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Brookside deliver advanced Jewell Well payout

29 March 2022

ASX:BRK

Jack Baker

In under six months, Brookside Energy tore up pre-drill estimates and delivered the Jewell well payout from the world-class Anadarko Basin’s Oklahoma end in the US.

The news comes as the macro pricing environment for oil hits a 10-year high, with the company ramping up production accelerating its programme to have three oil wells in output by the middle of the year.

High flow and oil prices powered the charge with around 250 thousand barrels of oil equivalent, delivering over US$9 million in revenue.

Sales from the Rangers and Flames wells are next up, respectively, finalising completions and successfully spudded — and the explorer holds an even higher stake in both.

The company said it had cemented its ability to identify and quickly monetise high-class opportunities.

“Pay-out of the Jewell Well and the imminent production delivery from our Rangers and Flames wells provide a solid launching pad that will enable us to unlock value in our large inventory of low-risk, high-impact proved undeveloped locations,” managing director David Prentice said.

Brookside will continue expedited plans for over 20 high-impact wells in the SWISH area of interest by 2026.

BRK’s Australian Stock Exchange-listed share price was trading at 2.5c today (7.34 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.

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