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 development milestone is potentially transformational for the company and will secure its position in one of the world’s prolific oil producing regions.
Stonehorse is also developing oil and gas plays in the world-class Anadarko Basin in the US state of Oklahoma.
The Henry Federal 1-8-5XH well (Brookside 7.27% working interest) has been successfully drilled, completed and turned to sales.
Managing director David Prentice outlined the company’s buy, upgrade, revalue and sell model at Cicero Group Diggers and Dealers Luncheon.
The company is developing oil and gas plays in the world-class Anadarko Basin in the US state of Oklahoma.
The company is focused on a buy-low, sell-high land and leasing model in the SCOOP and STACK plays of Oklahoma’s Anadarko Basin.
The company is focused on core operated development units in the SWISH AOI within the SCOOP Play.
At March 31, 2019, the company had an interest in 14 successful producing horizontal oil and gas wells across core areas of the STACK and SCOOP plays in the Anadarko Basin.
The new entity is chaired and backed by successful mining industry executive Rob Gardner who has given the company a sound head start.
The operator of the oil and gas development is Devon Energy Corp. (NYSE:DVN).
Surface location rights for an initial well have been acquired and surveying and staking operations are complete.
Revenue from 4 months of production has already returned 60% of drilling and completion capex.
The company’s leasing and acquisition program is focused on seven high-grade development units in the liquids-gas condensate core of the SWISH AOI.
The report forecasts a valuation that is 4x to 11x the current share price of 3.8 cents.
The company is focused on the prolific oil & gas producing Anadarko Basin in the US state of Oklahoma.
The company revealed its maiden oil and gas reserves in early December 2018.
Michael Fry has this month acquired a further 1 million shares and now holds a total of 4 million in direct and indirect interests.
43% of drilling and completion capital expenditure recovered in just three months.
The combined NPV10 of the reserve is US$12.5 million with forecast future net revenues of US$37.75 million.
A trading halt has been granted by the ASX until the start of trade on Thursday or when an announcement is released.
