- Joint venture partners Brookside Energy (BRK) and Stonehorse Energy (SHE) have begun workover operations at the Mitchell Well in Oklahoma, U.S.
- Work includes inspection and repair or replacement of production equipment, clean-up of perforated intervals, and swab testing
- Ultimately this will see production be restored at the well
- On the market, Brookside is up a steady 12.5 per cent and shares are trading for 0.5 cents while Stonehorse is down 20 per cent and shares are trading for 0.8 cents
Joint venture partners Brookside Energy (BRK) and Stonehorse Energy (SHE) have begun workover operations at the Mitchell Well.
This will see production restored at the Mitchell 12-1 Well which lies within Brookside’s Jewell drilling spacing unit in the SCOOP (South Central Oklahoma Oil Province) play.
These workover operations include inspection and repair or replacement of production equipment, clean-up of perforated intervals, swab testing, and finally the restoration of production.
These companies entered a joint venture (JV) in mid-June, dubbed the Orion Project, to acquire oil and gas fields in the Anadarko Basin, Oklahoma.
The Anadarko Basin is considered a Tier One oil and gas field, boasting a competitive and highly experienced oil and gas service sector and a favourable regulatory environment.
Initially, both companies have agreed on a combined investment of US$500,000 (around A$678,504), with the opportunity to expand as the joint venture progresses.
This JV will see a portfolio of long-life well-bores be compiled and value added through operations.
Brookside is up a steady 12.5 per cent and shares are trading for 0.5 cents while Stonehorse is down 20 per cent and shares are trading for 0.8 cents at 12:58 pm AEST.