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Brookside Energy shares up on production update showing strong well performance

Revenue from 4 months of production has already returned 60% of drilling and completion capex.
oil and gas well named Bullard #1-18-07UWH
The first Woodford Well is Bullard #1-18-07UWH

Brookside Energy Ltd (ASX:BRK) has today released a production update from its first Woodford Well in the world-class SCOOP Play in the Anadarko Basin of Oklahoma.

The well has now produced in excess of 160,000 barrels of oil equivalent, of which 59% is oil, in its first 4.5 months of production.

The well continues to perform above pre-drill estimates, flagging the potential for Brookside to book significant proved undeveloped reserves in this development unit when the annual review of oil and gas reserves is completed.

Net revenue from this well for its first four months of production is estimated to be ~US$1.2 million with about 60% of the share of drilling and completion capex recovered in this period.

READ: Brookside Energy has platform for “transformational” reserve growth in Anadarko Basin

Brookside’s managing director David Prentice said: “This well continues to surprise on the upside, with very strong sustained production and cash flow from the Woodford Shale in a part of the SCOOP Play where the geology and position on the Anadarko Basin margin correlates very strongly with our acreage in the SWISH AOI further to the south.

“It is very pleasing to have such a strong data point in the Woodford Shale (with the Bullard well performing significantly above our pre-drill estimates) when we are on the cusp of kicking off our operated drilling program in SWISH.

“This is a very exciting period for our shareholders as we transition from our non-operated position in the STACK Play to a much larger operated position in SCOOP.

“This will provide the platform for transformational growth in terms of acreage and reserve growth.”

Results support Brookside's view of the potential in this area

Results to date continue to support the company's view that the Woodford Shale has very significant production and reserve potential in this part of the SCOOP Play

Proactive caught up with David Prentice in late February 2019.

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Brookside Energy Ltd Timeline

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