viewBrookside Energy Ltd

Brookside Energy builds on land and leasing model in world-class Anadarko Basin

The company is focused on core operated development units in the SWISH AOI within the SCOOP Play.

Well in Anadarko Basin
Shares opened 10% higher today to 1.1 cents.

Brookside Energy Ltd (ASX:BRK) continues to scale-up its high-grade land and leasing business model in the world-class Anadarko Basin plays in the US state of Oklahoma.

The latest milestone passed has seen the oil & gas company grow its operated position in the core of the Sycamore & Woodford in the South Half (SWISH) Area of Interest (AOI) to approximately 2,000 acres.

This consolidates Brookside’s high-grade position in the South Central Oklahoma Oil Province (SCOOP) Play.

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

Brookside managing director David Prentice said this meant the company was well on the way to reaching its targeted acre position in the SCOOP Play.

The company’s partner and manager of US operations, Black Mesa Ltd, continues to build on the position with trading and high-grading activity.

This is consolidating Brookside’s holdings to a number of core operated development units or drilling spacing units (DSUs) where the company aims to establish operations.

Prentice said: “Our team on the ground in Oklahoma is continuing to execute our strategy through an active trading and high-grading program that will see us accumulate a series of core DSU’s in what is now a very active and highly sought after part of the SCOOP Play in Oklahoma.

“This is an exciting opportunity for Brookside, and a clear demonstration of our ability to successfully replicate and scale-up the land and leasing model we have piloted in the STACK (Sooner Trend Andarko Canadian and Kingfisher) Play.

“We have already grown our SWISH AOI position to five times that of our STACK position, where late last year we booked our maiden reserves of oil and gas with an NPV of US$12.5 million or approximately US$30,000 per acre.”

READ: Brookside Energy has exposure to development drilling underway

The work of Brookside and Black Mesa comes at a time of sustained increases in the level of third-party activity, including drilling, completion and leasehold acquisition, within the SWISH AOI.

Top-tier operators active

Top-tier operators Encana Corp (NYSE:ECA) and Continental Resources, Inc (NYSE:CLR) are both active in the area.

Encana’s operated Ely Unit, that has been producing since mid-2018, achieves an average IP24 in excess of 1,000 Boe per day.

There are eight horizontal wells at Ely Unit within a single 1,280-acre DSU.

Brookside’s recent acquisition activity has also resulted in the company establishing a non-operated Working Interest in a number of DSU’s outside the core operated units.

These five wells are at various stages from drilling, to waiting on completion, to producing.

Quick facts: Brookside Energy Ltd

Price: 0.007 AUD

Market: ASX
Market Cap: $9.45 m

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