Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2022investor presentation● Neutral
July 2022 presentation for Spark Plus Aussie Equities Day, largely repeating known points: three wells on production, all three units held by production, ~3,400 acres, 11,606,000 BOE prospective resource. Market cap shown as ~A$80m. Cash quoted is the old A$17.7m March figure.
27 July 2022drilling scheduled▲ Good
With the three-well HBP program nearly complete, Brookside has lodged OCC applications for a new Sycamore well in the Jewell unit (the Ruby well, east half) and is preparing similar applications for Rangers. Pre-drill planning has started; no spud date or cost given.
21 July 2022drilling progress report▲ Good
Flames flow-back has begun, with the well flowing to temporary facilities and some oil and gas already recovered alongside stimulation fluid. Next step is switching to permanent facilities and starting sales. No flow rates given yet.
14 July 2022capital raising announcement▲ GoodMajor
The remaining 37,654,688 unexercised BRKOB options were placed through the CPS Capital underwriting. This closes out the options exercise process begun in March; total proceeds are not stated here.
13 July 2022drilling progress report● Neutral
Flames fluid circulation is complete and the site is connected to the Enerfin gas sales pipeline with a meter installed. Temporary flow-back equipment is set and tested. Flow-back is next; no flow rates yet.
8 July 2022capital raising announcement● Neutral
The final batch of option exercises produced 163,878,320 new shares. Options still unexercised will be placed under the CPS Capital underwriting from 7 March 2022. Adds to the share count; value of proceeds not stated.
6 July 2022drilling progress report● Neutral
Flames isolation plugs have been milled out. Next is circulating fluid to clean out debris before flow-back begins to temporary facilities. On schedule and without incident; no flow results yet.
1 July 2022security holder rights change▲ Good
A further 504,725,579 BRKOB options were exercised by expiry on 30 June 2022, leaving 201,533,008 still being reconciled. Any remainder goes to CPS Capital under the 7 March underwriting. Exercise at $0.011 brings in new cash, and the amount is not stated here.
23 June 2022drilling progress report● Neutral
Flames multi-stage stimulation was completed as designed. Next is milling out isolation plugs, clean-up and fluid recovery, expected to take about 14-21 days. Production is therefore still some weeks away.
22 June 2022flow test result▲ GoodMajor
Rangers is flowing 1,310 BOEPD (~86-87% oil and liquids) with 21% of stimulation fluid recovered, up from 1,008 BOEPD on 12 May. About 73,160 BOE produced; gross revenue est. above US$6.75m at WTI US$110. Formal IP24/30/90 rates still to come.
15 June 2022drilling progress report● Neutral
Multi-stage hydraulic stimulation of Flames has started, with the first stages pumped as designed. The company expects this phase to finish late the following week. Moves Flames from preparation into completion; no flow results yet.
9 June 2022drilling progress report● Neutral
Flames surface facilities are finished, including connection to the gas sales line, and PSC has begun mobilising. Completion is expected to start shortly, a few days after the early-June start previously flagged. No results yet.
26 May 2022security holder rights change● Neutral
Notice that listed BRKOB options (exercisable at $0.011) expire 30 June 2022, with ASX quotation ceasing 24 June. Shares last traded at $0.018, above the exercise price. Sets up the CPS Capital underwriting of unexercised options announced 7 March.
25 May 2022drilling progress report● Neutral
Flames surface production facilities are being installed and the coiled tubing unit is on site. PSC is to start moving in equipment, with completion expected to begin the first week of June, as previously planned. No results yet.
20 May 2022investor presentation● Neutral
May 2022 investor presentation restating known points: three wells on production by mid-year, all three SWISH units held by production in first half 2022, ~3,400 acres, 11,606,000 BOE prospective resource, cash ~A$17.7m. No new results.
12 May 2022flow test result▲ GoodMajor
Rangers reached 1,008 BOEPD (~80% oil) in early flow-back with only 17% of stimulation fluid recovered. It has produced ~27,417 BOE, with estimated gross revenue above US$2.4m at WTI US$100. Brookside holds ~80% WI. Formal IP24, IP30 and IP90 rates are still to come.
4 May 2022contract award▲ Good
Black Mesa signed a Master Services Agreement with Producers Service Corp. to complete Flames, with stimulation planned to start in the first week of June. Production and sales are to follow soon after. Moves Flames from drilling to completion.
21 Apr 2022drilling result▲ GoodMajor
Flames reached TD of ~18,140 ft, slightly short of the ~18,300 ft projection, and production casing is cemented. It is Brookside's longest well and the last of the three-well hold-by-production program. Completion and first production are next.
14 Apr 2022production update▲ GoodMajor
Rangers has begun commercial oil and gas sales during early flow-back, with volumes rising as modelled. The Rangers unit is now held by production, which the company says will allow reserves to be booked. Brookside holds ~80% WI. No rates given yet.
14 Apr 2022drilling progress report● Neutral
Flames is still drilling the Woodford lateral, now at ~17,400 ft measured depth against a projected ~18,300 ft TD. On schedule and without incident; no results yet.
8 Apr 2022drilling progress report● Neutral
Flames is drilling ahead in the Woodford lateral at ~14,300 ft measured depth, on schedule and without incident. Follows the ~9,050 ft reading on 31 March. No results yet.
7 Apr 2022drilling progress report▲ Good
Rangers clean-up is complete and the well is flowing to temporary facilities, with oil and gas seen in recovered stimulation fluid. Next step is switching to permanent facilities and starting sales. Follows the 30 March plug milling; no flow rates given yet.
31 Mar 2022drilling progress report● Neutral
Flames intermediate casing is set and cemented, the curve is landed, and the rig is drilling the lateral at ~9,050 ft. The lateral target is ~10,000 ft, to a projected TD of ~18,300 ft. On schedule; no results yet.
31 Mar 2022annual report● Neutral
Appendix 4G confirms the corporate governance statement for the year ended 31 December 2021 is on the company website and approved by the board. Administrative filing with no financial or operational information.
31 Mar 2022annual report● Neutral
FY2021 loss was A$2.611m (2020: A$2.437m) on revenue of A$4.953m (2020: A$366k), driven by the Jewell well. Loss included A$4.239m of non-cash items. Rangers and Flames are expected on production in the second quarter of 2022.
30 Mar 2022drilling progress report● Neutral
Rangers isolation plugs are milled out and the well is circulating to clean up debris. Oil and gas reached surface, which the company says was expected. About 14 more days of clean-up and flow-back remain before first sales. No flow rates yet.
29 Mar 2022production update▲ GoodMajor
The Jewell well has paid out all drilling and completion costs in under six months of production, beating pre-drill estimates. It produced ~250,000 BOE (~73% oil and NGLs), with net revenue of US$9.03m at 80.4% NRI. The release footnotes a 41.6% working interest, which conflicts with earlier 84-90% figures.
24 Mar 2022drilling progress report▲ Good
All Rangers stimulation stages were pumped as designed, on schedule. A coiled tubing unit now mills out the isolation plugs, then clean-up and fluid recovery, expected to take 14-20 days. Flow rates are still to come.
23 Mar 2022drilling progress report● Neutral
Flames surface casing is set and cemented, and the well is drilling ahead at ~7,665 ft toward the intermediate casing point. Operations are on schedule and without incident. No new result.
17 Mar 2022drilling progress report● Neutral
Stimulation of Rangers has started, with the first few stages pumped to design, on schedule. The stimulation phase is expected to finish late the following week, after which comes flow-back and first sales. No production results yet.
