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Brookside Energy Ltd

Brookside Energy begins development of first operated drilling well in Anadarko Basin SCOOP play

The development milestone is potentially transformational for the company and will secure its position in one of the world’s prolific oil producing regions.

Brookside Energy Ltd - Brookside Energy begins development of first operated drilling well in Anadarko Basin SCOOP play
Development work will be funded by step-in partner Stonehorse Energy

Brookside Energy Ltd (ASX:BRK) is to begin development of its first operated drilling spacing unit (DSU) in the SWISH area of interest (AOI) within South Central Oklahoma Oil Province (SCOOP) in the US.

Development work will focus on the Jewell 1-13-12SXH well which will be operated by Brookside’s US partner and manager of operations Black Mesa Energy LLC.

Successful production test to be transformational

Brookside managing director David Prentice said a successful production test of the company’s first operated well in the SWISH AOI would be transformational.

He also noted it would unlock significant value in terms of proved undeveloped reserves and in providing proof of concept for the larger acreage position.

The Oklahoma Corporation Commission has confirmed the establishment of an 880-acre DSU for the Jewell Unit.

Most of the elections required under the pooling order have been received and Brookside now expects to acquire a roughly 90% working interest in the Jewell DSU.

Site works funded by step-in partner

Jewell will be the first well to be drilled by Brookside within one of several operated DSUs that the company will control within the SWISH AOI.

ASX-listed company Stonehorse Energy Ltd (ASX:SHE) has agreed to participate in the high impact Jewell well as a well-bore only working interest owner as well as funding the proposed Jewell site works.

These works, which will cost more than US$200,000 and are expected to begin this month, include building an all-weather location and setting the conductor casing ahead of drilling.

Results supportive of pre-drill estimates

Prentice added: “We are delighted that Stonehorse has agreed to participate in the drilling of this highly anticipated well and look forward to continuing our association with their board and shareholders as we expand our activities in this highly sought-after part of the SCOOP play.

“Drilling and completion activity within the SWISH AOI and in close proximity to the Jewell DSU, in particular, continues to ramp-up with operators reporting results that are very supportive of our pre-drill estimates for the area.

“The last quarter of calendar 2019 promises to be a very exciting period for our shareholders and we look forward to providing regular updates as drilling operations get underway and when production testing commences.”

Quick facts: Brookside Energy Ltd

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Market: ASX
Market Cap: $9.99 m
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Brookside Energy consolidates high-grade position within Anadarko Basin

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