Brookside Energy Ltd has materially increased the known oil reserves within its oil and gas assets and interests, raising its proved developed producing (PDP) net reserves by 50.1% to 2.65 million barrels of oil equivalent (BOE) and its total proved (1P) net reserved by 21.8% to 4.98 million BOE.
The new numbers were independently produced by Haas & Cobb Petroleum Consultants, demonstrating an uplift in both revenue generating assets and BRK’s long-term reserve base, according to Brookeside.
Reserve gains outpace production
A total of 1.41 million net BOE were added to the PDP reserve, effectively replacing more than double BRK’s production of just over 525,000 barrels in financial year 2024 and offering plenty of production momentum for the next financial year.
This translates to 268% of 2024’s production replaced on a PDP basis, 170% on a 1P basis and 150% on a 2P basis, which BRK sees as consistent organic growth for its oil and gas assets.
Importantly, the new PDP reserves were added at a finding and development (F&D) cost of about US$16.40 per BOE, below the 2023 average of US$20.06 per BOE for global public companies.
Table describing detail of the FY2024 reserve estimates:
