BROOKSIDE ENERGY LIMITED — Investor Presentation 2021

Oct 21, 2021

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Investor Presentation

October 2021

Jewell Well Exceeding Expectations, Provides Strong Platform for Growth

brookside-energy.com.au

ASX: BRK OTC Pink: RDFEF FSE: 8F3

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IMPORTANT NOTICE AND DISCLAIMER

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This presentation 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 presentation. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. 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 presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

This presentation does not constitute investment advice. Neither this presentation 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 presentation. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation 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 presentation 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 presentation.

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 presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

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BROOKSIDE - A BOUTIQUE ENERGY COMPANY

Focusing Today on a Better Tomorrow

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Small
standalone
developments
•
Low capital requirements
Quick return
of capital, fast Low capital •
to first requirements Small environmental footprint,
production no large facilities or extensive
pipelines
BROOKSIDE
•
ENERGY Localised development and
production – small geographic
Small footprint
environmental
Low emissions
& geographic
•
footprint Local supply lines and services
providing well paid local jobs
Working with
locals
suppliers &
landowners
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• Small standalone developments

• Quick return of invested capital, less than 12 months at current commodity prices

• Start of drilling to production sales measured in months not years

• Production close to end users, limited transport and emissions

• Local supply lines and services providing well paid local jobs

• Working hand in hand with local landowners, municipalities, counties and regulators

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BROOKSIDE’S THREE PILLARS

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CORPORATE OVERVIEW

Capital Structure

Brookside Energy Limited 12-Month Share Price Performance ASX: BRK OTC Pink: RDFEF FSE: 8F3

Market Capitalization	~A$93m
ASX: BRK (FPO’s).	~3,338,700,000
ASX: BRKOB	~1,659,000,000
Cash	~A$12.0m
Land Holdings	~3,400-acres
Prospective Resources	11,606,000 BOE1.

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Shareholder Mix

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1. Prospective Resources Cautionary Statement Prospective Resource (best estimate, unrisked) are the estimated quantities of petroleum that may potentially be recovered by the application of future development projects and relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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CORPORATE STRUCTURE AND TEAMS

Black Mesa Energy, LLC[1]

Brookside Energy Limited

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David Prentice (Managing Director)

Experienced resources sector executive with 15-plus years commercial E&P sector experience in the US mid-continent. Successfully grew E&P start-up Red Fork Energy to a $300m plus mkt. cap. oil and gas exploration and production company. David also serves as Chairman and CEO of Black Mesa Energy, LLC.

Michael Fry (Chairman)

Extensive corporate and commercial experience, financial and capital market knowledge and a background in corporate treasury management. Michael holds a Bachelor of Commerce, is a Fellow of the Financial Services Institute of Australasia, and is a past member of the Australian Stock Exchange.

Dr Gracjan Lambert (Executive General Manager Commercial)

Geophysicist with over 24 years’ comprehensive technical and commercial experience in the global oil and gas industry. Extensive international experience including technical and commercial roles at ExxonMobil in Houston, Texas involving exploration, development and production of conventional and unconventional resources. Gracjan holds a PhD in Geophysics.

Richard Homsany (Non-Exec. Director)

Experienced corporate lawyer and CPA with significant experience in the resources and energy sectors, including serving on the Boards of several ASX and TSX and TSX-V listed companies.

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Chris Girouard (President & COO)

35-plus years in the oil & gas industry, expert in all aspects of petroleum land management. Key member of teams that started and successfully sold several oil and gas companies.

John Schumer (VP Reservoir Engineering)

20-plus years in oil and gas exploration and development. Responsibility for all aspects of reservoir engineering including development strategy, acquisitions and divestitures, reserve bookings, type curve generation, and prospect generation.

Lee Francis (VP Operations)

40-plus years engineering and management experience in upstream and mid-stream operations. Responsible for all drilling, production and infrastructure projects. Lee has worked with the founding members of Black Mesa for over 20 years and is a registered professional engineer in the State of Oklahoma.

