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Perth, Western Australia – 11 November 2021 – Brookside Energy Limited (ASX: BRK) (OTC Pink: RDFEF) (FSE: 8F3) (Brookside or the Company) is pleased to provide shareholders and investors with an update on production from the high-impact Jewell 13-12-1S-3W SXH1 well (Jewell Well) located in Brookside’s SWISH Area of Interest (AOI) in the world-class Anadarko Basin (Fig. 1).
The Jewell Well reached a peak rate (IP24) of ~1,800 BOE per day (75% liquids, 25% gas). Independent of this IP24 rate, a peak oil rate of 973 barrels per day and a peak rich gas rate of 3,959 Mcf per day were also achieved.
Importantly, the well achieved an IP30 of 1,604 BOE per day (30-day average), within a period of measurement covering a combination of production rate growth followed by steady production. This sustained rate is significantly above our pre-drill estimates for the Jewell Well’s IP30.
Daily production is now steady at ~1,630 BOE per day, 74% liquids (830 bbls oil, 376 bbls NGL’s).
Commenting on the announcement, Brookside Managing Director, David Prentice said:
“The Jewell Well has provided an exceptional peak rate and IP30 number but more importantly the ongoing steady production continues to exceed expectations. The ongoing strong production and resulting high revenue from the Jewell Well will serve as a strong base for our 2022 SWISH development plans which are currently being finalised.”
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Figure 1. Location map showing Brookside’s three operated SWISH AOI DSU’s
Background
Brookside is developing its “core of the core” acreage position in the SWISH AOI located in the highly sought-after Sycamore-Woodford trend in the southern SCOOP Play in the world-class Anadarko Basin. Brookside has embarked on a potential 5-year, 20-plus well development drilling program across its three operated development areas / DSUs (Jewell, Rangers, Flames) that the Company controls in the SWISH AOI to develop a conservatively estimated 11,606,000 net BOE Prospective Resource (best estimate, unrisked).
Prospective Resources Cautionary Statement
The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
ASX Listing Rule 5.30 – Further Information
The Jewell 13-12-1S-3W SXH1 Well was drilled in Carter County, Oklahoma and is located within the Jewell DSU (Brookside ~84% Working Interest). The Jewell Well was drilled as an extended (mid) length horizontal well with the lateral portion of the well-bore landed in the Sycamore Formation at a depth of ~7,600 feet. The well was treated via a multi-stage (23-stages) stimulation process with approximately 22% of the total stimulation fluids (~280,000 barrels) recovered so far during the flow-back operations. The well is being flowed back through an open choke to the Company’s production, separation, and tank facilities.
– ENDS –
Authority:
This announcement has been authorised for release by the Board of Directors of Brookside Energy Limited
For further information, contact:
David Prentice
Managing Director
Tel: (+61 8) 6489 1600
Gracjan Lambert
Executive General Manager Commercial
Tel: (+61 8) 6489 1600
Investor Relations, Corporate Access, and Media
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Omar Taheri
+65 8111 7634
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Stewart Walters
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Eliza Gee
+61 432 166 431
Forward-Looking Statements and Other Disclaimers
This announcement may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions, which are outside the control of Brookside Energy Limited (“Brookside Energy”, or “the Company”). These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal, or regulatory developments, political risks, project delay or advancement, approvals, and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Brookside Energy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.
This announcement does not constitute investment advice. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation, or recommendation in relation to the purchase or sale of shares in any jurisdiction. Shareholders should not rely on this announcement. This announcement does not consider any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this announcement are not intended to represent recommendations of investments to persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
The information set out in this announcement does not purport to be all-inclusive or to contain all the information, which its recipients may require to make an informed assessment of Brookside Energy. You should conduct your own investigations and perform your own analysis to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this announcement.
To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts, or other representations contained in this announcement. No responsibility for any errors or omissions from this announcement arising out of negligence or otherwise is accepted.
