Brookside’s maiden reserve in Anadarko is worth $US12.5m
Special report: Brookside Energy’s has issued a maiden estimate of oil and gas reserves in the Anadarko Basin in Oklahoma, saying they’ve got $US12.5m worth of oil and gas under the surface.
The maiden reserve attributable to Brookside only — rather than shared with their joint venture partner — was for 3.45 million barrels of oil equivalent (Mboe) over about 20 per cent of the company’s (ASX:BRK) total holdings there.
Forecast future net revenues to Brookside are estimated at $US37.75m.
Total proved reserves over the whole area are estimated at 2.83 Mboe over 82 per cent of the total area, and another 617 Mboe is attributable to the ‘probable’ reserve category.
Typically “reserves” refer to oil or gas discoveries that are commercially recoverable using existing technology, while “resources” are either not yet commercially viable or are mere speculation.
A 2P means it’s proven and probable, while a 3P includes “possible”.
“These outstanding results clearly demonstrate the effectiveness of our acreage acquisition and re-valuation business model, the quality of the acreage and oil and gas reservoirs identified within it and very importantly, the calibre of our team in Oklahoma that is responsible for identifying, securing and developing these opportunities,” said Brookside managing director David Prentice.
“In the short term we will continue to work hard to close the gap between our current market capitalisation of $US10 million and the combined value of these proved reserves and the potential of the remaining 80 per cent of our Anadarko Basin holdings.
“Beyond that we are very excited by the opportunity we have to further scale-up in terms of reserves and acreage as we continue to develop our acreage position and increase our holdings in this world-class basin.”
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