BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2021

Nov 16, 2021

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NEWS RELEASE 17 November 2021

Rangers Well Operations Conductor Drilled and Cased

Perth, Western Australia – 17 November 2021 – Brookside Energy Limited (ASX: BRK) (OTC Pink: RDFEF) (FSE: 8F3) ( Brookside or the Company ) is pleased to provide shareholders and investors with an update on operations in preparation for the drilling of Brookside’s second well in the SWISH Area of Interest ( AOI ) in the world-class Anadarko Basin, the high-impact Rangers 36-25 SXH 1 Well ( Rangers Well ) (Figure 1).

Brookside is pleased to announce that drilling of the 80-foot hole for the conductor casing has been completed. The 30-inch conductor hole has been cased with 20-inch steel pipe, which has been cemented in place. A 6-foot x 6-foot diameter corrugated metal pipe was set as a cellar with an 84foot mouse hole also drilled and lined with 8-inch pipe.

Preparations and planning are underway to move housing trailers onto location and set up in anticipation of the arrival of the drilling crew and support staff.

Commenting on the announcement, Brookside Managing Director, David Prentice said:

“We are getting very close to spudding our second well, the Rangers Well, hot off the back of the ongoing significant success of the Jewell Well. With the quality and the value of our acreage and the ability to execute proven by the Jewell Well, Brookside will take the lion’s share of this well and the Rangers DSU with our working interest expected to be in excess of 80%.

“We are moving forward quickly with pre-drill operations and preparations for the arrival of the Kenai rig, and we look forward to keeping investors and shareholders updated as drilling of our next highimpact well in SWISH, the Rangers Well, gets underway.”

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Rangers 36-25 SXH 1
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Figure 1. Location map showing the location of the Rangers Well and Brookside’s three operated SWISH AOI DSU’s

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Authority:

This announcement has been authorised for release by the Board of Directors of Brookside Energy Limited

For further information, contact:

David Prentice Gracjan Lambert Managing Director Executive General Manager Commercial Tel: (+61 8) 6489 1600 Tel: (+61 8) 6489 1600 - - david@brookside energy.com.au gl@brookside energy.com.au

Investor Relations, Corporate Access, and Media

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Omar Taheri +65 8111 7634 omar@sparkplus.org

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Stewart Walters Eliza Gee +61 414 644 166 +61 432 166 431 stewart@themarketbull.com.au eliza@asxinvestor.com.au

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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. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation, or recommendation in relation to the purchase or sale of shares in any jurisdiction. Shareholders should not rely on this announcement. This announcement does not consider 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 investments to 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 to make an informed assessment of Brookside Energy. You should conduct your own investigations and perform your own analysis 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.

ABOUT BROOKSIDE ENERGY LIMITED

Brookside is an Australian public company listed on the Australian (ASX: BRK), Frankfurt (8F3: FSE) and USA (OTC Pink: RDFEF) stock exchanges. The Company was founded in 2015, to focus on the mid-continent region of the US, where our deep and valued relationships enable us to work with local communities to ensure sustainable growth and value creation through the safe and efficient development of energy assets. Focused on exploitation not exploration, the Company generates shareholder value through a disciplined portfolio approach to the acquisition and development of oil and gas assets and the leasing and development of acreage opportunities. The Company’s US subsidiary and manager of operations, Black Mesa, is an experienced mid-continent operator, which identifies opportunities and executes development for Brookside. Our business model effectively assigns risk and provides commercial incentives to maximize value for both parties .

Web http://brookside-energy.com.au

ABOUT BLACK MESA ENERGY, LLC

Black Mesa Energy , a Brookside Energy controlled subsidiary, is a Tulsa-based oil & gas exploration and production company focused on profitable development of petroleum properties located in the Mid-Continent oil province of the United States. Our lean and highly specialized technical and operations team is committed to providing attractive returns for our investors and shareholders by generating and drilling high quality oil and gas prospects. The founders of Black Mesa have worked together for over 30 years at companies they previously founded, including Medallion Petroleum, InterCoast Energy and Brighton Energy. Over the course of their careers, the Black Mesa team has drilled hundreds of horizontal wells and thousands of vertical wells in numerous mid-continent oil and gas basins. In addition to the financial backing from the Black Mesa shareholders, Black Mesa partners with outside investors on larger-scale projects by offering non-operated direct working interest participation. Web http://www.blkmesa.com

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GLOSSARY

GLOSSARY
APO WI	Afterpay-out workinginterest
AFIT	After Federal Income Tax
AOI	Area of Interest
BBL	Barrel
BFIT	Before Federal Income Tax
BOE	Barrels of Oil Equivalent
BOEPD	Barrels of Oil Equivalent Per Day
BOPD	Barrels of Oil Per Day
BPD	Barrels Per Day
COPAS	Council of Petroleum Accountants Societies
Development Unit or DSU	Development Unit or drilling spacing unit is the geographical area in which an initial oil and/or gas well is drilled and produced from the geological formation listed in a spacing order. The spacing unit communitizes all interest owners for the purpose of sharing in production from oil and/or gas wells in the unit. A spacing order establishes the size of the unit; names the formations included in the unit; divides the ownership of the unit for the formations into the “royalty interest” and the “working interest”; Only one well can be drilled and completed in each common source of supply. Additional wells may be drilled in a Development Unit, but only after an Increased Density Order is issued by the Oklahoma Corporation Commission.
Force Pooled	The Oklahoma Corporation Commission is authorized to establish well spacing and drilling units covering any common source of supply of hydrocarbons, or any prospective common source of supply. Once the unit is established, the Commission can force pool the interests of all the owners who own interests in that unit and who have not voluntarily joined in the development of that unit.
MBOE	1,000 barrels of oil equivalent
Mcf	1,000 cubic feet
MMBOE	1,000,000 barrels of oil equivalent
NPV10	The netpresent value of future net revenue before income taxes and usinga discount rate of 10%.
NRI	Net Revenue Interest
PDP	Proved Developed ProducingReserves
Pooling Agreements	The pooling agreements facilitate the development of oil and gas wells and drilling units. These binding poolingagreements are between the Companyand the operators
Prospective Resource	Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentiallyrecoverable from undiscovered accumulations.
PUD	Proved Undeveloped Reserves
Reserve Categories	These reserve categories are totalled up by the measures 1P, 2P, and 3P, which are inclusive of all reserve types: • "1P reserves" = proven reserves (both proved developed reserves + proved undeveloped reserves). • "2P reserves" = 1P (proven reserves) + probable reserves, hence "proved AND probable." • "3P reserves" = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps "proven ANDprobable ANDpossible.
STACK	Sooner Trend Anadarko Basin Canadian and Kingfisher Counties – oil and gas play in the Anadarko Basin Oklahoma
SCOOP	South Central Oklahoma Oil Province - oil andgasplayin the Anadarko Basin Oklahoma
SWISH AOI	Description of Brookside’s Area of Interest in the SCOOP Play
Working Interest	Percentage of ownership in a lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing,drilling, producing,and operatinga well or unit