Initial production results from the wells targeting the Sycamore formation confirm the prolific nature of this under-developed conventional reservoir in this part of the SCOOP Play.
Betts M1-6-31XH1 and the Boardwalk 1-5MH, in which Brookside has a 2.42% working interest, wells both delivered initial production rates (IP24) in excess of 1,600 barrels of oil equivalent.
Wells within Brookside’s AOI
Both wells are within Brookside’s SWISH AOI.
The Continental Resources, Inc (NYSE:CLR) operated Betts well is just 1-mile west of the company’s SWISH acreage and the Casillas Operating, LLC operated Boardwalk well is within one of BRK’s non-operated Drilling Spacings Units (DSUs).
Brookside managing director David Prentice said: “We are delighted to bring these prolific initial production results from Sycamore wells drilled within our SWISH AOI to the attention of our shareholders.
“These initial results, and particularly the sustained production results achieved from Betts well, are clearly supportive of the acreage re-valuation 'Real Estate Development' approach we are executing in the Anadarko Basin.”
Sycamore primary target
The Sycamore formation is the primary target in Brookside’s acreage position in the SWISH AOI.
Betts M1-6-31XH well reported an IP24 of 1,612 barrels of oil equivalent (75% oil) flowing through a 38/64-inch choke from an extended length (~8,500 foot) lateral producing from the Sycamore formation at a depth of about 10,000 feet.
This well has been in production since mid-July 2018 and has produced 159,000 barrels of oil and 457,000 Mcf of gas (235,000 barrels of oil equivalent) in 11-months.
Boardwalk 1-5MH well reported an IP24 of 1,617 barrels of oil equivalent (61% oil) through a 100/64-inch choke from a normal length (~4,900 foot) lateral producing from the formation at a depth of about 8,700 feet.
Activity ramps up
Brookside said it was pleased to see the Sycamore focused drilling and completion activity with the SWISH AOI continue to ramp-up.
There are now eight horizontal wells at various stages of development from permitted, to drilling, drilled waiting on completion, completing and producing in this sought-after part of southern SCOOP.
In addition to the operated position within the SWISH AOI, Brookside has a non-operated working interest in five horizontal wells in this area - three Sycamore wells and two Woodford Shale wells.
Data from these wells as it continues to come to hand will be key to upgrading the value of Brookside’s acreage.
Higher acreage prices
Prentice said, “The oil and gas reserves that will be exploited from the ‘stacked formations’ (Sycamore and Woodford) in the SWISH AOI will underpin much higher per-acre valuations as the area is further developed.
“We are already seeing acreage prices move higher in the area, as operators look to consolidate their positions in this highly sought-after part of this world-class basin.”
Brookside’s first operated well in the SWISH AOI, the Jewell 1-13- 12SXH well, will exploit the Sycamore formation, a proven conventional reservoir that sits directly above the Woodford shale, which is the source rock for the oil and gas in Anadarko Basin.
The company is executing a ‘Real Estate Development’ approach to acquiring prospective acreage in this basin and adding value to it by consolidating leases and proving up oil and gas reserves.
Brookside then has the option of selling the revalued acreage or maintaining a producing interest.
US partner and manager of operations, Black Mesa, is an experienced mid-continent operator, which identifies opportunities and executes development under a commercial agreement with Brookside.
Brookside will be presenting at next week's Proactive CEO Sessions in Sydney on Monday and Melbourne on Tuesday.
Register for the CEO Sessions today