Brookside Energy Ltd (ASX:BRK) has confirmed strong, sustained production results from its first Woodford Shale well in the world-class Anadarko Basin (SCOOP Play) in Oklahoma.
The Bullard #1-18-07UWH well has now produced about 110,000 barrels of oil equivalent (BOE) (65% oil) in less than 3-months.
READ: Brookside Energy declares maiden reserve of 3.45 million barrels from Anadarko Basin in US
Brookside’s first three months net revenue is estimated to be about US$850,000, attributable to its 20.57% working interest.
Notably, 43% of drilling and completion capital expenditure has been recovered in just three months.
To date, production from this well has continued to exceed Brookside’s pre-drill estimates with continued sustained production expected to drive significant reserve growth beyond the company’s recently reported maiden reserve.
Brookside is estimating up to six additional potential well locations within this single 960- acre development unit.
Brookside managing director David Prentice said: “We are once again very pleased to be able to provide updated production results from one of our most significant non-operated working interest wells in the Anadarko Basin in Oklahoma.
“The Bullard well continues to perform above our pre-drill expectations flagging the potential for significant additions to the proved reserves recently outlined in our maiden reserve report.
“As we scale up our activities in the basin, with higher working interests per well and a larger acreage position we see the opportunity for exponential growth in our reserves of oil and gas and ultimately the value of the business.”
READ: Brookside Energy’s oil and gas production results confirm productivity in the SCOOP Play
The Bullard #1-18-07UWH well provides another strong data point for the reserve potential of the Woodford Shale in this area and further justification for higher per-acre valuations in the SCOOP Play generally.
Significantly, Bullard #1-18-07UWH well is located adjacent to (about 5-miles north) Brookside’s SWISH AOI, which is the focus of the current leasing campaign.