Total
0
Shares
Brookside Energy (ASX:BRK) - Managing Director, David Prentice - The Market Herald
Managing Director, David Prentice
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Brookside Energy (BRK) and Stonehorse Energy (SHE) have updated the market on production and sales from the Mitchell 12-1 Well in Oklahoma
  • Formation fluid levels in the well continue to lower and the well has kicked-off, meaning it has been intentionally deflected in a particular direction
  • Gas sales have also begun, and the first lode of oil is expected to be sold later this month
  • Further, the Mitchell 12-1 Well is already cash flowing, and oil and gas rates are expected to increase steadily as the fluid levels are lowered
  • More updates will be made as the fluid levels continue to reduce and peak rates have been achieved
  • Brookside is steady on the market, and shares are currently trading at 0.8 cents

Brookside Energy (BRK) and Stonehorse Energy (SHE) have updated the market on production and sales from the Mitchell 12-1 Well.

The well lies within Brookside's Jewell drilling spacing unit in the South Central Oklahoma Oil Province (SCOOP) play.

Formation fluid levels in the well continue to lower and the well has kicked-off, meaning it has been intentionally deflected in a particular direction.

Gas sales have also begun, and the first lode of oil is expected to be sold later this month.

Further, the Mitchell 12-1 Well is already cash flowing, and oil and gas rates are expected to increase steadily as the fluid levels are continually lowered.

Brookside and Stonehorse entered a joint venture in mid-June, dubbed the Orion Project, to acquire oil and gas fields in the Anadarko Basin, Oklahoma.

The Anadarko Basin is considered a tier-one oil and gas field, boasting a competitive and highly experienced oil and gas service sector in a favourable regulatory environment.

Both companies initially agreed on a combined investment of US$500,000 (around A$679,449), however, this can be expanded as the joint venture progresses.

More updates will be made as the fluid levels continue to reduce and once peak rates have been achieved.

Brookside is steady on the market, and shares are trading at 0.8 cents at 2:16 pm AEDT.

BRK by the numbers
More From The Market Herald
Alligator Energy (ASX:AGE) - Managing Director and CEO, Greg Hall - The Market Herald

" Alligator Energy (ASX:AGE) re-signs CEO ahead of planned Samphire drilling

Alligator Energy (AGE) has released a company update, revealing CEO Greg Hall will stay on with the company for another two years.
Elixir Energy (ASX:EXR) - MD and CEO, Neil Young - The Market Herald

" Elixir Energy (ASX:EXR) to mobilise third rig at Nomgon IX, Mongolia

Gas explorer Elixir Energy (EXR) has opened the trading day in the red following the latest update from exploration and appraisal work at
Metgasco (ASX:MEL) - Chairman, Philip Amery - The Market Herald

" Metgasco (ASX:MEL) upgrades Odin’s Contingent Resources

Metgasco (MEL) says an independent certification has upgraded Contingent Resources at the Odin Gas Field in the Cooper Basin.
Whitehaven Coal (ASX:WHC) - MDand CEO, Paul Flynn - The Market Herald

" Whitehaven Coal (ASX:WHC) gains approval for Vickery Extension

Whitehaven Coal’s (WHC) Vickery Extension Project has been approved by the Federal Environment Minister.