Brookside Energy Ltd (ASX:BRK, OTC:RDFEF) has notched up another “impressive milestone” in the SWISH Area of Interest (AOI) in the southern SCOOP Play of Oklahoma’s Anadarko Basin with the Wolf Pack Well achieving payout in just 13 months from commencement of first production.
All drilling and completion costs have been fully recovered despite Wolf Pack, the company’s fourth SWISH AOI well, being drilled during a period of peak drilling and completion costs.
Third well to payout
Along with the Jewell and Rangers wells it is Brookside’s third well to payout. These wells have paid out in 13 months or less with Jewell Well in six months and Rangers Well in seven months.
Managing director David Prentice said: "We are delighted to report on this impressive milestone for the Wolf Pack Well. Achieving payout in just 13 months is a remarkable achievement and is even more noteworthy given that it was accomplished during a period of peak drilling and completion costs.”
Map showing the location of the Wolf Pack Well and other Brookside-operated wells including the recently drilled FMDP wells - Fleury, Maroons, Iginla and Rocket.
“Exceptional rates”
Brookside said the rapid payout was due to Wolf Pack’s excellent initial and sustained production rates (IP24 of 2,034 BOE per day) and very strong liquids yields of ~79% over the initial 13-month period.
The Wolf Pack Well reached a peak rate (IP24) of 2,034 BOE per day (88% liquids, 12% gas) and IP30 rate of 1,869 BOE per day (88% liquids, 12% gas), both record rates for a Brookside operated well.
“The exceptional initial and sustained production rates, coupled with strong liquids yields, have driven these results and this is testament to the quality of our SWISH AOI acreage and the great work of our team and service providers to identify, secure and then efficiently develop these very high-quality reserves," Prentice said.
“This success once again underscores our commitment to delivering significant value to our shareholders and investors as we move into full field development of our SWISH AOI acreage."
The Wolf Pack Well delivered gross sales volumes of approximately 424,000 BOE (~79% liquids) in its first 13 months of production, generating revenues of more than US$21 million for the same period at an average price of US$50/BOE.
Wolf Pack Well payout detail.