In a major milestone for the emerging energy company, Brookside Energy has just delivered its millionth barrel of oil equivalent from its battery of high-impact, low-cost wells in Oklahoma.
Including 715,000 BBLS of liquids, this significant milestone has been hit less than two years since the Company’s first operated well Jewell came into production and is even more significant considering Brookside’s latest well Wolfpack only came online in February.
The completion of this feat is owed to a sharp increase in oil production over the past few quarters as Brookside’s tireless work and successful exploration strategy have seen the Company bring three additional wells online since Jewell kicked off production, with massive success from the Flames and Ranger Wells delivering the Company what it termed a “Transformative Year“.
Brookside’s youngest well, Wolfpack, also achieved a remarkable milestone by producing 40,000 BOE in its first month and setting a new Company record for IP24 production rate at 2,034 Barrels of Oil Equivalent per day.
Despite having just cracked this achievement, Brookside shows no signs of resting on its laurels, with the Company already planning its next steps to monetise its considerable Proved and Probable (2P) Reserves of 11.9MMBOE, which boasts a net reserve value of US$170.5 Million.
The Company is currently hard at work developing its fifth overall well and the first outside of the SWISH AOI with the Juanita Well, which is currently moving towards production after demonstrating its potential to be a strong addition to the Company’s portfolio by delivering peak production testing rates up to 329 BOE.
The Company said that the speed with which Brookside reached one million BOE is a testament to not only the quality of the rocks within its tenure but also to the operational and corporate acumen of the Brookside team.
“I would like to thank all of our stakeholders, shareholders, advisors and the team that have all played a role in taking the SWISH AOI discovery from concept to production and positioned the Company to now take advantage of the large inventory of high-margin, low-cost wells that sit within our reserve base,” Managing Director David Prentice Said.
“We continue to pursue our goals in a financially disciplined way, always with an eye on maintaining our leverage to higher oil prices as we look to monetise this liquids-rich reserve base.”
BRK’s Australian Stock Exchange-listed share price has risen 4.16 per cent today, selling at 1.2c (12.50 pm UTC+8 hours).