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Brookside Cashed Up After a Transformative Year

3 April 2023 10:19
ASX: BRK

Brookside Energy kept the cash flowing alongside the oil last year, with the Company’s 2022 Full Year Financial Results revealing that they brought in a revenue of $53 million last year from a massive 613,533 barrels of oil equivalent (BOE) produced.

The Company received a profit of $15.1m for the financial year, up A$17.7m from 2021 and marked similar year-on-year increases in production and revenue as well, increasing by 481,637 BOE and A$40.4 million respectively.

Brookside and its team have been working tirelessly for a year, and the outcome is evident in the form of successful results. The Company has brought its Flames and Ranger wells in the SWISH area of interest in Oklahoma’s Anadarko basin into production, completing its Held-By-Production program in the SWISH AOI.

Both Flames and Ranger were welcome additions to Brookside’s inventory of low-cost high-impact wells, with Rangers beating out expectations and pumping out 173,400 BOE to the tune of $13.2 million dollars in revenue in the well’s first seven months and Flames hitting the second highest peak rate in the Woodford formation of the SWISH AOI at an exciting 1500 barrels of oil equivalent per day.

It looks like this growth will continue as the Company keeps up the momentum with its youngest producing well Wolf Pack, which produced over 40,000 barrels of oil equivalent during its first month of early flow-back and generated an estimated $2.5 million dollars US in revenue in the same period.

Alongside Wolf-Pack, Brookside is developing its recently spudded Juanita Well in the newly formed Bradbury AOI which is looking to be another strong addition to the Company’s portfolio, with over 1,119 feet of gross pay uncovered across the primary, secondary and tertiary pre-drill target zones.

The Company said it remains focussed on delivering on its prospect, prove-up and monetise strategy.

BRK’s Australian Stock Exchange-listed share price has risen 13.04 per cent today, currently selling at 1.3c (8:58 am UTC+ 8 hours).

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