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Brookside flows cash at Jewell Well

28 January 2022
ASX: BRK
Jack Baker

Revenue from Jewell Well has outpaced forecasts, generating almost $3.6 million in sales since the flagship well came into operation in Oklahoma’s world-class Anadarko basin only five months ago. 

The news comes amid looming global oil shortages with prices nearing US$90 a barrel — an increase of more than 16 per cent since the start of the year.  

During the quarter, Jewell reached, then exceeded pre-drill estimates, increasing threefold to 540 barrels of oil equivalent per day with a peak rate of around 1800, the energy explorer revealed in its fourth-quarter report.   

A trio of big-time energy players has moved their chips into the second high-impact well, with Citation, Continental and XTO Energy all putting financial weight and experience behind the already-spudded Rangers well.  

In a bustling market for oil men, funding for the third is likely to heat up with mobilisation underway at the Flames well.  

The Perth-based company has ambitions for more than 20 such sites for the SWISH Area of Interest in its lucrative corner of the sooner state. 

BRK’s Australian Stock Exchange-listed price has risen 4.76 per cent, trading at 2.2c (9:40 am UTC+8 hours) 

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.

COMPANY INFORMATION

ASX: BRK

Website

https://brookside-energy.com.au/
https://www2.asx.com.au/markets/company/brk

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