Brookside (ASX:BRK) mark a millionth milestone

In an auspicious period of milestones, Brookside Energy have celebrated a special one, marking production of the millionth barrel of oil equivalent from its inventory of operational oil wells in the US state of Oklahoma.

It comes less than two years since the Jewell Well produced its first barrel, and the Perth-based energy producer now has four operating wells to its name after the Wolf Pack Well came to production in February.

With top-quality rocks and a team well experienced in bringing about their production, Brookside now stands well advanced for its next stage of development, with 11.9 million BOE Proved and Probable Reserves representing US$170.5 Million of value as it unlocks a large inventory of proven Oklahoma oil sites.

“We are delighted to report the achievement of this very significant milestone. I would like to thank all of our stakeholders, shareholders, advisors and the team that have all played a role in taking the SWISH AOI discovery from concept to production and positioned the Company to now take advantage of the large inventory of high-margin, low-cost wells that sit within our reserve base,” Brookside Managing Director David Prentice said.

“We continue to pursue our goals in a financially disciplined way, always with an eye on maintaining our leverage to higher oil prices as we look to monetise this liquids-rich reserve base,” he added.

The next phase of development

Brookside see oil prices at an inflexion point and heading higher, service costs have begun to normalise, and with similarly exciting results coming from neighbouring developments, the company is finalising plans to deliver maximum value from a world-class discovery.

The company’s fourth well, Wolf Pack, has produced the highest flow rates recorded so far for Brookside, and next up in the production queue is the Juanita Well, where the company has achieved a successful production test and recorded heady flow from the new Bradbury Area of Interest.

Location map showing the location of the Wolf Pack Well and Brookside’s four operated SWISH AOI DSU’s

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Sector: Energy

Industry: Oil & Gas E&P

Employees:

Brookside Energy Limited, together with its subsidiaries, engages in the exploration, production, and appraisal of oil and gas projects in the United States. The company develops oil and gas assets in the Anadarko Basin in Oklahoma, the United States. It also involved in the development and leasing of acreage opportunities. The company was formerly known as Red Fork Energy Limited and changed its name to Brookside Energy Limited in June 2015. Brookside Energy Limited was incorporated in 2004 and is based in West Perth, Australia.