ABOUT BROOKSIDE ENERGY LIMITED
Brookside is an Australian public company listed on the Australian (ASX: BRK) and Frankfurt (8F3: FSE) stock exchanges. The Company was founded in 2015, to focus on the mid-continent region of the US, where our deep and valued relationships enable us to work with local communities to ensure sustainable growth and value creation through the safe and efficient development of energy assets. Focused on exploitation not exploration, the Company generates shareholder value through a disciplined portfolio approach to the acquisition and development of oil and gas assets and the leasing and development of acreage opportunities. The Company’s US subsidiary and manager of operations, Black Mesa, is an experienced mid-continent operator, which identifies opportunities and executes development for Brookside. Our business model effectively assigns risk and provides commercial incentives to maximize value for both parties.
Web http://brookside-energy.com.au
ABOUT BLACK MESA ENERGY, LLC
Black Mesa Energy, a Brookside Energy controlled subsidiary, is a Tulsa-based oil & gas exploration and production company focused on profitable development of petroleum properties located in the Mid-Continent oil province of the United States. Our lean and highly specialized technical and operations team is committed to providing attractive returns for our investors and shareholders by generating and drilling high quality oil and gas prospects. The founders of Black Mesa have worked together for over 30 years at companies they previously founded, including Medallion Petroleum, InterCoast Energy and Brighton Energy. Over the course of their careers, the Black Mesa team has drilled hundreds of horizontal wells and thousands of vertical wells in numerous mid-continent oil and gas basins. In addition to the financial backing from the Black Mesa shareholders, Black Mesa partners with outside investors on larger-scale projects by offering non-operated direct working interest participation.
GLOSSARY
APO WI | After pay-out working interest |
AFIT | After Federal Income Tax |
AOI | Area of Interest |
BBL | Barrel |
BFIT | Before Federal Income Tax |
BOE | Barrels of Oil Equivalent include oil, NGL’s and shrunk gas converted on a BTU equivalent basis |
BOEPD | Barrels of Oil Equivalent Per Day |
BOPD | Barrels of Oil Per Day |
BPD | Barrels Per Day |
COPAS | Council of Petroleum Accountants Societies |
Development Unit or DSU | Development Unit or drilling spacing unit is the geographical area in which an initial oil and/or gas well is drilled and produced from the geological formation listed in a spacing order. The spacing unit communitizes all interest owners for the purpose of sharing in production from oil and/or gas wells in the unit. A spacing order establishes the size of the unit; names the formations included in the unit; divides the ownership of the unit for the formations into the “royalty interest” and the “working interest;” Only one well can be drilled and completed in each common source of supply. Additional wells may be drilled in a Development Unit, but only after an Increased Density Order is issued by the Oklahoma Corporation Commission. |
Force Pooled | The Oklahoma Corporation Commission is authorized to establish well spacing and drilling units covering any common source of supply of hydrocarbons, or any prospective common source of supply. Once the unit is established, the Commission can force pool the interests of all the owners who own interests in that unit and who have not voluntarily joined in the development of that unit. |
MBOE | 1,000 barrels of oil equivalent |
Mcf | 1,000 cubic feet |
MMBOE | 1,000,000 barrels of oil equivalent |
NPV10 | The net present value of future net revenue before income taxes and using a discount rate of 10%. |
NRI | Net Revenue Interest |
PDP | Proved Developed Producing Reserves |
Pooling Agreements | The pooling agreements facilitate the development of oil and gas wells and drilling units. These binding pooling agreements are between the Company and the operators |
Prospective Resource | Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations. |
PUD | Proved Undeveloped Reserves |
Reserve Categories | These reserve categories are totalled up by the measures 1P, 2P, and 3P, which are inclusive of all reserve types:
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STACK | Sooner Trend Anadarko Basin Canadian and Kingfisher Counties – oil and gas play in the Anadarko Basin Oklahoma |
SCOOP | South Central Oklahoma Oil Province - oil and gas play in the Anadarko Basin Oklahoma |
SWISH AOI | Description of Brookside’s Area of Interest in the SCOOP Play |
Working Interest | Percentage of ownership in a lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing, and operating a well or unit |
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