Brookside Energy (ASX:BRK) announced an increase in its average working interest in the Flames-Maroons Development Plan wells at the SWISH Project located in Oklahoma's Anadarko Basin, following successful regulatory activities and title reviews.
The development will enable the company to receive a larger portion of the production revenue.
The increase in Brookside's working interest to approximately 70% stems from a 7% rise in two of the wells targeting the Sycamore formation, specifically the Rocket and Maroons Wells.
These wells have shown strong production results, with gross operated production escalating by 178% to over 5,000 barrels of oil equivalent per day since September.
"This increase in our working interest reflects the diligence of our land team and underscores Brookside's ability to capitalise on opportunities that add value for our shareholders and strengthen our long-term growth trajectory," stated David Prentice, Managing Director of Brookside Energy.
The FMDP, completed in September, stands as a significant step in Brookside's growth strategy.
It has expanded the company's inventory of producing wells to eight, focusing on the Sycamore Lime and Woodford Shale formations in the SCOOP area.
As Brookside Energy continues its trajectory, net average daily production at the SWISH Project is anticipated to increase from around 1,400 barrels of oil equivalent to 2,500 by year-end.
Brookside Energy is engaged in the exploration, production and appraisal of oil and gas projects. It operates in the oil and gas sector through its activities in the industry focused on the mid-continent region of the United States.