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Brookside advances US oil well program

7 March 2022 10:58
ASX: BRK

Brookside Energy has accelerated spudding at Flames Well while expediting drilling across the company’s SWISH AOI in the proven oil-soaked lands of the Anadarko Basin.

As crude oil surpasses US$124 a barrel, it will leverage a boosted bottom line to accelerate its plan to make more than 20 low-cost rigs operational by 2026.

A trading halt suggested something was in the works and a short-term funding and options underwriting from CPS Capital provided flexibility for the forward push.

Flames will be the longest lateral well to date at around 10,000 feet, with Brookside retaining up to 80 per cent interest, the same as Rangers and double the record-quarter-providing Jewell well.

US energy giants have taken notice of the Perth-based company with Citation, Continental and Exxon subsidiary XTO Energy all holding an interest in Rangers.

The company said it was enviable to move the rig onwards so soon after its success at Rangers.

“This is bringing cash flow from the Flames Well and delivering into the highest oil and gas prices we have seen in almost a decade,” managing director David Prentice said.

“The production and revenue coming from these high impact wells will not only accelerate our future development plans, but more importantly, their success provides the catalyst for the revaluation of our core-of-the-core acreage position.”

The company is eyeing additional production from the newly active wells in the second half of 2022.

BRK’s Australian Stock Exchange-listed price has risen 20.59 per cent today, selling at 2c (10:06 am UTC+ 8 hours).

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