Amid a global energy shortage, Brookside Energy has surpassed forecast oil production at its Jewell Well, the first of more than 20 planned wells, in the US state of Oklahoma’s prolific Anadarko Basin.
BRK, which commenced sales in mid-September, is enjoying well above base-case returns fuelled by skyrocketing oil and gas prices, outshining the rigs daily 1000 BOE benchmark by more than 34 per cent.
The news comes as shortages hold crude prices above $US70/bbl. In contrast, natural gas has increased over 130 per cent since the beginning of the year and is expected to trade above $US5.3MMBtu by the end of this quarter.
The company said Jewell Well production continues to increase as flow-back and fluid recovery operations continue, with approximately 25 per cent of the stimulation fluid recovered.
“We are very pleased to provide this update on production from our first operated well in the SWISH AOI.
“The Jewell Well continues to perform above our pre-drill expectations, and these are clearly world-class results that reflect the quality of the reservoir in this particular part of the SCOOP Play in the Anadarko Basin.
“As a team, we have demonstrated that we can execute across all disciplines from prospect generation and acreage acquisition through drilling and completion and finally to successful flow back and sales of oil and gas.
BRK plans to provide updates on this and the Rangers Well as we move into the last quarter of 2021.
The company’s Australian Stock Exchange-listed shares were trading at 2.6c, today (9:42 am GMT+ 8 hours).