Brookside Energy Ltd has reported exciting progress at its near-production Jewell Well in South Central Oklahoma oil province while rapidly expediting works on its second project at its nearby Range Well.
The company has reported the imminent completion of Jewell Well’s monetising 820-metre gas pipeline to Duke and ConocoPhillip’s sales line, which will be the final piece in the puzzle for its flagship South Central Oklahoma oil play.
The Market Bull also understands that Brookside sees clear sight to maintain its momentum with Rangers Well, located about eight kilometres from Jewell Well, aiming to have its stack flaring by the end of the year.
The company and punters will be hoping that, minus delays, Brookside will be in a position to book many millions of barrels of oil from its proven and probable reserves by 2022.
“We continue to maintain very strong momentum across the business, with the Black Mesa team keenly focussed on delivering the next phase in unlocking the considerable value in our acreage position with the imminent completion of the Jewell Well and establishment of oil and gas sales from this Company making well, managing director David Prentice said.
“The team is also working hard to push forward the development of the next exciting well in this initial phase of development – the Rangers Well – and we are looking forward to maintaining this level of activity through the balance of 2021 and beyond and to delivering the production from these wells into a very strong pricing environment.”
Brookside’s next steps will be to complete the commissioning of the Jewell Well surface production facilities and the pipeline’s construction to the DCP gas sales line, move-in and rig up completion equipment and commence Jewell Well completion operations.
The company also plans to settle the final design of the Rangers Well location and prepare for the commencement of earthworks required for pad construction.
In early trade, Brookside’s ASX-listed shares rose 4.17 per cent to 0.025c.