Quarterly Activities and Cashflow Report - March 2025

Key points

• Strong reserve growth with 50% increase in Proved Developed Producing (PDP) reserves
• Bruins well spudded and drilled ahead of schedule
• Gapstow wells deliver strong sustained production

Full summary

Brookside Energy Ltd reported a 50% increase in Proved Developed Producing (PDP) reserves to 2.65 million BOE, with Total Proved (1P) and Proved plus Probable (2P) reserves growing 22% and 7% respectively. The company's ninth operated well in the SWISH Play, the Bruins 2-11-1S-3W WXH1, was successfully spudded in February and reached a total measured depth of 16,718 feet within 30 days. Brookside's non-operated interest in the eight Gapstow wells produced ~27,500 BOE net to the company during their first 90 days, with an average IP90 of 1,792 BOE per well (73% liquids). While continuing to expand its drilling inventory and pursue future growth opportunities, the company remains committed to capital discipline, focusing on near-term cash generation, operational efficiency, and disciplined development pacing. Brookside generated A$18.1 million in cash receipts during the quarter, delivering net operating cash flow of A$4.55 million and closing with a strong cash balance of A$12.7 million.

Guidance

Brookside is maintaining a balanced strategy, focusing on near-term cash generation, operational efficiency, and disciplined development pacing, while seeking to maximize shareholder returns. The company has implemented a limited and conservative hedging program to insulate upcoming flush production volumes from the Bruins Well from the current volatile pricing environment.