Brookside Produces Its One Millionth Barrel of Oil
Brookside Energy Limited
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Brookside Produces Its One Millionth Barrel of Oil

Plans for Monetisation of 11. 9 Million BOE 2P Reserves Well Advanced

Perth, Western Australia - Brookside Energy Limited (ASX: BRK) (OTC Pink: RDFEF) announced today that it has achieved a major milestone by producing its one millionth barrel of oil equivalent (BOE) in less than two years since its first operated well came on production. The company's production includes 715,000 barrels of liquids.

Rapid Progress in Production

Brookside's production has seen a remarkable acceleration in recent quarters as new wells have come online. This includes the highly productive Wolf Pack Well, which was brought into production in February of this year, marking the company's fourth well. The speed at which Brookside reached the one million BOE milestone is a testament to both the quality of the rocks and the operational expertise of the Brookside team.

Advanced Plans for Monetisation

Building on this significant achievement, Brookside is well advanced with plans for the monetisation of its 11.

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9 million BOE Proved and Probable (2P) Reserves. These reserves have a net reserve value to Brookside of US$170. 5 Million or A$0. 05 Per Share Pre-tax NPV10 (see ASX release of 26 April 2023). The company's next phase will focus on delivering maximum shareholder returns from this world-class discovery.

Promising Outlook

With oil prices showing signs of an upward inflection point and heading higher, along with service costs beginning to normalise, Brookside is confident in the potential for strong financial returns. The company is also encouraged by the exciting emerging results from Continental Resources' neighbouring development. The team is working diligently to finalise a comprehensive plan that will capitalise on these favourable market conditions.

Managing Director's Statement

David Prentice, the Managing Director of Brookside, expressed his delight in achieving this significant milestone. He thanked all stakeholders, shareholders, advisors, and the entire team who have played a crucial role in the success of the SWISH AOI discovery and the positioning of the company to capitalise on the high-margin, low-cost wells within their reserve base. Prentice emphasised the company's commitment to pursuing their goals in a financially disciplined manner, always keeping an eye on maintaining leverage to higher oil prices as they work towards monetising their liquids-rich reserve base.

Brookside Energy Limited continues to make strides in the world-class Anadarko Basin and remains dedicated to delivering value to its shareholders through strategic operations and sound financial decision-making.

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