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Brookside Energy raises $1.38 million for acquisition and development activities at Anadarko Basin

Brookside and partner Stonehorse Energy have successfully completed workover operations at the recently acquired Mitchell 12-1 well.

Brookside Energy Ltd - Brookside Energy raises $1.38 million for acquisition and development activities at Anadarko Basin
The well is currently shut-in ready for production awaiting installation of a gas metre

Brookside Energy Ltd (ASX:BRK) has successfully placed 26,375,000 oversubscription shares at 0.5 cents per new share to raise $131,885.

The placement of the oversubscription shares follows the company’s rights issue and shortfall placement.

Proceeds from the rights issue and placements of $1,387,493 will be used to progress Brookside’s acquisition and development activities in the Anadarko Basin, Oklahoma (including planned acquisitions under the Orion Project Joint Venture).

Orion JV

Brookside and partner Stonehorse Energy Ltd have successfully completed workover operations at the recently acquired Mitchell 12-1 well in the SWISH AOI in the southern part of the SCOOP Play in Oklahoma.

The work was carried out by the Orion joint venture company with the well being within the Jewell Drilling Spacing Unit (DSU), part of the prolific Anadarko Basin.

Workover activities resulted in gas and condensate being recovered to surface with the estimated 260 feet of perforations in the Sycamore formation (one of two main producing formations in the SWISH AOI) successfully isolated and treated, ready for production.

Further updates expected

Following the clean-up of the perforations, near-wellbore skin and scale, the well was swabbed to remove around 30 barrels of treatment fluid.

The well is currently shut-in ready for production awaiting installation of a gas metre to facilitate production rate measurement and gas sales.

This work is expected to be completed shortly and both companies look forward to providing further updates.

Quick facts: Brookside Energy Ltd

Price: 0.011 AUD

ASX:BRK
Market: ASX
Market Cap: $18.17 m
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