- Brookside Energy (BRK) commences commercial production of oil and rich gas at its Rangers 36-25 SXH 1 Well, in the “world-class” Anadarko Basin in Oklahoma
- Significant volumes of oil and rich gas were sold into the spot market with oil trucked to a nearby pipeline terminal and gas transported via pipeline to a gas processing plant
- Managing Director David Prentice says that the company now has “[its] second high-impact well in SWISH on-line and delivering production into record high prices”
- BRK shares last traded at 2.4 cents prior to market open.
Brookside Energy (BRK) has commenced commercial production of oil and rich gas during the very early part of the flow-back and stimulation fluid recovery operations on the Rangers 36-25 SXH 1 Well, in the “world-class” Anadarko Basin.
The company has said that daily productions continue to increase and in line with the its modelled flow-back profile.
Significant volumes of oil and rich gas have already been sold into the spot market with oil trucked to a nearby pipeline terminal and gas transported via pipeline to a gas processing plant.
Brookside is currently producing premium quality light sweet crude and liquids rich gas production and with an unhedged production, this has allowed the company, which has an 80 per cent working interest, to take full advantage of the current strength of oil, gas and NGL prices and all future price upside.
Managing Director David Prentice said that the company now has “[its] second high-impact well in SWISH on-line and delivering production into record high prices”.
“These are company making wells, with very strong production and economic metrics that are transforming our business as they come into production, bringing cash flow, and importantly adding high quality low risk reserves of oil and gas that we can now monetise.”
With commercial production now established in the Rangers DSU, this unit is classified as HBP.
This classification will ultimately enable Brookside to book proved developed and proved undeveloped reserves within this DSU.
The company will update its shareholders and the ASX with IP24 (peak rate), IP 30 and IP 90 production rates as these are achieved.
BRK shares last traded at 2.4 cents prior to market open.