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Brookside Break Records With Wolfpack Oil

11 May 2023 10:26
ASX: BRK

Brookside Energy’s Wolfpack Well continues to surpass expectations, with the young well now recording the highest IP24 production rate the Company has seen to date with a whopping 2,034 Barrels of Oil Equivalent per day.

Hitting the peak

This peak rate shoots Wolfpack to the top of Brooksides production rankings, and its high performance continued with the well then delivering an IP30 rate of 1,869 BOE per day, covering a combination of production rate growth followed by steady production.

Since coming on to production in February, where it was able to produce over 40 thousand BOE in its first 30 days of production, Wolfpack has now produced in excess of 140 thousand BOE which at current pricing delivers an excess of US$7.9 million in revenue.

Building the Basin

Wolfpack’s latest success further validates Brookside’s faith in both the Anadarko Basin and the SWISH AOI, with the Company recently delivering an Independent Reserves Certification for its SWISH AOI showing a net reserve value of US$170.5 million pre-tax with Proved and Probable Reserves of 11.9 million Barrels of Oil Equivalent.

This isn’t even the first time one of Brooksides Wells has broken records, with Wolfpack’s older brother Flames hitting the second highest peak rate in the Woodford formation of the SWISH AOI in October last year, after kicking off commercial oil and gas production from the well during very early flow back.

And with a battery of high-impact low-risk wells to its name in the Anadarko basin, the Company is now looking to expand further into Oklahoma, with Brookside now hard at work developing the latest addition to its portfolio Juanita, where it recently uncovered 119 feet of gross pay across the primary, secondary and tertiary pre-drill target zones.

Looking Forward

The Company said these results are a wonderful outcome for the Company and the rates and volumes produced continue to demonstrate the potential of the SWISH AOI.

“Once again, our SWISH AOI acreage has demonstrated its standing amongst the best rock in the Anadarko Basin, capable of delivering the very high rates of return and fast paybacks that make this the most highly sought-after area in the basin,” Managing Director David Prentice said.

“These results provide us with another important data point in terms of the next steps for the monetization of our recently announced 11.9 million BOE 2P Reserve 1. and the twenty-odd well inventory of high-quality, low-risk proved undeveloped locations.”

BRK’s Australian Stock Exchange-listed share price has risen 14.28 per cent today, currently selling at 1.6c (10:22 am UTC+ 8 hours).

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