Brookside Energy Ltd’s (ASX:BRK) successful leasing, high-grading and trading activities have delivered a ~2,500-acre position in the liquids-rich core of the world-class South Central Oklahoma Oil Province (SCOOP Play).
The company’s recent trading activity within the SWISH AOI has capitalised on increases in undeveloped acreage values and has delivered a further ~US$720,000 cash injection to the company.
This has also enabled Brookside to increase its position in the highly sought-after Sycamore-Woodford trend.
Brookside now has ‘line of sight’ to securing a number of very high-grade, operated Drilling Spacing Units (DSU’s) in the SWISH AOI, to accompany the Jewell Unit where Brookside has secured a ~90% working interest.
The Jewell Unit development will be operated by Brookside’s US partner and manager of operations, Black Mesa Energy with site works to build an all-weather location and set the conductor casing ahead of drilling operations to get underway this quarter.
Anadarko Basin, Oklahoma (STACK & SCOOP Plays)
Brookside managing director David Prentice said: “The outcome of our recent activities highlights the flexibility and choices that our “real estate development” approach brings to our business.
“The chance to trade our way into a larger acreage position, and generate significant additional working capital at the same time is testament to the quality of the acreage we are acquiring in the SWISH AOI and the experience and capability of the Black Mesa Energy team in Oklahoma.
“Our strategy enables us to continue to grow the Company’s asset base without the need to raise additional capital, minimising dilution for our shareholders and we are looking forward to continuing to execute on this, and to the value that will be unlocked via the initial development of the highly anticipated Jewell Unit.”