- Brookside Energy (BRK) moves closer to drilling the Rangers Well in its SWISH area of interest in the Andarko Basin, Oklahoma
- BRK says it has formed an agreement with surface owners to construct an all-weather pad in the drilling spacing unit to aid drilling
- It has also acquired 3D seismic data which is being interpreted to assist with the design and lateral placement of the well
- The company says it is well positioned to fund the works following a $9 million capital raise
- Shares have been trading 3.23 per cent up at 3.2 cents at 10:57am AEST
Brookside Energy (BRK) is moving closer to drilling the Rangers Well in its SWISH area of interest in the Andarko Basin, Oklahoma.
In an update to the market, the company has outlined a number of operations it has been undertaking in preparation of drilling the second operated well in the area, which is located west of its Jewell Well.
Yesterday, the company announced it had further progressed the Jewell Well with multi-stage hydraulic stimulation complete.
Following a $9 million capital raise at the start of August, BRK said it was now in a position to fund the majority of the working interest in the Rangers Well. It hopes this will make for faster development of the SWISH resource and more rapid growth in both oil and gas reserves, and cashflow.
The company also said construction of an all-weather pad in the well’s drilling spacing unit was set to begin next week in Stephens County, following an agreement with surface owners.
The pad is designed to facilitate the drilling and completion of the well.
Managing Director David Prentice said the company was very pleased to be able to maintain an operational momentum in the area.
“This is obviously a very busy period for us and the Black Mesa team (a subsidiary of BRK) as we move straight from the drilling and completion operations at the Jewell Well and kick-off operations in our next operated DSU – Rangers.”
Moreover, 3D seismic data recently acquired by Brookside is being interpreted to aid with the design and lateral placement for the well.
In July, the company announced it had increased its landholding in the Andarko Basin and now said those acquisitions had also provided the opportunity to materially expand the Rangers drilling spacing unit.
Documents have reportedly been filed with the Oklahoma Corporation Commission to create a 960-acre (388.5 hectare) unit, which the company believes will “significantly” improve the economics of the well, as well as increase the associated proved undeveloped reserves volumes and acreage values.
Shares were trading 3.23 per cent up at 3.2 cents at 10:57am AEST.