- Brookside Energy (BRK) sees its fourth quarter revenue sales skyrocket 800 per cent on quarter to quarter to over $3.5 million
- The increase was from the production and sales received at Jewell Well, the first well in the SWISH AOI, located in the Anadarko Basin in Oklahoma
- Milestones in the quarter included the production of Jewell and the spudding of Rangers Well
- Brookside ended the quarter with $12.7 million in cash and cash equivalents
- On the market this morning, Brookside was up 9.52 per cent and is trading at 2.3 cents per share
Brookside Energy (BRK) has seen its fourth-quarter revenue sales skyrocket 800 per cent on quarter to quarter to over $3.5 million.
The increase was from the production and sales received at Jewell Well, the first well in the SWISH AOI, located in the Anadarko Basin in Oklahoma.
During the quarter, Brookside saw significant activity across each of its three pillars of operated drilling, production properties acquisitions and land and leasing.
The company said the most significant and high-impact events this quarter included the production of the Jewell Well, which reached a peak rate considerably above pre-drill high side estimates and continued to produce above expectations.
Additionally, the spudding of Brookside’s second operated well, the Rangers Well, is also another milestone in the quarter.
Over the period, Brookside spent around $1.9 million on exploration and evaluation and ended the quarter with $12.7 million in cash and cash equivalents.
Oil and price gas prices finished the quarter strongly with West Texas Intermediate trading at US$75.21 (A$106) and natural gas trading at US$3.56 (A$5.06) at the end of the period.
“We continue to see increased interest from investors looking for exposure to companies that have captured value during the low point in the cycle and now have quality assets and skilled technical teams that can unlock this value in an improving pricing environment,” the company said.
On the market this morning, Brookside was up 9.52 per cent and is trading at 2.3 cents per share at 10:57 am AEDT.