Brookside Energy adds to ‘core of the core’ Anadarko Basin holding with acreage acquisition

Brookside Energy adds to ‘core of the core’ Anadarko Basin holding with acreage acquisition

Brookside Energy Ltd (ASX:BRK) has increased its holding within the world-class Anadarko oil & gas basin in Oklahoma,USA, with an acreage acquisition. The energy stock has extended its ‘core of the core’ SWISH Area of Interest (AOI) acreage by 13%, acquiring land next to its Rangers drill spacing unit (DSU) within Anadarko’s southern SCOOP play region. It’s hoped Brookside’s increased landholding will improve its Rangers Well economics and the associated proven undeveloped reserves. The latest acquisition comes as the ASX-lister finalises the Jewell Well for production, preparing the asset to be the first Brookside-operated well within a broader five-year, 20-plus well inventory strategy centred on the SWISH AOI. Acquisition “a credit to the team” Commenting on the acquisition, Brookside managing director David Prentice said: “We are very pleased to be able to bring this news to our shareholders this week. “The Black Mesa team continues to make great progress across all three pillars of the business, including with our Jewell Well operations but also importantly on our land and leasing efforts within the SWISH AOI. “This acquisition is a credit to the team and will have a very positive impact on our future development plans for the Rangers Well and on our reserves of oil and gas, our cashflows and on future acreage values for this project.” The new tenure Brookside worked with its controlled subsidiary, Black Mesa Energy, to complete its latest acquisition. The move is part of a larger land and leasing strategy focused on the Oklahoma-based SWISH AOI, where Brookside is developing a series of operating oil and gas assets. This ongoing work is aimed at delivering additional acreage in the ‘core of the core’ of the highly sought-after Sycamore Woodford Trend in the southern SCOOP Play, with a particular focus on acreage that is complementary to the company’s three existing DSUs, Jewell, Rangers and Flames. The latest acquisition positions the energy stock with prime acreage next to its Rangers DSU, with documentation filed with the Oklahoma Corporation Commission to create an additional 320-acre drill spacing unit. Ultimately, Brookside hopes the new tenure complements its existing Rangers DSU, which could experience positive flow-on effects across its cashflow and acreage values. Work progresses at Jewell Today’s acreage acquisition comes just one day after Brookside appointed North America’s second-largest oilfield services operator to execute completion activities at its pioneer Jewell Well. The leading oilfields services company will supply the final equipment and personnel needed to bring the Jewell Well online while providing critical experience in environmental, social and governance-conscious well completions. With Jewell’s surface production facilities ready to go, Brookside is finalising a gas pipeline that will tie in with a nearby DCP sales line, with construction progressing on schedule. The ASX-lister also recently retired its Anadarko leasing facility by repaying the fund in full, making Brookside debt-free and strengthening its cash position as it prepares for revenue from oil and gas sales.

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