Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2021drilling progress report● Neutral
Liberty began multi-stage hydraulic stimulation of the Jewell well, expected to take 7-10 days. The gas pipeline is now connected to the site's production facilities. Plug milling and cleanup, a further 14-20 days, follow. No flow results yet.
9 Aug 2021drilling progress report● Neutral
Liberty Oilfield Services has moved onto the Jewell site and is rigging up to begin completion. The gas pipeline to the DCP Midstream sales line is on schedule and nearing completion. Follows the July Liberty contract; no flow results yet.
6 Aug 2021capital raising announcement▲ GoodMajor
Brookside raised A$9.0m before costs via a CPS Capital-led placement to professional investors. Funds will lift its Rangers unit interest and fund a majority working interest in the Rangers well, the second of the planned 20-plus well program. Issue price and share count not stated in the text.
30 July 2021quarterly activities report▲ Good
June quarter: sales receipts ~A$606k (12,410 BOE), up from A$329k in March; cash ~A$7.4m; ~136 BOE/d from 31 producing wells. Shares on issue 2.98bn at A$0.032. The leasing facility was repaid after quarter end; Jewell is still awaiting completion.
29 July 2021drilling progress report● Neutral
Pre-completion work on Jewell is on schedule: wellhead tree installed and pressure tested, casing integrity and cement bond tests passed, and toe sleeve milling under way. The Liberty completion crew is awaited. No production results yet.
22 July 2021asset acquisition disposition▲ GoodMajor
Brookside leased acreage next to the Rangers unit, set to increase its SWISH acreage by 13%. Paperwork is filed with the OCC for an additional 320-acre spacing unit. Price and acreage amount are not stated; it may improve Rangers well economics.
22 July 2021investor presentation● Neutral
July 2021 investor presentation restating known information: market cap ~A$77m, ~2.98bn shares, ~1.575bn BRKOB options, ~3,400 acres (up from ~3,000), 11,606,000 BOE prospective resource. Cash of ~A$10m is dated 30 March 2021.
21 July 2021other● Neutral
Notice of an investor webinar with Managing Director David Prentice on 22 July 2021 at 9:00am AWST. Administrative notice with no new company information.
21 July 2021contract award● Neutral
Black Mesa signed a Master Services Agreement with Liberty Oilfield Services to complete the Jewell well. Equipment is expected on site by end of July, with completion to follow shortly after. Cost and terms are not stated.
16 July 2021drilling progress report● Neutral
Jewell well is set for completion, with facilities finished and the gas line on schedule. Pre-spud planning for the Rangers well, the second in the 20-plus well program, is progressing, with the pad location surveyed. No Jewell flow results yet.
8 July 2021debt financing▲ GoodMajor
Jewell surface facilities are complete; the gas line is on schedule. The US$3.0m Anadarko Leasing Facility, due 31 July 2021, will be repaid with US$2.0m of shares (125m at an 8.5% discount to the 30-day VWAP) and US$1.0m cash, leaving the company debt free.
29 June 2021farm in farm out completion▲ GoodMajor
ExxonMobil subsidiary XTO (4.5%) and Citation Oil and Gas (2.3%) took up working interests in the Jewell DSU, with 5.7% from others. Brookside expects to keep up to 87% and Black Mesa remains operator. Resolves the earlier open question on partner participation.
17 June 2021drilling progress report● Neutral
Jewell well is drilled with production casing in, and the rig is demobilised. Surface facilities (tank battery, separators, ~2,700-foot gas line to a sales line) are under construction ahead of completion. No flow results yet; the well is not yet producing.
9 June 2021drilling result▲ GoodMajor
The Jewell well reached total depth of ~14,100 feet, with oil and gas shows and potential natural fractures in the Sycamore lateral. Production casing is cemented and the rig released. Completion and gas line work come next; flow rates are not yet known.
2 June 2021drilling progress report● Neutral
Jewell well is at ~14,000 feet measured depth, with oil and gas shows continuing in the Sycamore lateral. Total depth is expected within the coming week, followed by running production casing.
