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Rangers Well cash flows in Oklahoma

14 April 2022

ASX:BRK

Rueben Hale

Brookside Energy has commenced commercial oil and rich gas production from the second of 20 planned wells in Oklahoma’s world-class Anadarko Basin in the US.

The transformative milestone pours more cash into the Australian company amid record-high oil prices while significantly monetising high-quality, low-risk oil and gas reserves.

Saleable oil flowed in the early part of stimulation fluid recovery operations, with daily volumes increasing as in line with modelling.

Additionally, Rangers Drilling Spacing Unit – with a rig in operation – has been reclassified as ‘Held by Production’, paving the way for establishing proven developed and proved undeveloped reserves in this DSU.

The company said significant volumes of pre-sold oil, liquids-rich gas and unhedged production project solid returns for oil, gas, and natural gas liquids production streams.

“There is an enormous amount of effort required from everyone involved to drill and complete these wells efficiently and then carefully flow them back and finally establish production,” managing director David Prentice said.

“We are all very proud of the work completed by the Black Mesa team and all our contractors, consultants and the various teams of the service companies involved – it is a wonderful time to be a Brookside shareholder.”

The company will continue flow-back operations until confirmed IP 24 peak flow rates.

Work is advancing on Flames Well – the third well – with plans to operate the rig in the first half of 2022.

BRK’s Australian Stock Exchange-listed share price is trading at 2.4c today (7:06 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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