Brookside Energy Ltd (ASX:BRK) continues to boost its position in the SWISH Area of Interest (AOI) in the core of the southern SCOOP Play in the world-class Anadarko Basin of Oklahoma with a fourth operated DSU added.
The Bruins DSU lifts Brookside’s acreage in the SWISH AOI by 34% and represents prime acreage adjacent to the company’s producing Jewell and Flames DSUs.
Land and Leasing strategy
This acquisition is part of the company’s ongoing Land and Leasing strategy which is being executed by the team of Brookside Energy’s controlled subsidiary Black Mesa Energy, LLC on the ground in Oklahoma.
Brookside’s managing director David Prentice said: “We are delighted to report on this very significant development in the successful execution of our land and leasing efforts in the core of the highly sought-after Sycamore-Woodford trend in southern SCOOP.
“It is a credit to our team in Oklahoma, that we have been able to secure operations on a fourth DSU in what is an extremely competitive environment, adding to our already strategically important position at a time when M&A and drilling and development activity is on the rise.”
The location of the Wolf Pack Well, Brookside’s three operated SWISH AOI DSUs and the new DSU, Bruins.
Reserves increase expected
When this new DSU is HBP it is expected to deliver a material increase to the company’s SWISH AOI reserves and add to its already large inventory of low-risk, high-return development wells.
It also has potential to significantly improve the economics and efficiency of the company’s Phase Two development plan.
“Staying focused on our goals, winning on the ground, and maintaining our intense focus on securing premium acreage is absolutely delivering long-term value for our shareholders and we look forward to bringing more news on this front as well as from our operations in Oklahoma as we head into the final quarter of what has been a year full of catalysts and key milestones for the company.”
The ongoing work of Brookside and Black Mesa is aimed at delivering additional acreage in the ‘core of the core’ of the highly sought-after Sycamore Woodford Trend in the southern SCOOP Play, with a particular focus on acreage that is complementary to three existing DSUs - Jewell, Rangers and Flames.
Shares are 8.33% higher this morning to A$0.013.