Excellent initial results from 2024 FMDP project:
- Excellent results from the four-well FMDP project, on-stream September. Net production boosted 178% vs. 3Q24 average, to ~3000BOEPD, and higher than guidance of ~2500BOEPD.
- Drives a step change in revenue and cashflow, upgrades to our estimates, funds and de-risks Brookside's next growth phase.
- Valuation uplift to A$3.05 from A$2.85 reflects a robust financial position.
- Brookside is profitable with nil debt and $14M cash on hand (at 30 September) setting a solid foundation for future expansion.
- Strong governmental and logistic support in the USA, combined with experienced management, positions Brookside for sustained growth and profitability.