Brookside Energy strengthens team with appointment of international oil & gas industry executive
The company remains focused on strengthening its position in the SWISH AOI in Oklahoma and broadening its portfolio with attractive opportunities.
Company
ASX:BRK
Brookside Energy Ltd (ASX:BRK) is focused on the oil and gas sector in the mid-continent region of the United States.
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The company remains focused on strengthening its position in the SWISH AOI in Oklahoma and broadening its portfolio with attractive opportunities.
These initiatives are focused on strengthening the company’s balance sheet as activity ramps up in the Orion Project Joint Venture in Oklahoma, USA.
The combination of improved production, cash flow and increased reserves within one of the existing drilling spacing units (DSUs) is compelling.
The Orion Project offers significant scalability, with the initial focus area extending over 1,100 square kilometres in the Anadarko Basin, covering several historic and currently producing oil and gas fields and many hundreds of vertical w
Brookside is adapting to changed business conditions and positioning itself to take advantage of any growth opportunities that emerge due to the economic impact of COVID-19.
The company is focused on developing and monetising its oil & gas assets in the world-class Anadarko Basin in Oklahoma.
Brookside has been able to secure a strategic holding in this area early in the cycle and at a modest cost, when acreage values had not yet begun to move higher.
The company aims to scale up its holdings in the Anadarko Basin, USA, a jurisdiction well known for its oil and natural gas production.
Richard Homsany has been appointed as a non-executive director, replacing Loren King who remains as company secretary.
Brookside and its experienced US partner Black Mesa Energy add value to their US oil and gas portfolio through exploration.
Three new wells have come on-line delivering average initial production rates of almost 2,000 barrels of oil equivalent per day.
The well’s productivity to date has been remarkable, delivering significant cashflow to the business.
The Leon well of Continental Resources adds to the building inventory of initial production rates coming from the Sycamore formation.
The Anadarko Basin is a proven tier-one oil and gas development province with significant existing oil and gas gathering and transportation infrastructure, a competitive and highly experienced oil and gas service sector and a favourable reg
The outcome of Brookside’s recent activities highlights the flexibility and choices that its ‘real estate development’ approach brings to the business.
This result adds to the number of very strong results that have been reported recently from the current generation of horizontal Sycamore wells in the SWISH AOI.
This transaction is another example of Brookside’s successful business model working in practice - acquire, upgrade, re-value and then sell.
Results from two wells targeting the Sycamore formation confirm the prolific nature of this under-developed reservoir.
Brookside and its experienced US partner Black Mesa Energy add value to their portfolio through exploration.
Jewell will be the first well to be drilled by Brookside within one of several operated drilling spacing units that the company will control within the SWISH AOI.