Brookside Energy Ltd (ASX:BRK) is set to kick off pad construction at its Rangers Well target, an oil and gas asset within the SWISH Area of Interest (AOI) in Oklahoma’s Anadarko Basin.
After the energy stock reached an agreement with the surface owners, work on the Rangers pad will commence next week in a bid to prepare the asset for drilling.
The well marks the second asset in development within Brookside’s five-year, 20-plus well development program, which is taking place over its three drill spacing units in the SWISH AOI.
Currently, the ASX-lister’s pioneer Jewell Well is moving towards completion, with flow-back options set to begin at the oil and gas asset.
Maintaining operational momentum
Brookside Energy managing director David Prentice said: “We are very pleased that we have been able to maintain our operational momentum in the SWISH AOI, securing the key agreements to commence construction of the pad for the soon to be drilled Rangers Well.
“This is obviously a very busy period for us and the Black Mesa team as we move straight from the drilling and completion operations at the Jewell Well and kick off operations in our next operated DSU – Rangers.
“We are very much looking forward to keeping our shareholders updated as we get underway with Rangers and lock-in key services for this next phase of development of our very valuable SWISH AOI resource.”
Pad construction to commence
As it prepares to drill at Rangers, Brookside has reached an agreement with surface owners to construct an all-weather pad within the Rangers drill spacing unit, where work is set to kick off next week.
After it raised $9 million to support the Rangers Well development program earlier this month, Brookside is positioned to fund the majority working interest in the Rangers Well.
This will help fast-track the SWISH AOI resource’s development and lead to more rapid growth in terms of Brookside’s oil and gas reserves and cashflow.
In addition, the ASX-lister recently secured the opportunity to expand the Rangers drill spacing unit.
Specifically, BRK extended its 'core of the core' SWISH AOI acreage by 13%, acquiring land that neighbours the Rangers unit.
The relevant documents have now been filed with the Oklahoma Corporation Commission to create a 960-acre unit, improving the Rangers Well economics and increasing the associated Polyurethane Dispersions (PUD) volumes and acreage values associated with this unit.
Brookside has purchased 3D seismic data in a bid to help design and place the well, which sits around 5 miles west of the pioneer Jewell Well.