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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Brookside Energy Ltd    BRK   AU000000BRK4

BROOKSIDE ENERGY LTD (BRK)
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Brookside Energy Limited : - Maiden Oil and Gas Reserves

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12/07/2018 | 03:41pm CET

Perth - Brookside Energy Limited (ASX: BRK) (Brookside or the Company) is pleased to provide shareholders and investors with details of our maiden estimate of oil and gas reserves attributable to our holdings in the worldclass Anadarko Basin in Oklahoma.

Highlights

Net oil and gas reserves of 3.45 MMboe attributable to 20% of Brookside's total Anadarko Basin holdings

Proved reserves (PDP and PUD) estimated at 2.83 MMboe (82% of total reserves), with a further 617 Mboe attributable to the Probable reserve category

Combined NPV10 (PDP, PUD and Probable) of US$12.5 million with forecast future net revenues of US$37.75 million

NPV10 per acre at US$30,000 confirms highly successful and scalable acreage acquisition and re-valuation business model

Commenting on the announcement, Brookside Managing Director, David Prentice said: 'These outstanding results clearly demonstrate the effectiveness of our acreage acquisition and re-valuation business model, the quality of the acreage and oil and gas reservoirs identified within it and very importantly, the calibre of our team in Oklahoma that is responsible for identifying, securing and developing these opportunities.

In the short term we will continue to work hard to close the gap between our current market capitalisation of US$10 million and the combined value of these proved reserves and the potential of the remaining 80% of our Anadarko Basin holdings.asd

Beyond that we are very excited by the opportunity we have to reward our shareholders as we scale-up both reserves and acreage, with development of our acreage and increases to our holdings in this world-class basin.'

Background

Brookside's partner and manager of US operations, Black Mesa Production, LLC (Black Mesa) has prepared an estimate of the oil and gas reserves and future net revenues for certain petroleum property interests owned by Brookside. These interests consist of non-operated working interests and royalty interests in Oklahoma.

The estimates shown are for proved developed producing, proved undeveloped, and probable reserves. The estimates do not include any possible reserves that may exist within these properties. These estimates do not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped reserves have been estimated.

The property interests evaluated in this release were obtained by Brookside pursuant to the terms of the Drilling Program and Acquisitions Program Agreements between Black Mesa Production and BRK Oklahoma Holdings, LLC (BRK Oklahoma) (refer to the Company's ASX announcement dated May 24, 2016).

Contact:

Loren King

Tel: (+61 8) 6489 1600

Email: loren@brookside-energy.com.au

Forward-Looking Statements and Other Disclaimers

This announcement may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of Brookside Energy Limited ('Brookside Energy' or 'the Company'). These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Brookside Energy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based.

This announcement does not constitute investment advice. This announcement does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

The information set out in this announcement does not purport to be all-inclusive or to contain all the information, which its recipients may require in order to make an informed assessment of Brookside Energy. You should conduct your own investigations and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this announcement. To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from this announcement arising out of negligence or otherwise is accepted.

(C) 2018 Electronic News Publishing, source ENP Newswire

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Managers
NameTitle
David James Prentice Chief Executive Officer, Executive Director & MD
Michael John Fry Non-Executive Chairman
Christopher Girouard Chief Operating Officer
Kevin A. Humphrey Chief Financial Officer
Loren Anne Jones King Secretary & Independent Non-Executive Director
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