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Brookside raises millions for next well

6 August 2021 12:02
ASX: BRK
Gold Bars, Australian Dollar

Brookside Energy Limited has raised $9 million to fast track development of Rangers Well in the US.

Amid Brookside’s Jewell Well nearing production, CPS Capital has led an oversubscribed placement of funds from a mix of sophisticated investors on behalf of the Perth-based company to continue with its packed schedule of well developments over the next five years in Oklahoma’s world-class Anadarko basin.

The company said funds from investors looking for exposure to the oil and gas sector would be used in the Rangers drilling spacing unit and maintain a majority working interest in developing the Rangers Well in the Sycamore and Woodford formations area of interest.

“We are delighted with the response we have received from our existing shareholders (and from new investors) to this placement and would like to thank CPS Capital Group for assisting us with this very successful raising,” managing director David Prentice said.

“We are especially pleased to welcome our new overseas investors as we continue to expand our international investor base.

“This raising will enable us to increase our operational momentum, increase our Working Interest in future developments (including both the Rangers and Flames DSU’s) and make sure we can lock in key services when they are available to avoid delays.

“Faster development with majority Working Interests translates to more rapid growth in terms of both oil and gas reserves and cash flow.

“This is a very exciting time for the company and the team at Black Mesa Energy, and we are obviously thrilled that we are now in a position to move forward aggressively with the continued development of our SWISH AOI acreage.

The company said shareholders and investors can look forward to a considerable amount of news over the coming weeks and months as completion activities progress at Jewell Well and turn it to sales while at the same time locking in the timetable for the Rangers Well.

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