Brookside Energy issued pooling order for Jewell Unit.
Brookside Energy Ltd (ASX:BRK) has moved closer to production testing after a pooling order was issued for the Jewell drilling spacing unit (DSU) within the SWISH AOI in the SCOOP Play.
Pooling of the Jewell Unit is the first step on the path towards a production test of the target in this DSU, which has the potential to be a material valuation catalyst.
Brookside anticipates that it will acquire in excess of 95% of the Jewell Unit via this pooling order.
READ: Brookside Energy managing director increases ordinary shareholding to 3.2 million with on-market purchase
Brookside's managing director David Prentice said: "The successful pooling of our first operated DSU is another significant milestone in the development of the company, as we continue to transition to operator in the Anadarko Basin.
"Results from drilling and completion activity by third party operators active in the SWISH AOI continue to support our view that building a material operated position in this area will be transformational for Brookside, both in terms of reserves and acreage value.
"As operator of this acreage, we are absolutely focused on the successful execution of our strategy as we move from acreage acquisition, to upgrading via the drill bit, to revaluation and ultimately, to monetisation.
"This is a very exciting time for us, and we very much look forward to keeping investors updated as we move through the next phase of development of the Jewell DSU."
READ: Brookside Energy executes active acreage revaluation strategy in prolific US basin
Proactive caught up with Brookside earlier this month for an update.
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|Date:||Jul 25, 2019|
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