Brookside Energy has completed its held-by-production oil program with the Flames Well imminently online for sales into a high-flying energy market from its base in the US state of Oklahoma.
With three wells soon flowing cash, the energy producer is moving on expedited plans for over 20 such sites in the sooner state.
Building from an inventory of low-risk and high-impact oil wells, the Perth-based company have already ramped up permitting and planning for its first suite of development wells — with Ruby Well hailed as first off the rank.
The company said it was a tremendous milestone to mark the program’s completion.
“We now find ourselves at the centre of a play that is developing very rapidly and delivering outstanding results in terms of production and sales at a time when commodity prices are at decade highs,” managing director David Prentice said.
“The runway of low-risk, extremely high return development wells that we have ahead of us is exciting.
“We look forward to keeping shareholders and investors updated as we move into this next growth phase for the business.”
Brookside has also lodged applications for a horizontal Sycamore Well to be drilled within the Jewell Drilling Spacing Unit, with Rangers soon to follow.
BRK’s Australian Stock Exchange-listed share price was trading at 1.5c today (10.12 am UTC+ 8 hours).