28/01/2022 - 11:59

Brookside earnings up 800%

28/01/2022 - 11:59

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Brookside Energy has booked a maiden operating profit for the quarter on the back of an 800 per cent surge in earnings following first production at its flagship Jewell Well.

Brookside earnings up 800%
Photo: Brookside Energy

Brookside Energy has booked a maiden operating profit for the quarter on the back of an 800 per cent surge in earnings following first production at its flagship Jewell Well. 

The Subiaco-based oil and gas developer recorded revenue sales of $3.5 million: an 800 per cent increase on the previous quarter and a $2.7 million operating profit for the period.

Brookside has interest in 32 producing wells, which averaged daily production of about 540 barrels of oil equivalent.

Commercial production and sales began from its flagship Jewell Well in Oklahoma’s Anadarko Basin in September and reached a peak rate of roughly 1,800 barrels of oil per day for an average 1,604 BOE per day.

Brookside said production was significantly above pre-drill estimates.

“The operated drilling, completion and production of the Jewell Well was a very important milestone for Brookside,” it said in a statement.

“It not only allowed the company to join the ranks of operator-producers but more importantly showed that the company can execute its strategy, run operations safely and on budget and generate significant cash flow.”

Brookside shares are up 4.76 per cent to trade at 2.2 cents.

 

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