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Brookside’s second well flows early

13 May 2022

ASX:BRK

Jack Baker

Brookside Energy has brought up another revenue stream as the Rangers Well swiftly brought in US$2.4 million through early flowback in its Oklahoma end of the US Anadarko Basin.

The company is enjoying a profitability spike, with crude oil increasing by over US$30 a barrel or roughly 40 per cent since the beginning of 2022.

The high-impact well is still in the initial stages of fluid recovery and is still in the early-stage daily production of over 1000 barrels of oil and gas.

The Perth-based company maintains an 80 per cent working interest in the site, partially controlled by some of US Energy’s top players, which has produced over 27 thousand barrels of oil equivalent.

The company said it would give Flames Well updates and future oil well rollout plans in the coming weeks.

“These results once again confirm our team’s ability to identify very high-quality prospects and then monetise them through drilling, completion and ultimately production of oil and gas,” managing director David Prentice said.

BRK’s Australian Stock Exchange-listed price has risen 5.26 per cent today, selling at 2c (9.39 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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