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Brookside moves ahead on Rangers Well

21 February 2022 11:41
ASX: BRK

Brookside Energy is anticipating sales from Rangers to begin in March, with the construction of production facilities all moving ahead to plan.

Works have commenced constructing and installing surface production facilities drawing light crude oil from the prolific Sycamore Formation, 17,750 feet below the surface.

The timely development progresses as oil prices reach 2014 highs on Russia and Ukraine tensions.

The concerns add to the strong demand for transport fuels testing already stretched spare capacity in the crude market.

Cudd Energy Services will begin moving in equipment shortly as it progresses works to connect the well to a nearby gas sales line in preparation for completion operations.

Rangers will significantly increase Brookside’s cash flow, adding a new revenue stream beyond Jewell Well’s contribution to the kitty of $3.6 million just in five months.

BRK’s Australian Stock Exchange-listed price is trading at 1.7c (8:37 am UTC+8 hours). 

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