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Brookside riding high on Rangers payout

23 November 2022 09:54
ASX: BRK

Brookside Energy keep the oil and cash flowing in Oklahoma, with its Rangers well considerably beating out expectations and paying out in the first seven months of production from the Anadarko Basin.

Able to pump out 173,400 barrels of oil equivalent, it brings in over 13.2 million dollars in revenue, recovers all drilling and completion costs and further proves up high-quality reservoirs.

Rangers was the second well Brookside brought online, preceded by Jewell and followed by Flames, which produced at a commercial rate during very early flow back and hit the second-highest peak of any well in the Woodford formation of the SWISH AOI.

The news comes just over a week after Brookside spudded its fourth well, and company said the early payout is a result of an excellent production rate of high-quality oil and gas combined with decade-high commodity prices.

“We are incredibly pleased to report on the payout of our second operated SWISH AOI well, this is another fantastic achievement for the business and a milestone that cannot be ignored when looking at the enormous amount of value we have created in the large inventory of high-impact, low-risk proved undeveloped wells,” managing director David Prentice said.

Brookside show no signs of slowing down, hard at work as the second phase of development drilling ramps up in the Sooner state.

BRK’s Australian Stock Exchange-listed share price has risen 9.09 per cent today, selling at 1.2c (9.42 am UTC+8 hours).

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