viewBrookside Energy Ltd

Brookside Energy makes strong progress in transitioning to operator in SCOOP Play

At March 31, 2019, the company had an interest in 14 successful producing horizontal oil and gas wells across core areas of the STACK and SCOOP plays in the Anadarko Basin.

Touring party on site
Touring party at the site of the Jewell Well in the Anadarko Basin of Oklahoma

Brookside Energy Ltd (ASX:BRK) is making strong progress in its transition to operator in the SWISH Area of Interest (AOI) withing its SCOOP (South Central Oklahoma oil province) play in the world-class Anadarko Basin of the US.

In the March quarter, the company delivered a 6,000-acre operated position in the SCOOP play Woodford-Sycamore trend with its SWISH AOI leasing campaign and is set to secure operations in the first seven high-grade development units within the AOI, with surface location rights for an initial well already acquired.

Ongoing efforts within the SWISH AOI have now delivered operations and majority interest in the company’s first high-grade development unit, the Jewell unit.

"We continue to build momentum"

Brookside Energy managing director David Prentice said: “We are very pleased to present the company’s activities and cashflow report for the first quarter of calendar 2019.

“We continue to build on the momentum we gathered in 2018 and it is particularly pleasing to report on the great progress we are making as we transition to an operator in our SWISH AOI in the Scoop Play.

“The strong cash contribution from the Bullard well this quarter and the emergence of the pipeline of low-risk development or infill wells that are emerging from within our non-operated STACK Play holdings add substantially to our already successful land and leasing business model.”

Success at Jewell Well "will be transformational"

He said: "Successful drilling and production testing of the Jewell well will be transformational for Brookside, unlocking significant value in terms of proved undeveloped reserves and in providing proof or concept for the larger acreage position we are putting together in the SWISH AOI."

The following table sets out key technical parameters used to describe the development potential of the Jewell unit:

By the end of the March quarter the company had acquired about 1,800 working interest leasehold acres within the SWISH AOI.

Net production for the quarter was recorded at 380 BOE/day, generating net revenue of US$850,474 including a maiden contribution from the Bullard #1-18-07UWH well of 110 BOE/day in net production and US$305,450 in net revenue.

The company is also building out its investment proposition with the large number of low -risk development or infill wells that are emerging from within its non-operated STACK  (Sooner trend Andarko Canadian and Kingfisher) Play holdings.

Quick facts: Brookside Energy Ltd

Price: 0.0055 AUD

Market: ASX
Market Cap: $7.43 m

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