Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2022quarterly activities report▲ Good
March quarter receipts were A$7.923m with operating cashflow of A$2.363m and cash of A$17.674m. Net production was 443 BOE/d. Citation, Continental and XTO joined as Flames partners. Rangers began sales after quarter end. Shares on issue were 3.50bn.
26 Apr 2022agm notice● Neutral
Cover letter for the Annual General Meeting at 10:00am WST on 27 May 2022 in Crawley, with proxy deadline 25 May. Administrative; no substantive information.
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.
14 Mar 2022drilling spud▲ GoodMajor
The Flames well, the third and final well of the SWISH hold-by-production program, spudded late the previous week and is drilling the vertical section. It follows the 7 March acceleration. Brookside is now drilling Flames while completing Rangers; ~10,000 ft Woodford lateral planned, TD ~18,300 ft.
10 Mar 2022drilling progress report● Neutral
Cudd has finished rigging up and testing at Rangers, and the multi-stage hydraulic stimulation is about to begin, expected to take about two weeks. All surface production facilities are in place. This follows the 4 March mobilisation; no flow results yet.
8 Mar 2022investor presentation● Neutral
Notice of a free shareholder webinar hosted by Spark Plus on 9 March 2022, where the MD will discuss the drilling program, the Flames acceleration and funding. Administrative notice with no new results.
7 Mar 2022drilling scheduled▲ GoodMajor
Brookside accelerated the Flames well, a ~10,000 ft Woodford lateral, with Kenai Rig 18 mobilising and WI expected above 80%. CPS Capital is providing short-term loan funding and options underwriting; the company says it is fully funded to complete its three-well program. Loan size and terms are not in the text shown.
7 Mar 2022investor presentation● Neutral
March investor presentation repeats known themes: three wells on production by mid-year, all three units held by production in the first half of 2022, and Jewell-based type-well metrics. Market cap ~A$60m, cash ~A$12.7m at 31 December. No new announcement-level information.
4 Mar 2022drilling progress report● Neutral
Cudd began moving completion equipment to Rangers. Completion starts 7 March, with about two weeks of plug-and-perforate work and a further three weeks of clean-up before flow results. Management notes the well is an offset to the Sundance Kid well, which initially flowed above 2,000 BOE/d.
