Brookside (ASX:BRK) pays back on Rangers Well
November 23, 2022Brookside Energy has outpaced expectations on its second oil well, paying out construction costs on Rangers Well, part of the Company’s pipeline of sites rolling out across its SWISH AOI in the oil-rich lands of Oklahoma in the United States.
Rangers hit gross production of around 173,400 BOE in its first seven months of operation, generating revenues of US$13,243,000 for the same period.
Location of the Rangers Well and Brookside’s four operated SWISH AOI DSU’s.
The Company said the “very rapid payout” results from excellent production rates, a strong mix of oil and liquids-rich gas and decade-high commodity prices.
“We are incredibly pleased to report on the payout of our second operated SWISH AOI well, this is another fantastic achievement for the business and a milestone that cannot be ignored when looking at the enormous amount of value we have created in the large inventory of high-impact, low-risk proved undeveloped wells,” Managing Director David Prentice said,
“While we are frustrated that the results we deliver are not currently being recognised by the market, we remain committed to executing our plan, building out the asset base, monetizing and returning value to shareholders when we can.
“The team is focused, and we are always looking for opportunities to promote our amazing story, build confidence among our existing shareholders and attract new investors that recognise the significant opportunity that our assets represent.”
Price Action
The Company’s ASX-listed shares are 1.1c at Market Open.
Next Steps
The Company is currently drilling Wolf Pack Well as part of its Phase Two development drilling in the SWISH AOI.
About Brookside Energy
Brookside is an Australian public company listed on the Australian (ASX: BRK), Frankfurt (8F3: FSE) and USA (OTC Pink: RDFEF) 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 acquiring and developing oil and gas assets, leasing, and creating acreage opportunities. The Company’s US subsidiary and manager of operations, Black Mesa, is an experienced mid-continent operator who identifies opportunities and executes the action for Brookside. Our business model effectively assigns risk and provides commercial incentives to maximize value for both parties.
Please note the following valuable information before using this website.
Independent Research
Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.
