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Brookside moves ahead on Rangers Well

21 February 2022
ASX: BRK
Jack Baker

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). 

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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