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Brooksides’ Juanita Hits Production Rate of 329 BOE in Testing

31 May 2023 10:52
ASX: BRK

Brookside Energy strengthens its position in Oklahoma’s oil and gas industry, with the explorer’s latest Juanita Well successfully completing a production test and hitting a peak production rate of 329 Barrels of Oil Equivalent in the Bradbury area of interest.

Acing the Oil test

Success was achieved through testing sand located within the highly-productive Simpson Group and produced an average production rate of 174 barrels of oil equivalent (76% oil) over a 27-day period.

Alongside the success of the production test, the sale of hydrocarbons has been ongoing throughout the testing program, with Juanita producing an estimated ~5,065 BOE (76% oil) to date.

While this particular test is now complete, testing for the Juanita Well continues, with the Well now being plugged back and testing moved towards the next zone of interest within the Simpson Group. Brookside expects to provide updates on the testing program over the coming weeks.

High-Impact Low-Risk

A vertical well measured to a depth of ~6,350 feet, Juanita is Brookside’s first well in the Bradbury area of interest and is targeting ten potential reservoirs including zones from within the Simpson group which have an average cumulative production from vertical wells of ~130 MBO.

With the success of this production, Juanita is showing itself to be a welcome addition to Brookside’s already strong inventory of wells in Oklahoma, joining its siblings Flames, Ranger, Jewell and Wolfpack, which recently recorded the highest IP24 production rate the Company has seen to date with a whopping 2,034 Barrels of Oil Equivalent per day.

This inventory of wells is what resulted in a “transformational” year for the energy company, bringing in a revenue of $53 million last year from a massive 613,533 barrels of oil equivalent (BOE) produced.

Looking Forward

The Company said that Juanita’s early success demonstrates the effectiveness of its prospecting and targeting program within the greater Bradbury AOI.

“These initial test rates have exceeded our projections, solidifying our confidence in the long-term production capabilities of this zone and the area more generally,” Managing Director David Prentice said.

“We are actively leveraging the data and insights gained from these test results to optimize our plans to expand our footprint within the Bradbury AOI, and as always, we are looking to drive future growth and enhance returns for our shareholders”.

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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