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Brookside Energy confirms sustained production results from Bullard Well

The well’s productivity to date has been remarkable, delivering significant cashflow to the business.

Brookside Energy Ltd - Brookside Energy confirms sustained production results from Bullard Well
Brookside shares are trading about 11% higher intra-day

Brookside Energy Ltd (ASX:BRK) has achieved sustained production results from the Bullard Well #1-18-07-UWH in the Anadarko Basin in Oklahoma, US.

The Bullard well is a Woodford Shale producer located in the southern core of the SCOOP Play in the Anadarko Basin and is operated by Rimrock Resource Operating LLC.

Brookside has a 5.20% working interest in this well and a 20.81% working interest in the undeveloped acreage in the associated Drilling Spacing Unit (DSU).

Map of the Bullard well location

The Bullard Well has now been producing for about 14-months, having produced gross wellhead volumes of 167,000 barrels of oil and 1 Billion cubic feet (Bcf) of natural gas.

This well delivered an initial production rate (IP24) of 1,749 BOE (barrels of oil equivalent) per day (63% oil) and averaged 1,350 BOE per day in its first 90-days of production (62% oil).

To date this well has generated gross revenue of US$12.13 million (representing a 100% working interest before royalty payments at a realised pricing of US$58 per barrel) with the well now expected to achieve pay-out in less than 2-years.

The Bullard’s performance to date has exceeded initial forecasts with the now seasoned production contributing meaningfully to operating revenue.

Bullard #1-18-07-UWH production performance

Brookside managing director David Prentice said: “We are delighted to provide this further update on the performance of the Bullard well.

“The well’s productivity to date has been remarkable, delivering significant and important cashflow to the business at a time when we were investing heavily in new leases in the SWISH AOI and ultimately providing the catalyst for significant additional proved undeveloped reserves in this DSU.

“This is another great example of the flexibility that our business model provides – enabling us to take advantage of some early cashflow, then monetising the well bore interest while retaining full exposure to the proved undeveloped reserves.

“In addition to the stunning results we are seeing from the Sycamore in the SWISH AOI, we are now also starting to see some early data emerge from Woodford wells drilled recently in the AOI.

“Early indications from these wells are positive and we are looking forward to providing further updates over the coming weeks and months.”

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ASX:BRK
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