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Brookside Mobilise for Juanita Oil Production Testing

22 June 2023 09:53
ASX: BRK

Brookside Energy is looking to make a strong addition to its portfolio of high-impact low-risk wells, with the Company now mobilising the drill rig to the next zone of interest at the Juanita well for Further production testing.

Maintaining Momentum

The drilling rig is currently in transit to the next zone of interest, with the Company anticipating its arrival and the initiation of production testing by the end of the week. The program is expected to last approximately eight weeks.

The new testing program will directly follow up on previous testing which hit a peak production rate of 329 Barrels of Oil Equivalent (76% oil) alongside an average production rate of 174 BOE over a 27-day period after being chocked back to establish optimum production parameters and to gauge well performance.

Juanita is Brookside’s first well in the Bradbury area of interest and targets ten potential reservoirs including zones from within the highly-productive Simpson Group which have an average cumulative production from vertical wells of ~130 MBO.

With such early success, Juanita is already looking to be a welcome addition to the explorer’s Oklahoman oil wells, with its sibling wells Flames, Ranger, Jewell and Wolfpack bringing in a revenue of $53 million from a massive 613,533 barrels of oil equivalent (BOE) produced last year alone.

Building Towards Production

Alongside preparing for future tests and in anticipation of production from Juanita, the Company has made significant upgrades and expansions to the surface production facilities at the Thelma Well.

The Company said that due to the close proximity of the Thelma surface production facilities and the Juanita Well site, it believed that it would be more cost and time effective to upgrade Thelma’s facilities instead of building entirely separate surface production facilities for the additional production from Juanita.

“We are very excited as we now move to the next zone of interest and continue with our successful production testing of the Juanita Well. Each test provides us more data not only on this well but on the geology of the area, helping us to derisk and identify future potential well locations,” Executive General Manager Gracjan Lambert said.

“With the recent upgrade of the surface production facilities, once testing has been completed we will waste no time in bringing this well on production and adding a new revenue stream to our balance sheet.”

BRK’s Australian Stock Exchange-listed share price has risen 7.69 per cent today, currently selling at 1.4c (9:22 am UTC+ 8 hours).

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