{"id":6061,"date":"2024-02-19T23:29:58","date_gmt":"2024-02-19T23:29:58","guid":{"rendered":"https:\/\/economicherald.net\/?p=6061"},"modified":"2024-02-19T23:29:58","modified_gmt":"2024-02-19T23:29:58","slug":"brookside-energy-reveals-strategy-to-double-oil-and-gas-production-in-anadarko-basin","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6061","title":{"rendered":"Brookside Energy reveals strategy to double oil and gas production in Anadarko Basin"},"content":{"rendered":"

Brookside Energy spuds first of four wells at Flames-Maroons Development Plan
\nFMDP will supercharge net production to 2,500boe per day by the end of 2024
\nDevelopment will unlock an estimated $261m worth of low-cost, high margin reserves <\/p>\n

\u00a0<\/p>\n

Special Report:<\/em><\/strong> Brookside Energy aims to unlock significant value at its Flames-Maroons Development Plan with the first of four wells having been successfully spud.<\/strong><\/p>\n

Brookside Energy (ASX:BRK)<\/a> has kicked off a multi-well drilling program aimed at monetising its Flames-Maroons Development Plan (FMDP) in the core of the southern SCOOP Play in the Anadarko Basin, a proven Tier-1 oil and gas jurisdiction in the US.<\/p>\n

The company flagged late last year that these planned wells are expected to be producing later in 2024, substantially increasing output by 67% to 2,500 BOE per day (78% liquids).<\/p>\n

These 11.9 million barrels of oil equivalent (BOE) low-cost, high-margin, liquids-rich reserves have an estimated net present worth of $US170.5m ($261m) to BRK.<\/p>\n

The Kenai Rig 19 has started drilling the Iginla well before it moves to the Maroons well and then onto the Fleury well.<\/p>\n

BRK managing director David Prentice said the multi-well project will be \u201ctransformational\u201d for the company.<\/p>\n

\u201cWe have been diligently working towards this positive development for some time, with extensive efforts behind the scenes to facilitate the start of drilling operations,\u201d he said.<\/p>\n

\u201cWith drilling now under way, we have a clear focus to work safely and efficiently to unlock the significant value in the FMDP.\u201d<\/p>\n

Cashed-up and debt-free, BRK delivered another strong financial result in the final quarter of 2023 with a 33% year-on-year increase in net production from the SWISH Area of Interest (AOI) in Oklahoma.<\/p>\n

The company booked $12.2m in cash receipts, with positive operating cash flow of $3.1m. A strong cash position of $26.2m enabled BRK to self-fund the drilling program at the FMDP.<\/p>\n

It has recently completed a 10% share buyback and has flagged plans for a further buyback<\/a> upon the completion of the FMDP.<\/p>\n

Importantly, the increase to production anticipated to eventuate from the FMDP will place BRK in the top tier of small-cap ASX oil and gas producers.<\/p>\n

The company has been closely watching Continental Resources\u2019 nearby successful Courbet full field development<\/a>, located immediately adjacent to and south of the FMDP, and early results have been extremely encouraging, especially in terms of reducing capital intensity of development activity.<\/p>\n

The successful 15-well program to simultaneously develop the Sycamore and Woodford formations has now been on production for about six months and has already produced over 2 million barrels of oil and 11 billion cubic feet of gas.<\/p>\n

The FMDP is forecast to produce 715,000 BOE net to BRK in its first year of operation and average ~2,000 BOEPD net over the same period.<\/p>\n

BRK estimates its total net production rate will reach 2,500 BOEPD (78% liquids) before the end of next year.<\/p>\n

Anticipated growth in cash flow and rapid well payouts will support subsequent development phases of the Bruins, Jewell, and Rangers DSUs, and other growth opportunities.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Brookside Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Brookside Energy reveals strategy to double oil and gas production in Anadarko Basin<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Brookside Energy spuds first of four wells at Flames-Maroons Development Plan FMDP will supercharge net production to 2,500boe per day by the end of 2024 [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6062,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBrookside Energy reveals strategy to double oil and gas production in Anadarko Basin - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=6061\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookside Energy reveals strategy to double oil and gas production in Anadarko Basin - 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