- Brookside Energy (BRK) and Stonehorse Energy (SHE) have updated the market on production and sales from the Mitchell 12-1 Well in Oklahoma
- Formation fluid levels in the well continue to lower and the well has kicked-off, meaning it has been intentionally deflected in a particular direction
- Gas sales have also begun, and the first lode of oil is expected to be sold later this month
- Further, the Mitchell 12-1 Well is already cash flowing, and oil and gas rates are expected to increase steadily as the fluid levels are lowered
- More updates will be made as the fluid levels continue to reduce and peak rates have been achieved
- Brookside is steady on the market, and shares are currently trading at 0.8 cents
Brookside Energy (BRK) and Stonehorse Energy (SHE) have updated the market on production and sales from the Mitchell 12-1 Well.
The well lies within Brookside’s Jewell drilling spacing unit in the South Central Oklahoma Oil Province (SCOOP) play.
Formation fluid levels in the well continue to lower and the well has kicked-off, meaning it has been intentionally deflected in a particular direction.
Gas sales have also begun, and the first lode of oil is expected to be sold later this month.
Further, the Mitchell 12-1 Well is already cash flowing, and oil and gas rates are expected to increase steadily as the fluid levels are continually lowered.
Brookside and Stonehorse entered a joint venture 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 in a favourable regulatory environment.
Both companies initially agreed on a combined investment of US$500,000 (around A$679,449), however, this can be expanded as the joint venture progresses.
More updates will be made as the fluid levels continue to reduce and once peak rates have been achieved.
Brookside is steady on the market, and shares are trading at 0.8 cents at 2:16 pm AEDT.