Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2022drilling progress report● Neutral
Surface production facilities at Rangers are being installed, including separators and four 750-barrel tanks, and the well is being connected to a gas sales line. Cudd completion work is still expected to start in the first week of March; on schedule.
1 Feb 2022contract award▲ Good
Black Mesa signed a Master Services Agreement with Cudd Energy Services to complete the Rangers well. Equipment is expected on site in the first week of March, with production and sales to follow soon after. This moves Rangers from drilling to completion.
28 Jan 2022quarterly activities report▲ Good
December quarter sales were A$3.57m, up 800%, with a first operating profit of A$2.78m as Jewell sales arrived. Production averaged ~540 BOE/d net, Jewell IP90 was ~1,570 BOE/d, and cash was ~A$12.8m. Rangers was spudded in the quarter.
25 Jan 2022drilling progress report● Neutral
Construction of the multi-well pad for the Flames well has begun, on schedule, with a 475 ft x 475 ft pad designed for drilling and completion equipment. This is the first sign of activity on the Flames unit, the third SWISH well; no spud date given.
20 Jan 2022farm in farm out completion▲ GoodMajor
Citation (10.2%), Continental (5.3%) and Exxon subsidiary XTO (1.7%) confirmed participation in the Rangers unit, with a further 2.1% taken by smaller private firms. Brookside expects to keep ~80% WI, in line with earlier '>80%' guidance, and Black Mesa operates.
17 Jan 2022drilling progress report● Neutral
Production casing is run and cemented in the Rangers lateral, and Kenai Rig 18 is released. Site work has begun for stimulation equipment and surface production facilities. Completion and first production still lie ahead.
13 Jan 2022drilling result▲ GoodMajor
Rangers reached total depth of ~17,460 ft on 11 January, slightly short of the ~17,750 ft planned. Extensive oil and gas shows continued through the horizontal section, per the company. Next is running production casing; no flow results yet.
6 Jan 2022drilling progress report▲ Good
Rangers has started drilling the horizontal section and was at ~14,030 ft. The company reports extensive oil and gas shows in mud logging, which it says are consistent with expectations. No flow rates yet.
31 Dec 2021drilling progress report▲ Good
Intermediate casing is set and the Rangers curve was landed in the Sycamore at 10,260 ft measured depth, as planned. The crew is changing the assembly to drill the horizontal section. Drilling is described as on schedule.
22 Dec 2021drilling progress report● Neutral
Rangers was drilling the vertical section at ~8,640 ft, safely and without incident. Next is reaching the ~9,800 ft kick-off point, setting intermediate casing and building the curve into the Sycamore.
20 Dec 2021admin correction● Neutral
Share registry Automic is moving its Perth office to Level 5, 191 St Georges Terrace from 20 December. Other contact details are unchanged. Administrative notice only, no substance for shareholders.
13 Dec 2021drilling spud▲ GoodMajor
The Rangers well, Brookside's second operated SWISH well after Jewell, was spudded on the evening of 11 December and is drilling the vertical section. Weekly operational reports are promised through the drilling campaign.
9 Dec 2021drilling progress report● Neutral
Rig mobilisation began on schedule, with about thirty truckloads of equipment arriving on 6 December. Spud is still expected in the week commencing 13 December.
2 Dec 2021drilling scheduled● Neutral
Kenai Rig 18 begins moving to the Rangers site on 6 December, with spud estimated in the week of 13 December. Support equipment is being installed. This gives the first spud timing after earlier updates left it open.
22 Nov 2021regulatory community update▲ Good
Oklahoma regulators issued the drilling permit for the Rangers well, a multi-unit horizontal Sycamore well to ~17,750 ft measured depth. Black Mesa is operator and Brookside's interest is expected to exceed 80%, following the unit orders. Rig arrival is still being prepared.
17 Nov 2021drilling progress report▲ Good
Conductor hole for the Rangers well has been drilled and cased, a step before spudding. Prentice says Brookside's working interest in the Rangers unit is expected to exceed 80%, up from the 41.25% listed in the half-year report. Spud date still not given.
