Brookside Energy Expands Holdings in Oklahoma Oil Region
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Brookside Energy Ltd has expanded its lease holdings in the highly prospective STACK Meramec oil region in Oklahoma, U.S. to circa 300 acres.
The new acreage has been secured within a productive, over-pressured oil window.
Brookside’s latest acquisition represents a strategy to build a position in one of the few on-shore regions that remain economic at the current oil price.
The productivity of the core STACK acreage was reinforced last week with the release of initial production data on two recently drilled and completed extended-reach wells.
The wells delivered high initial 24-hour rates of 3,700 barrels of oil per day per well (70 percent oil).
A current industry type curve for a single extended-reach horizontal well delivers a target recovery of 1,700 Mboe (thousand barrels of oil) (58 percent oil) with 380 Mboe produced in the first 12-months.
This well generates a pre-tax rate of return in excess of 70 percent at current pricing, on an estimated completed well cost of US$9 million.
Based on this type curve and the recent successful increased density pilots, Brookside’s current STACK acreage could support the company’s initial target of 10 million barrels of oil in proved reserves.
Source: (September 16, 2016) Proactive Investors
About Brookside Energy
Brookside Energy Ltd is listed on the Australian Securities Exchange.
To stop by Brookside’s website, CLICK HERE
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