Perth, Western Australia – May 29, 2018 – Brookside Energy Limited (ASX: BRK)
(Brookside or the Company) is pleased to provide an update on drilling and
completion operations across its non-operated Working Interest acreage in the
Anadarko Basin plays in Oklahoma, US.
The Company’s non-operated Working Interest wells in the world-class Anadarko Basin plays continue to deliver excellent initial production rates providing further support for the excellent quality of the acreage that Brookside has been able to secure within the Anadarko Basin plays in Oklahoma.
The most recent well to commence production within the Company’s STACK Play holdings is located within the Cana Wet Gas part of the Company’s Blaine County focus area (see figure 1.). The well (a 10,000’ lateral horizontal well producing from the Meramec formation at a depth of approximately 13,000’) achieved a Company record IP24 of ~5,400 BOE/day (860Bbls/day and 27,500Mcf/day) and an IP30 of 4,200 BOE/day. Importantly, the well has produced ~154,000 BOE (15% oil) in its first 38-days of flow back and looks set to pay-out in less than 18-months.
Significantly, the IP24 production rate achieved in this well is almost 3.5 times higher than the rate achieved from the “parent well” drilled in the recently divested STACK Play Development Unit, which achieved a sale price of US$28,600 per acre.
The Company holds a ~2.0% Working Interest in this well and the associated 1,280-acre Development Unit that it was drilled in. The initial production data from this well (together with sustained longer-term production data), will be used to establish the quantity of recoverable undeveloped oil and gas contained within the Development Unit and the attendant value per acre. —