Brookside’s (ASX:BRK) Wolf Pack pays out Oklahoma oil

Brookside’s (ASX:BRK) Wolf Pack pays out Oklahoma oil

July 11, 2024 Off By Jack Baker

Brookside Energy’s Wolf Pack Well has paid itself out in 13 months from first production as the energy producer takes on a new quartet of wells and a full-field development in Oklahoma’s Anadarko Basin.

Despite being drilled through peak drilling and completion costs, high initial and sustained production of 2042 barrels of oil equivalent a day and liquids yields of about 79 per cent were more than enough of an offset.

Wolf Pack has now delivered gross sales volumes of some 424,000 BOE at an average realised price of around $74 a pop for revenues exceeding $31 million.

Alongside Jewell and Rangers, which paid out even faster, it is the third Brookside well to recover all drilling completion costs and comes with new BRK records for both peak and first 30-day production rate.

Brookside Energy Managing Director David Prentice said the company was delighted to report on the milestone for Wolf Pack.

“Achieving payout in just thirteen months is a remarkable achievement and is even more noteworthy given that it was accomplished during a period of peak drilling and completion costs,” he said.

“The exceptional initial and sustained production rates, coupled with strong liquids yields, have driven these results.”

Prentice said Brookside’s financial achievement was a testament to the quality of the company’s acreage and the great work of its team and service providers to identify, secure, and then efficiently develop the very high-quality reserves.

“This success once again underscores our commitment to delivering significant value to our shareholders and investors as we move into full-field development of our SWISH AOI acreage,” he said.

The Perth-based energy development company has now drilled and cased its fourth and final well of a simultaneous Flames-Maroons development plan it considers transformational.

Completion works over the four wells is expected to begin by early next month on the later end, with production and sales set soon to follow for late in the third or early in the fourth quarter of calendar year 2024.

Brookside’s plan and forecast is to build up its net production to about 6300 BOE a day by 2028 and has also partnered with Continental Resources (NYSE:CLR) with a multi-well deal expected to flow cash before Christmas.

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