 of site works for the Jewell well, giving a potential step-in of up to ~90% WI. This is a first step toward funding the long-delayed Jewell well. It was later withdrawn (see 2 Oct).
11 Apr 2019drilling progress report▲ GoodMajor
Brookside is joining Devon Energy's four-well Centaur infill project in the STACK, its first development of proved undeveloped locations. Interest is small; two wells reached ~21,000 ft depth. Costs are funded from working capital, with revenue expected Q4 2019.
6 Dec 2018resource reserve update▲ GoodMajor
Maiden reserves of 3.45 MMboe net (2.83 MMboe proved, 617 Mboe probable) covering ~20% of its Anadarko holdings, with NPV10 of US$12.5m. Management cites ~US$30,000 per acre. Resolves the maiden reserve report thread; the evaluation date is 31 December 2017.
5 July 2017drilling progress report▲ Good
Brookside is now in seventeen wells (fifteen working interest, two royalty), up 30% from thirteen. One is producing, two flowing back, three drilled awaiting completion and two drilling, including Herring (11.5% interest). Incremental update; no new results.
23 May 2017drilling progress report▲ Good
Brookside is now in thirteen STACK wells (twelve working interest, one royalty). Two more are flowing back, one is drilled awaiting completion, and Herring (now 11.5% interest) is set to spud. US$1.34m of Merchant funding used so far. Strack's first revenue is expected in the September quarter.
28 Mar 2017drilling scheduled▲ Good
Brookside elected into the Triumph-operated Herring 1-33 well with about 9.0% working interest (US$443,388 cost share, funded by the Merchant venture), taking it to twelve STACK wells. Spud is expected this week.
8 Mar 2017drilling scheduled▲ Good
Brookside confirmed a 6.25% working interest in the Devon-operated Sphinx well, its eleventh STACK well, with a US$453,470 cost share funded by the Merchant venture. Spud is expected in the June 2017 quarter.
23 Feb 2017drilling progress report▲ Good
Completion operations began on Strack 1-2-11XH, Brookside's first STACK working-interest well, with production facilities being installed. First sales are expected early in the June quarter 2017. Ike and Davis are still drilling.
10 Feb 2017drilling progress report▲ Good
Brookside now says it is in ten STACK horizontal wells (up from five), at roughly 1% to 9% working interests, with five new permitted wells added. Strack completion is expected within six weeks and HR Potter to spud in April 2017. Costs are funded by the Merchant venture.
25 Nov 2016drilling scheduled▲ Good
Continental is moving equipment onto location for the Ike #1-20-17XH royalty well, to ~22,393 ft depth. Brookside bears no drilling or operating costs and will receive its share of revenue once the well produces.
15 Nov 2016drilling spud▲ GoodMajor
Marathon began drilling Strack 1-2-11XH, Brookside's first STACK working-interest well, with 12.5 acres in the unit. Target depth is ~20,106 ft in about 26 drilling days. Brookside says its share of costs is funded by the Merchant venture.
17 Aug 2016drilling scheduled▲ GoodMajor
Marathon Oil will operate Strack 1-2-11XH, the first of six wells on Brookside's STACK leasehold, an extended-reach well with 20,448 feet measured depth. Brookside holds 12.5 acres in the unit; its costs are to be funded by the proposed Merchant joint venture.
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.
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.
21 Aug 2014resource reserve update▲ GoodMajor
Mid-2014 independent reserves rose despite reduced drilling: 1P up 25% to 23.3 mmboe (NPV10 US$293m), 2P up 41% to 34.6 mmboe, 3P up 22% to 41.0 mmboe. The company says 1P value comfortably exceeds its market cap plus net debt.
10 Apr 2014farm in farm out agreement▲ Good
Farm-out of up to 160 acres in Noble County, Oklahoma to Blue Quail, which must spud a vertical Cleveland Sandstone test well by 21 May 2014 at its own cost. Red Fork then holds 15% of the well and keeps horizontal rights, with no cost to it.
21 Feb 2014resource reserve update▲ GoodMajor
Year-end 2013 independent reserves rose: 1P to 18.6 mmboe (up 130% on the year) with NPV10 of US$277m, and 3P to 33.5 mmboe (US$491m). The board is also reviewing the 2014 Big River programme to avoid more debt or equity, which would mean slower drilling.
18 Sept 2013resource reserve update▲ GoodMajor
Reserves at 30 June 2013 rise sharply: net 1P to 14.0 mmboe (from 8.1) and 3P to 28.3 mmboe (from 18.0). 1P NPV is US$196.3m, up 120%. This should support a larger borrowing base, following the July US$100m facility expansion.
15 May 2013drilling progress report▲ Good
A fourth rig is now running, drilling water disposal wells, and the backlog of wells awaiting stimulation has cleared. April gross production averaged about 1,806 boe/d, currently about 1,950. Flinders hit the 45-day spud-to-sales target. Larry Edwards is now listed as a non-executive director.
12 Apr 2013drilling progress report▲ Good
March gross production averaged about 1,690 boe/d, with a record of about 2,100 in the third week. Twenty wells are now completed; Mawson peaked at 456 and Hartog 396 boe/d. Thirty-three gross wells are across eight development areas.
15 Mar 2013drilling progress report▲ Good
February gross production averaged about 1,303 boe/d; current is about 1,590, with a record of about 1,800 in early March. The company is on track for 20 wells completed by end of March. Thirty gross wells now sit across eight development areas.
28 Feb 2013resource reserve update▲ GoodMajor
Independent mid-year certification lifts Mississippian 3P reserves 49% to 9.6 mmboe net (from 6.5 mmboe in October 2012), across 41 net wells. 1P is 2.6 and 2P 3.5 mmboe net; 3P NPV(10) is US$164.6m. Contingent resource figures are the June 2012 numbers.
14 Feb 2013drilling progress report▲ Good
January gross production averaged about 1,000 boe/d; current output is about 1,295 boe/d (about 1,075 net). Warburton peaked at 452 boe/d. Three rigs now average 26-day spud-to-spud cycles, with 23 wells across five development areas and five more scheduled for stimulation this quarter.
24 Jan 2013drilling progress report▲ Good
December gross production averaged 1,234 boe/d (about 1,000 net to Red Fork). McMurtry 1-22H reached a new peak of 455 boe/d, with 365 boe/d over 7 days. Hammer Head reached TD in 25 days. Bill Warnock is now listed as a non-executive director.
