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Brookside Energy attracts $3.16 million for Anadarko Basin plays

Reservoirs are already being successfully exploited by companies operating on adjacent acreage.

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Targeting the liquids-rich fairways of the prolific Anadarko Basin in Oklahoma

Brookside Energy Ltd (ASX:BRK) has received commitments from existing shareholders and new investors to raise $3,16 million via the placement of shares at 1.6 cents each.

The new funding will enable Brookside to expand and accelerate its leasing activities in the world-class SCOOP Play in the Anadarko Basin, Oklahoma, US.

Brookside will target the liquids-rich fairways of the eastern margin of the prolific Anadarko Basin.

The company has already identified an 8,000-acre position named ‘SWISH’ that includes at least 10 drilling units.

Exploring oil and gas prone source rock

Interestingly, target reservoirs are already being successfully exploited by tier-one independent companies operating on adjacent acreage.

The target reservoirs in SWISH include the 340 feet to 500 feet thick Woodford Shale (the organic rich, oil and gas prone source rock for entire Anadarko Basin).

Brookside managing director David Prentice said: “We are pleased with the platform we have created from our foray into the STACK Play, where in a short period of time, we have secured a tier-one acreage position, succesfully particpated in 14 horizontal wells and have already seen acreage values increase significantly.

“The successful execution of this part of our plan has given us great confidence to take what we have learned as a non-operating particpant in STACK and apply that in SCOOP, specifically in our very exciting SWISH AOI.“

Quick facts: Brookside Energy Ltd

Price: 0.0055 AUD

ASX:BRK
Market: ASX
Market Cap: $7.43 m
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