Brookside Energy (ASX: $BRK) achieves major milestone in FMDP drilling

Brookside Energy Limited (ASX: $BRK) has successfully completed the drilling of the fourth and final well of the Flames-Maroons Development Plan (FMDP) ahead of schedule. The FMDP multi-well development program, located in the core of the southern SCOOP Play in the Anadarko Basin, has achieved this significant milestone, with production and first sales anticipated by late Q3/early Q4 2024, leading to a projected net production growth to 2,500 BOEPD (78% liquids) by Q4 2024. The FMDP forms a crucial part of Brookside's strategy to grow net production to 6,300 BOEPD by approximately Q3 2028.

Executive Commentary on FMDP Drilling Completion

Thanks to a strong financial performance over 2023, Brookside was able to commence the development of the FMDP in early 2024, fully funded. The completion of the drilling of these four production wells ahead of schedule is a testament to the incredible operational performance of our team. With the FMDP drilling now completed, we are on track to achieve our target of growing net production to 2,500 BOEPD by Q4 2024. The FMDP production and the cash flow it will yield are integral to our forecast to grow net production to 6,300 BOEPD by ~Q3 2028.

Summary of FMDP Completion and Outlook

Brookside Energy Limited (ASX: $BRK) has successfully completed the drilling of the fourth and final well of the Flames-Maroons Development Plan (FMDP) ahead of schedule, marking a significant milestone in the company's operational achievements. The FMDP is expected to commence production late Q3/early Q4 CY24, leading to a projected net production growth to 2,500 BOEPD (78% liquids) by Q4 2024. This achievement forms a crucial part of Brookside's strategy to grow net production to 6,300 BOEPD by approximately Q3 2028. The FMDP is forecast to produce 715,000 BOE (78% liquids) net to Brookside in its first year of operation, with average production boosted to 2,300 BOEPD net to Brookside and revenue to US$70m (Net Income US$26.6m) in FY2025. The FMDP is expected to contribute significantly to Brookside's production, revenue, and net income, setting the stage for the company's success in the coming years.