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Brookside outshines expectations at Jewell Well

5 October 2021

ASX:BRK

Rueben Hale
Brookside outshines expectations at Jewell Well

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).

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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.

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