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Brookside breaks ground at Jewell Well

10 May 2021
ASX: BRK
Rueben Hale
Oil Drilling onshore rig

Brookside Energy has announced the successful spudding of its Jewell Well in the Anadarko Basin, continuing the Perth-based company’s progress of its key US project.

After last week revealing the drilling rig had been mobilised ahead of a pre-spud meeting on May 7, the company today said it was successfully spudded on the evening of May 8 Oklahoma local time.

“The well is currently drilling ahead in the vertical section. The company will provide weekly operational reports on well progress throughout the Jewell Well drilling campaign,” it said.

Brookside’s US subsidiary Black Mesa Energy is drilling the well with contractors.

It continues the US state’s rich oil history after the first discovery in 1859. Anadarko is a well-known field that straddles both Oklahoma and West Texas.

The region has been a reliable producer of oil and gas since about 1950 and Brookside in February said the Jewell Well was “the first well in a potential five-year, 20-plus well development drilling program across the three operated drilling spacing units the Company controls in the SWISH area of interest”.

At the time, the company announced Jewell Well was fully funded after raising $8.25 million, before costs, in an oversubscribed placement.

“This raising will enable us to move forward with our transformational operated drilling program,” managing director David Prentice said at the time.

“Our acreage in this area is proven by neighbouring production with results from tier-one operators active in the area materially exceeding our expectations, including initial flow rates above 2,000 barrels of oil equivalent seen in offsetting wells.”

COMPANY OVERVIEW

Brookside Energy Limited is an Australian publicly held company listed on the Australian Securities Exchange (ASX:BRK). The Company was reinstated to official quotation on the ASX on 5 August 2015, following completion of the Company’s recapitalisation. Brookside has established deep and valued relationships in the oil and gas sector over the last 10 years through its successful activities in the industry focused on the mid-continent region of the United States. Brookside’s goal is to build value per share through a disciplined portfolio approach to the acquisition and development of producing oil and gas assets and the leasing and development of acreage opportunities.

COMPANY INFORMATION

ASX: BRK

Website

https://brookside-energy.com.au/
https://www2.asx.com.au/markets/company/brk

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