Brookside Energy Ltd (ASX:BRK) has completed a multi-stage stimulation operation at its Rangers oil and gas well in Oklahoma.
All stages were finished by Cudd Energy Services as designed, with the reservoir stimulated in accordance with Brookside’s completion plan. Work concluded on schedule, safely and without incident.
Rangers is the second of three wells targeted under BRK’s held-by-production program, which seeks to advance a series of oil and gas assets at Brookside’s core holding in the SWISH Area of Interest within the world-class Anadarko Basin.
Now, it’s on to the final stage of completion operations at Rangers, which Brookside expects to close out in the coming weeks.
Planned activity includes:
- Complete rigging up the coiled tubing unit;
- Mill out the isolation plugs for each stage;
- Commence circulation and well bore cleanup operations; and
- Begin recovering the hydraulic stimulation fluid from the well.
Flowing back a high-impact well
Speaking to the development at Rangers, Brookside managing director David Prentice said: “It is very pleasing to have this crucial part of the completion of the Rangers Well successfully executed by the Cudd crew under the supervision of our specialist contractors and the Black Mesa team.
“Getting each stage pumped away as designed is obviously a very important step in the drilling and completion process, and with all the surface production equipment in place, we are now ready to remove the isolation plugs, clean up the well and commence flow back.
“With oil at decade highs, it is a fantastic time to be flowing back this high-impact well and we look forward to keeping our shareholders updated over the coming weeks.”
Oil prices soar
Brookside’s work in the Anadarko Basin comes as oil prices move to record highs amid war in Eastern Europe.
Overnight, Brent Crude futures jumped 5% higher to US$121 a barrel as disruptions continue on the Caspian Pipeline Consortium (CPC) — one of the world’s key crude oil channels.
The CPC accounts for roughly 1% of the world’s crude oil demand, but sanctions on Russia — the second-largest crude exporter — has led to a supply disruption.
Lipow Oil Associates president Andrew Lipow told Reuters that prices would continue to “march higher” until the world worked out how to replace the 2 to 3 million barrels a day that were no longer being supplied.
Adding fuel to the fire, crude oil exports from Kazakhstan’s terminal on the CPC pipeline, located on Russia’s Black Sea Coast, were frozen on Wednesday.
Prologued bad weather and a major storm caused considerable damage to the terminal. The event could put exports from the pipeline on hold for up to two months, according to Russian deputy prime minister Alexander Novak.
Such events indicate there’ll be no stopping the oil price’s meteoric rise in the weeks (and even months) to come.