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- Brookside Energy (BRK) recovers all costs associated with its Rangers Well in Oklahoma seven months after first production
- The company says the “rapid” payout is due to excellent production rates, a strong mix of oil- and liquids-rich gas, and decade-high commodity prices
- In its first seven months, the well produced approximately 173,400 barrels of oil equivalent, generating revenue of approximately US$13.2 million (A$19.9 million)
- It comes as the company begins phase two development drilling at its Wolf Pack Well, also in Oklahoma
- Shares in Brookside are up 4.55 per cent and trading at 1.2 cents at 3:58 pm AEDT
Brookside Energy (BRK) has recovered all costs associated with its Rangers Well in Oklahoma seven months after first production.
The company said the “rapid” payout, which beat its pre-drill estimates, was due to excellent production rates, a strong mix of oil- and liquids-rich gas, and decade-high commodity prices.
In its first seven months, the well produced approximately 173,400 barrels of oil equivalent (BOE), generating revenue of approximately US$13.2 million (A$19.88 million).
Managing Director David Prentice said the payout was “another fantastic achievement” for the company.
“While we are frustrated that the results we are delivering are not currently being recognised by the market, we remain committed to executing our plan, building out the asset base, monetising and returning value to shareholders when we can,” Mr Prentice said.
“The team is focused, and we are always looking for opportunities to promote our amazing story, and importantly to attract new investors that recognise the significant opportunity that our assets represent.”
Today’s news comes as Brookside begins phase two development drilling at its Wolf Pack Well, also in Oklahoma
Shares in Brookside were up 4.55 per cent and trading at 1.2 cents at 3:58 pm AEDT.
