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Brookside’s Jewell Well continues to outpace expectations

13 October 2021

ASX:BRK

Andrew Curran

Brookside Energy Limited is continuing to surpass expectations at its Jewell Well project in Oklahoma. The oil explorer is now reporting a daily 1,727 BOE benchmark at the site.

As oil prices reach seven-year US$80 plus highs, Brookside’s production rate is exceeding pre-drill high side estimates.

“The Jewell Well continues its stellar performance exceeding all our expectations. We could not be happier with its performance and are busy preparing for the spud of our second well,” managing director David Prentice said.

Perth-based Brookside says approximately 32 per cent of the stimulation fluid has been recovered, and production continues to increase steadily at the site in Oklahoma’s prolific Anadarko Basin.

Jewell is part of a five-year, 20-plus well development drilling program Brookside is conducting across its three operated development areas in the mid-western state.

Oil industry analysts IHS estimates the top producing wells in the Anadarko Basin can break even with oil priced at less than US$30 per barrel.

Mr Prentice has called his company’s Jewell production rates world-class and reflects the high quality of the reservoir.

“These results underpin our plans to continue to develop our “core of the core” position,” Mr Prentice said.

The company’s Australian Stock Market listed price has risen 6 per cent today and is trading at 2.6c (8:00m 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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