Significant Increase in Reserves

Brookside Energy has reported a substantial increase in its oil and gas reserves, providing a strong foundation for both near-term revenue growth and long-term resource expansion. According to an independently verified FY2024 reserve update, the company’s proved developed producing (PDP) net reserves surged by 50.1%, reaching 2.65 million barrels of oil equivalent (BOE). Additionally, Brookside’s total Proved (1P) net reserves climbed 21.8% to 4.98 million BOE, reinforcing its production capabilities.

Further solidifying its long-term potential, the company’s Total Proved plus Probable (2P) Net Reserves increased by 6.8%, reaching 12.35 million BOE. This expansion not only enhances Brookside’s resource base but also strengthens its positioning in the competitive oil and gas sector.

Strong Production and Cost Efficiency

A key highlight of Brookside Energy’s growth trajectory is the impressive surge in PDP reserves, which increased by 1.41 million net BOE—more than double the company’s FY24 production of 525,000 barrels. This represents a 268% replacement rate on a PDP basis, 170% on a 1P basis, and 150% on a 2P basis, showcasing the company’s sustained organic growth.

Moreover, Brookside achieved these reserve gains at a finding and development (F&D) cost of just US$16.40 per BOE, significantly lower than the 2023 global public company average of US$20.06 per BOE. This cost efficiency highlights the company’s ability to expand its production capacity while maintaining financial prudence.

Continued Expansion and Future Prospects

Brookside’s robust reserves expansion follows a highly successful 2024, which included a record net production of nearly 2,500 BOE per day in the December quarter—a 129% increase from the previous quarter. This surge in production generated $21.1 million in cash receipts from sales, further reinforcing the company’s financial strength.

With a solid cash balance of A$11.3 million at the end of the last quarter, Brookside is well-positioned to execute its 2025 strategy. This includes increasing its inventory and undertaking targeted drilling projects in Oklahoma’s Anadarko Basin. The company plans to drill three new wells at its SWISH project while also participating as a non-operator in seven wells within the Gapstow Full Field Development (FFD) area, where it holds a cumulative working interest of 20.9%.

Managing Director David Prentice expressed confidence in the company’s growth trajectory, stating, “We’re definitely excited to have added to our reserves and have opportunities to grow reserves even more. With our forecast strong production uplifts and additional inventory developments, we are confident in our ability to deliver sustainable returns for our shareholders.”

With a combination of increased reserves, cost-effective expansion, and strategic investments in high-potential drilling projects, Brookside Energy is on a strong upward trajectory, ensuring continued growth in the competitive North American oil and gas market.