Brookside (ASX:BRK) begin transformational Oklahoma operations

Brookside (ASX:BRK) begin transformational Oklahoma operations

December 13, 2023 Off By Rueben Hale

Brookside Energy has begun the task of monetising its 11.9MMBOE reserves of low cost, high margin and liquids rich oil and gas and will gear up with a transformational four well drilling campaign over its SWISH Area of Interest in Oklahoma’s Anadarko Basin.

With strong cashflow, zero debt, a normalisation of service costs and a rosy outlook on energy prices combined with excellent results from an adjacent development, the Brookside Board decided the time was now, and that sole funding the operation would deliver the best returns to shareholders.

Brookside will be the operator and plan to develop both the prolific Sycamore and Woodford formations in sync within its Flames Drilling Spacing Unit.

First spudding of the quartet is slated for early next year and all four could come online as soon as the third quarter of 2024.

Brookside Manging Director David Prentice said that since the announcement of the inaugural 2P Reserve in April, it had continued to field enquiries from investors on developing the asset.

“Interest in this high-margin, liquids-rich asset has been high, however, access to capital by potential partners has been a key constraint on putting sensible offers in front of Brookside and which adequately capture the outstanding value and upside of the SWISH AOI,” Mr Prentice said.

“Brookside’s balance sheet strength and high level of free cash flow generation has made ‘sole funding’ the FMDP an easy decision with 100% of the financial returns from our production target of an estimated 2,500 BOEPD to now accrue to Brookside shareholders.

“Our decision to expand on our initial share buy-back using the anticipated surge in cash flow highlights our confidence in this strategy.”

The target is forecast Net production growth to 2500 BOEPD by the end of 2024, a figure which would have Brookside standing in the top tier of production for ASX energy juniors and provide the platform to keep developing the Bruins, Jewell, and Rangers DSU’s and continue building up a profile of production.

BRK Flames

Map showing the strong performance of both the
Woodford wells (well names ending with HXW) and Sycamore wells (well names ending in HXM)

up arrow$0.011

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified. 

MO and CI logo redraw Socials Profile reversed

MarketOpen is an online media business connecting companies and investors. Through its flagship media channel the Australian publisher’s experienced journalists cover breaking news and analysis on mining, oil and gas, technology and biotechnology companies listed on the Australian Securities Exchange and other markets. MarketOpen’s video and podcasting channels feature original interviews with Australia’s small-cap corporate leaders, while its Stock Soirée networking events, Watchlist webinars, and online events connect investors and brokers with CEOs and board members. The publisher also offers a suite of agency services to its corporate members, including media, video, podcasting and social media services, along with writing, editing, reviewing and content creation services.

Contact info

Suite 3, 47 Havelock Street
West Perth WA 6005

Stewart Walters
Managing Director
+61 414 644 166

Amanda Ellis
+61 438 003 868

Important links

Follow us