Sign up Australia
Proactive Investors - Run By Investors For Investors

Brookside Energy shares surge on achieving sustained production from Anadarko Basin wells

The results support Brookside’s acreage selection methodology which is key to its acreage acquisition and revaluation business model.
oil and gas drilling
Both wells are set to achieve payout in less than 2.5 years

Brookside Energy Ltd’s (ASX:BRK) shares are trading about 19% higher intra-day after achieving outstanding sustained production results from its two wells in the Anadarko Basin Plays in Oklahoma, US.

The Herring and Kevin FIU wells have produced about 860,000 barrels of oil equivalent (BOE) (9% oil) in the last 10- months and generated US$860,000 in net revenue for Brookside over the same period.

Key performance metrics for the Herring #1-33 1513MH and Kevin FIU #1-20-17XH wells

These wells are forecast to generate additional combined future net revenue of about US$2.4 million for Brookside, assuming US$65 flat price for oil and US$2.85 flat for gas.

Importantly, both wells are set to achieve payout in less than 2.5 years (Herring in 28 months and the Kevin FIU in 17 months).

The outstanding sustained productivity of these wells is further evidence of the high-quality oil and gas reservoirs being exploited and this ultimately points to higher per acre valuations.

 

Brookside managing director David Prentice said: “We are once again delighted to be able to update our shareholders and the market generally with production results from two of our non-operated working interest wells in the STACK Play.

“These wells now have several months of production history and they continue deliver outstanding results.

“We are particularly pleased to report on the success of the Herring well which is our second highest working interest well at about 18%.

READ: Brookside Energy achieves payout for its well in the Anadarko Basin plays in 11 months

“This well has produced almost 500,000 barrels of oil equivalent in less than 12-months and is set to achieve payout in just over 2 years.

“These results support our acreage selection methodology which is key to the success of our acreage acquisition and revaluation business model.”

View full BRK profile View Profile

Brookside Energy Ltd Timeline

Newswire
January 23 2017

Related Articles

Gas flare
August 24 2018
Decentralised power supply is the way forward for Africa believes VIctoria's Kevin Foo
onshore oil field
September 20 2018
Eland, along with its project partner, produced almost 1mln barrels of oil from the OML 40 licence in the first six months of the year, a significant year-on-year rise
oil wells
July 13 2018
Columbus’s own production averaged 553 barrels per day over the quarter to June

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use