An important step in delivering on this was completed yesterday with the lodgement and opening of the required prospectus offer.
Under the prospectus offer, 225.14 million listed options exercisable at 3 cents expiring 31 December 2020 will be available to eligible applicants.
The offer is open to holders of the recently expired listed options exercisable at 2 cents.
In mid-December 2018, Brookside confirmed strong, sustained production results from its first Woodford Shale well in the world-class Anadarko Basin (SCOOP Play) in Oklahoma.
At the time, the Bullard #1-18-07UWH well had produced about 110,000 barrels of oil equivalent (BOE) (65% oil) in less than 3-months.
Brookside’s first three months net revenue is estimated to be about US$850,000, attributable to its 20.57% working interest.
This followed the company’s maiden declaration of reserves in early December of 3.45 million barrels of oil equivalent (MMboe) confirming the success of its acreage acquisition and re-valuation strategy in the USA’s prolific Anadarko Basin.