27 May 2021drilling progress report▲ Good
Jewell well is drilling the horizontal section at ~10,600 feet, with extensive oil and gas shows in the Sycamore that the company says match expectations and offset wells. Shows are not a flow test, so productivity remains unknown.
24 May 2021drilling progress report● Neutral
The Jewell well curve was landed in the Sycamore at 8,015 feet measured depth and the liner was set and cemented. The well is now drilling the horizontal section at ~8,715 feet, on schedule and without incident.
21 May 2021investor presentation● Neutral
AGM presentation repeating known company information: market cap ~A$70m, ~2.8bn shares, ~A$10m cash, ~3,000 acres and the 11,606,000 BOE prospective resource. No new announcements are evident in the readable text, and the AGM resolutions are not shown.
18 May 2021drilling progress report● Neutral
Jewell well drilled the vertical section to ~6,850 feet, and intermediate casing was set and cemented on 16 May. Next steps are building the curve into the Sycamore, then setting a liner before drilling the ~7,100-foot lateral. No results yet.
13 May 2021other● Neutral
Brookside began trading on the Frankfurt Stock Exchange (ticker 8F3) and appointed DGWA as its European investor relations adviser. The aim is to broaden its overseas investor base. No capital raising or change to operations was announced.
10 May 2021drilling spud▲ GoodMajor
The Jewell well, Brookside's first operated SWISH well, was spudded on the evening of 8 May 2021 and is drilling ahead in the vertical section. Weekly reports are promised. It follows the delayed rig mobilisation and starts the potential 20-plus well program.
4 May 2021drilling progress report● Neutral
Latshaw Rig 14 is mobilising to the Jewell well site, delayed several days by heavy rain and storms. A pre-spud meeting is set for 7 May, with spud shortly after. This slips the 1 May spud date previously scheduled.
30 Apr 2021quarterly activities report▲ Good
March quarter: sales A$329k, cash ~A$10.2m including placement proceeds received after quarter end, ~100 BOE/d. The eleven-well STACK acquisition completed 8 April 2021. Shares on issue 2.75bn, price A$0.024, market cap ~A$66m, versus 1.35bn shares at January.
23 Apr 2021drilling scheduled▲ GoodMajor
The OCC issued the permit to drill the Jewell well (Black Mesa as operator; ~14,755 ft measured depth, ~7,440 ft vertical). Rig 14 is due on location 26 April with spud scheduled for 1 May 2021, the first of a potential 20-plus well program.
21 Apr 2021agm notice● Neutral
Shareholder letter giving notice of the annual general meeting at 10:00am WST on 21 May 2021 in Nedlands; proxies due 19 May. Administrative notice listing no resolutions.
14 Apr 2021drilling progress report● Neutral
Jewell well pad and road are complete and 75 feet of 20-inch conductor casing is set. Latshaw Rig 14 is finishing maintenance before imminent mobilisation. Preparation progress only; no spud yet.
1 Apr 2021contract award▲ GoodMajor
Black Mesa signed a daywork contract with Latshaw Drilling for Rig 14 to drill the Jewell well, with mobilisation to start as soon as possible. A rig is now secured for Brookside's first operated SWISH well; other service contracts are still being finalised.
30 Mar 2021other● Neutral
Appendix 4G corporate governance checklist for the year to 31 December 2020, pointing to the governance statement on the company website. Administrative filing with no new business information.
30 Mar 2021annual report▼ Bad
For calendar 2020, revenue fell to A$366k from A$2.19m and the loss was A$2.437m, against a A$918k profit in 2019. Lower prices, 2019 well-interest sales, and first-time inclusion of Black Mesa's costs were cited. Compare the A$667k audit adjustment thread (nature not stated).
23 Mar 2021drilling progress report● Neutral
Construction of the Jewell well pad and access road began 9 March 2021 and is well advanced. Service contracts for the well are being finalised. This is preparation work for the Jewell well funded by the February placement; no spud date was given.
