Brookside’s Growth Hinges on Riverbend AOI and US Listing Progress

Operational Momentum with Bruins Well

Brookside Energy Limited has marked a significant operational milestone with the Bruins well contributing a full quarter of production in Q3 2025. This well, targeting the Woodford Shale within the SWISH Play in southern Oklahoma, has performed in line with expectations, delivering steady output and adding materially to the company's reserves. Drilled ahead of schedule and under budget, Bruins has produced approximately 74,300 barrels of oil equivalent to date, with a peak production rate of around 1,040 BOE per day. The well exemplifies Brookside's low-cost, efficient operating model and supports its strategy of resilient production in a moderate commodity price environment.

Strategic Expansion – Riverbend Area of Interest

During the quarter, Brookside announced the identification of the Riverbend Area of Interest (AOI), a new liquids-rich opportunity within the Anadarko Basin. Targeting Devonian, Mississippian, and Pennsylvanian reservoirs, Riverbend lies within a proven hydrocarbon fairway with substantial historical production. Technical evaluations suggest strong well economics, with estimated ultimate recoveries ranging from 630,000 to 960,000 BOE per well and a high liquids content of approximately 82%. Leasing activity is underway to secure drilling spacing units, positioning Brookside to expand its reserve base and extend its drilling inventory. This strategic move complements the existing SWISH Play and signals a deepening of the company's development pipeline.

Financial Performance and Capital Discipline

Brookside's financial results for the first half of 2025 demonstrate robust growth, with revenue from oil and gas sales nearly doubling to A$30 million and EBITDA rising 94% to A$13.6 million. Net operating cash flow increased to A$11.1 million, supported by higher production volumes and contributions from non-operated wells. The company maintains a disciplined capital allocation approach, balancing cash generation with investment in growth projects like Bruins and Riverbend. Cash receipts for the quarter totaled A$13.9 million, with operating expenses managed efficiently. The balance sheet remains solid, closing the quarter with A$8.2 million in cash after investing A$6.9 million in development activities.

Share Buy-Back and Board Strengthening

In a move to enhance shareholder value, Brookside commenced an on-market share buy-back program during the quarter, authorized to repurchase up to 4.8 million shares, representing about 5% of issued capital. As of late October, nearly 396,000 shares had been repurchased at an average price of A$0.376. This initiative underscores the company's disciplined capital management and confidence in its growth trajectory. Additionally, the appointment of Mr. Chris Weatherl as a Non-Executive Director brings over 25 years of upstream oil and gas experience, bolstering the board's technical and operational expertise as Brookside scales its US portfolio.

Progress Toward US Listing

Brookside continues to advance its proposed listing on the NYSE American via a Level 3 ADR program, a process involving rigorous regulatory and compliance requirements. The company has reached the final review phase of its PCAOB audit covering fiscal years 2022 to 2024 and is preparing the Form F-1 registration statement. While the timeline has extended beyond initial expectations, Brookside remains committed to this strategic step to broaden its investor base and align with US capital markets, anticipating enhanced liquidity and market visibility upon completion.