Perth’s Brookside Energy Limited has extended its landholding within the oil and gas-rich southeast portion of Oklahoma’s world-class Anadarko Basin, claiming a “core of the core” chunk of prime acreage near the company’s next planned well.
The news comes as Brookside gets ready to turn on the tap at Jewell Well, the first in the company’s busy 5-year, 20-plus well-drilling program across three large development areas conservatively estimated to hold more than the equivalent of 11.6 million barrels of oil.
The company said the acquisition, which will increase its area of interest landholding by a whopping 13 per cent, would increase the flow of underdeveloped reserves pouring into the soon-to-be-developed Rangers Well nearby.
“We are very pleased to be able to bring this news to our shareholders this week,” managing director David Prentice said.
“The Black Mesa team continues to make great progress across all three pillars of the business, including with our Jewell Well operations but also importantly on our land and leasing efforts within the [Sycamore and Woodford in the South Half] SWISH area of interest.
“This acquisition is a credit to the team and will have a very positive impact on our future development plans for the Rangers Well, and on our reserves of oil and gas, our cash flows and future acreage values for this project.”
Brookside today released its latest investor presentation and said it planned to keep the market regularly updated with the latest developments.
The company’s Australian Stock Exchange-listed shares had risen 3.85 per cent in late trade, trading at 2.7c.