Brookside (ASX:BRK) joins hands with US-based oil & gas giants

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Brookside (ASX:BRK) joins hands with US-based oil & gas giants

Brookside (BRK), US oil and gas explorer, collaboration, Rangers DSU, Share price
Image source: © Narmadagharat | Megapixl.com

Highlights

  • Brookside informs that three large oil and gas producers have confirmed their participation in the Rangers Drilling Spacing Unit.
  • Citation, Continental and XTO will be collaborating with BRK in the Rangers DSO.
  • Brookside expects to retain an 80% stake in the Rangers DSO.

ASX-listed oil and gas explorer Brookside Energy Limited (ASX:BRK) shared an update on its Working Interest (WI) participants in the Rangers Drilling Spacing Unit in BRK’s SWISH Area of Interest in the world-class Anadarko Basin.

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BRK has informed that three large US producers have confirmed to participate in the Rangers DSU, led by Citation based in Houston with a 10.2% WI, Oklahoma City headquartered Continental with a 5.3% WI and Houston based XTO with a 1.7% WI. Citation is one of the largest private oil and gas firms based in the US and holds extensive experience in the field of SWISH AOI and the Southern SCOOP area.

Brookside also stated that a further 2.1% WI was undertaken by a combination of private equity and smaller private oil and gas firms. Participation in the Rangers DSU incorporates an equivalent WI in the high-impact Rangers Well plus the opportunity to participate in future wells drilled in this DSU.

The company has expected to retain an 80% WI in the Rangers DSU, with its subsidiary Black Mesa as the operator.

Meanwhile, on the ASX, BRK closed 9.999% higher at AU$0.022 per share today.

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