CLR Courbet initial results, page-30

Now have compiled complete data set now for May and June as well.

Raw individual well production with oil in barrels and gas in thousand cubic feet, so for reference , the first well (230619) produced 52705 barrels oil and 146.213 million cubic feet raw gas in June.



The gas stream is estimated to carry 100 barrels NGL per 1 million cubic feet, and gas shrunk by 30% on NGL extraction with volume shown below.



Totals for NGL, shrunk gas and oil.

Oil and NGL in barrels, gas in MCF




Totals graphed for those who like pictures.



Analysis of the data shows oil production peaked in May, but raw gas, and therefore NGL production continued to rise in June which is consistent with previous SWISH wells were oil peaks before gas .

In May, oil production totalled 471349 barrels, or 15,205BOPD. Raw gas production was 2.235 BCF or 72.1 million CFPD before NGL extraction. Shrunk gas was 1.564 BCF or 260,789 BOE ( 8412 BOEPD gas) which produced 223534 barrels NGLs or 7210 BNGLPD.

Total 3 stream production in May was therefore 15,205 + 8412 + 7210 = 30,827 BOEPD.

For June , oil production was 385459 barrels or 12848 BOEPD, Raw gas 2.4128 BCF or 80.43 MMCFGPD before NGl extraction . Shrunk gas was 1.689 BCF , equal to 281,547 BEO gas or 9384 BOEPD, which produced 231303 barrels NGL, or 7701 BNGLPD.

Total 3 stream production in June was therefore 12,848 + 9384 + 7701 = 29943 BOEPD

There will be an error in the NGL numbers as the NGL content of the raw gas is estimated from the BRK stream. The raw gas number is accurate but the NGL number will be almost certainly be incorrect to the downside as early life NGL flows tend to be higher, closer to 140 Barrels NGl per 1 MMCFG and then can fall to 80 barrels per 1 MMCFG after a year or 2 and stabilise at ~40-60 B/mmcfg for the long term.

The data to now shows the Courbet development is producing huge amounts of oil, gas and NGL's where developing the Sycamore and Woodford zones concurrently seems to enhance production and therefore almost certainly reserves.

The impact of Courbet can only mean positive implications for the adjacent BRK acreage in terms of reserves, production potential, valuation , development scenario and again highlights the quality of the BRK land position. Probably a month or so before we get some news on the path forward for BRK in terms of the SWISH.

Cheers

Dan