Brookside Energy Ltd (ASX:BRK) has taken a major step towards realising the value of its extensive position in Oklahoma’s world-class Anadarko Basin with its first well in the SWISH Area of Interest (AOI), the Jewell Well, paying out in less than six months from beginning production.
The high-impact Jewell 13-12-1S-3W SXH1 Well has produced ~250,000 BOE (~73% oil and NGLs) in its first six months and generated net revenues (80.4% NRI) of US$9.03 million.
Exceeds estimates
This very rapid, record payout that considerably beat pre-drill estimates is a result of better-than-expected Jewell Well production rates, a strong mix of oil and liquids-rich gas and decade-high commodity prices.
Brookside managing director David Prentice said: “This is a stunning result for the company, our shareholders and the team at Black Mesa.
“We are thrilled to be able to report that the Jewell Well, our first operated well to be drilled and completed in our SWISH AOI, has achieved this milestone in just six months.”
Institutional-grade operator
The quick pay-out of the Jewell Well further cements Brookside as an institutional-grade operator in the SWISH AOI with the ability to identify high-class opportunities and monetise them quickly.
Jewell Well production and pay-out data, actual versus forecast.
“These results are a testament to the ability of our team to perform at all levels across the business, from prospecting through lease acquisition and to efficient operations to establish production and oil and gas sales,” Prentice said.
“Pay-out of the Jewell Well and the imminent delivery of production from our Rangers and Flames wells provides a very strong launching pad that will enable us to unlock value in our large inventory of low-risk high-impact proved undeveloped locations in SWISH, at a time when prices are at decade highs.”
Location of the Jewell Well and Brookside’s three operated SWISH AOI DSUs.