11 Nov 2021flow test result▲ GoodMajor
Jewell reached a peak 24-hour rate of ~1,800 BOE per day and a 30-day average of 1,604 BOE per day, which the company says is significantly above its pre-drill estimates. Production is steady at ~1,630 BOE per day. 2022 SWISH plans are being finalised.
29 Oct 2021quarterly activities report▲ Good
September quarter: sales receipts ~A$396k, excluding Jewell revenue, which starts in the December quarter. Cash is ~A$12m, with the leasing facility repaid, and it holds interests in 43 wells. Jewell hit 1,727 BOE per day after quarter end; the Jewell unit is now held by production.
28 Oct 2021drilling progress report● Neutral
The all-weather pad and access road for the Rangers well are finished, and cellar drilling has begun, to be followed by the conductor hole. Housing trailers are being arranged for the drilling crew. No spud date is given yet.
22 Oct 2021investor presentation● Neutral
October investor presentation, titled Jewell exceeding expectations, repeats the business model and Jewell results. Shows ~3.34bn shares, market cap ~A$93m and cash ~A$12.0m. The visible text carries no new announcements.
13 Oct 2021production update▲ Good
Jewell reached 1,727 BOE per day (82% liquids), which the company says matches its pre-drill high-side estimate. About 32% of stimulation fluid is recovered. Management says it is preparing to spud the Rangers well, the second.
5 Oct 2021production update▲ Good
Jewell production rose to 1,348 BOE per day (83% liquids), with liquids at 1,123 barrels per day, which the company says is tracking well above pre-drill estimates. About 25% of stimulation fluid has been recovered. Rates up from 1,238 BOE per day on 24 September.
24 Sept 2021flow test result▲ GoodMajor
Jewell recorded 1,238 BOE per day (85% liquids) early in flow-back, with only about 22% of stimulation fluid recovered. The company says this exceeds pre-drill estimates. First actual flow rate after earlier updates gave none; Brookside's interest is about 84%.
14 Sept 2021production update▲ GoodMajor
The Jewell well, Brookside's first operated SWISH well, is now selling oil and gas during flow-back, with rates approaching pre-drill base case estimates. The Jewell unit is now held by production, which could allow reserves to be booked. No flow figures given.
13 Sept 2021half year report● Neutral
Half-year report to 30 June 2021 reviews operations, led by drilling the Jewell well, described as the first of potentially 21 operated SWISH wells. It plans Jewell production in the third quarter and Rangers soon after. Financial figures are not visible in the available text.
8 Sept 2021contract award▲ Good
Black Mesa signed a daywork contract with Kenai Drilling for its Rig 18 to drill the Rangers well, the second SWISH well. The rig is newer than the one used on Jewell. Spud timing depends on other services being secured; cost not stated.
2 Sept 2021drilling progress report▲ Good
Jewell clean-up is done and flow-back has started through temporary facilities, with an initial oil cut and gas seen. Early signs only: no flow rates are given. Switch to permanent facilities and first oil and gas sales are the next steps.
26 Aug 2021regulatory community update▲ Good
Surface owners agreed to an all-weather pad for the Rangers well, with construction due to start the following week. Filings with the Oklahoma Corporation Commission seek a 960-acre Rangers unit, up from 640 acres. Seismic data is being interpreted; no spud date given.
25 Aug 2021drilling progress report▲ Good
Plugs in the Jewell well have been milled out and oil came to surface while circulating fluid, which the company says was expected. Flow-back, about 14 days, is next. No flow rates yet, so the well's productivity remains unknown.
18 Aug 2021drilling progress report▲ Good
Jewell stimulation finished with all stages completed as designed, and the gas pipeline to the DCP sales line is completed and tested. Coiled tubing is being rigged up to mill out plugs and clean up, expected to take 14-20 days. No flow results yet.
