Brookside (ASX:BRK) spuds the first of an Oklahoma oil quartet

Brookside (ASX:BRK) spuds the first of an Oklahoma oil quartet

February 19, 2024 Off By Jack Baker

Standing with a heady cash flow from four operating Oklahoma oil wells, Brookside Energy has spudded the first of its next quartet and is lined up to go back-to-back through the first quarter of 2024 in the US state of Oklahoma.

Brookside posted its last quarterly with strong cash receipts of $12.2 million and an operating cash flow in the black at $3.1 million after net production came up 33 per cent year on year to 1410 barrels of oil equivalent a day.

The success and its building expertise spurred the Flames-Maroons Development Plan, an ambitious campaign aiming at bringing simultaneous production online from four more wells as soon the third quarter.

The forecast net production stands at about 2,500 BOEPD, a figure which would place Brookside in the top echelon of small-cap ASX-listed oil and gas producers.

Brookside Managing Director David Prentice said he was thrilled to bring news of the successful, safe, and efficient setup of the rig and the beginning of operations on the FMDP.

“It is fantastic to be working with the Kenai Drilling team again, as well as many of our highly valued contractors and consultants, on this exciting multi-well project that will be transformational for our company,” Mr Prentice said.

“We have been diligently working towards this positive development for some time, with extensive efforts behind the scenes to facilitate the start of drilling operations. It has been a monumental team effort, and I extend my gratitude to everyone for their hard work.

“With drilling now underway, we have a clear focus to work safely and efficiently to unlock the significant value in the FMDP, and we look forward to sharing regular updates from our operations at the appropriate time.”

The Brookside rig’s first stop is at the Inginla Well, where it is now drilling the surface hole before skidding off to Maroons Well for the next stop of the FMDP campaign.

BRK Map

Brookside’s Sanford Pad and its four FMDP wells in the US state of Oklahoma

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