Brookside (ASX:BRK) carries with Continental for full Oklahoma oil

Brookside (ASX:BRK) carries with Continental for full Oklahoma oil

May 8, 2024 Off By Jack Baker

Brookside Energy has partnered up with Continental Resources for full development of the Gapstow oil field, sitting directly south to two of the Brookside collection of operating oil wells in the US state of Oklahoma.

The first Gapstow well produced around 580 thousand barrels of oil equivalent in under a year, and Brookside is now in for a 20.9 per cent interest for seven more Continental-operated wells.

Wells will be drilled fast, soon, and done in a similar wine rack pattern to Continental’s highly successful full field development of nearby Courbet.

Three rigs are expected to begin work this financial quarter and bring the full Gapstow field online simultaneously before Christmas as Brookside moves into full development of its own area of interest.

Brookside Energy Managing Director David Prentice said Continental and its history for efficient and highly successful developments across the rich Anadarko Basin made for an excellent partner.

“I am very pleased to update our shareholders and investors with news of our election to participate alongside Continental on the exciting development in the SWISH AOI and the resulting increase in our production in FY2025 and beyond,” Prentice said.

“Participation in this venture with Continental, consistent with our liquids production focus, will grow our PDP reserve base and add important additional cashflow as we move into our operated SWISH AOI FFD in 2025.

“We look forward to providing further updates on the Gapstow FFD over the coming quarters.”

Brookside further built its position over Oklahoma’s Woodford shale north of Continental’s success late last year and is now set to pay US$2.5 million ($3.8 million) for its share in the sandwiched joint development.

The figure is already accounted for in Brookside’s capital expenditure budget, and the Perth-based energy developer expects revenues from its full field SWISH development to soon be delivering US$51 million ($76 million) in net income.

Brookside predicted the income numbers based on a $US70 price tag for a barrel of crude, now trading closer to the US$80 mark even after a price dip considerable enough to spur US plans to refill its reserves.

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