1Black Mesa Energy, LLC is a controlled subsidiary of Brookside. Collectively, the Black Mesa team have over 200 years of commercial, technical and operational experience having drilled over 1,000 vertical wells and almost 200 horizontal wells on-shore in the United States.

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FOCUSED ON THE ANADARKO BASIN

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SCOOP & STACK Plays, Anadarko Basin, Oklahoma

Proven Oil & Gas Plays in a world-class basin

Rates of return competitive with the very best shale plays in North America

Highly sought-after Sycamore-Woodford trend in southern SCOOP Play (Brookside’s SWISH AOI) has become a significant focus for several of the tier-one NYSE listed independent E&P companies

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EXPLOITATION NOT EXPLORATION

Productivity of Target Reservoirs Defined by Decades of Development

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1 Initial phase of vertical development

2 Infill phase of vertical development

3 Open-Hole horizontals on flanks of anticline, no stimulation

4 Current exploitation phase incorporating horizontal drilling along with modern multistage stimulation in select undrained units

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PROVEN BY NEIGHBOURING PRODUCTION

Significant Activity with Results Exceeding Expectations

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FIRST DEVELOPMENT WELL - JEWELL DSU

Jewell 13-12-1S 3W SXH1 Well – Confirms High Quality SWISH AOI Acreage

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May – Jewell Well spudded June – Target measured depth reached July – Production facilities completed August – Multi-stage stimulation completed September – Flow-back operations commenced October – Daily production reaches 1,340 BOE per day, including 1,123 barrels of liquids, exceeding the pre-drill base-case estimate October – Daily production reaches 1,727 BOE per day, including 1,413 barrels of liquids, exceeding predrill high-side estimate

Stellar well performance combined with higher commodity prices has resulted in an upside revision of the already highly attractive well economics

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SECOND DEVELOPMENT WELL - RANGERS DSU

Rangers Well – Second well in a 20+ well Drilling Inventory

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• Second operated well to be drilled by Brookside

• First well in the Rangers DSU

• Kenai Rig 18 contracted for Rangers drilling

• New generation rig, more power, longer laterals

• Rig 18 is hot, currently finishing contract for large Oklahoma based operator

• Construction of the all-weather pad nearing completion

• Move-in and rig up for spud of Rangers well in Q4 of CY 2021

• Rangers DSU will be HBP after Rangers well comes on production

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Kenai Drilling modern top-drive rig (photo courtesy of Kenai Drilling)

Rangers Well pad construction

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5-YEAR DEVELOPMENT PROGRAM, 20+ WELLS

Highly Sought-After Sycamore-Woodford Trend

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JEWELL DSU

RANGERS DSU

FLAMES DSU

2022 Plan

1[st] BRK well drilled

Drilled, completed & producing Held by Production (HBP) Multiple future well locations 2 prolific producing formations

2[nd] BRK well to be drilled Pad under construction Rig secured, Spud Q4 CY 2021 Multiple future well locations 2 prolific producing formations

3[rd] BRK well to be drilled Pad location identified 2022 plan being finalised Multiple future well locations 2 prolific producing formations

Currently being finalised Large Inventory of Proven Undeveloped very low-risk high-return wells to be drilled

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EXISTING MATURE PRODUCTION

Long-Life, Low-Decline, Natural Gas Weighted

• Generating circa A$600,000 per quarter operating cashflow

• STACK Play non-operated wells

• 16 producing wells with development upside

• SCOOP Play non-operated wells

• 10 producing wells including an interest in a highly successful horizontal Woodford Well

• Orion Joint Venture

• 4 producing wells

• Development upside in Bradbury Prospect

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Workover rig Orion Project Joint Venture

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LAND AND LEASING

Low-risk, High-return and Scalable

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Acquire	Upgrade	Re-value	Monetize	Re-invest
Identify an opportunity, start with the quality of the oil and gas reservoir/s	Consolidate acreage to build a core high-grade operated position	Secondary market transactions establish early acreage values	Sell upgraded and revalued acreage position (whole or in part)	Use sale proceeds to scale-up into a larger acreage position
Acquire acreage directly from mineral owners and legacy operators	Monitor and analyze production results from offsetting wells	Initial production rates plus sustained production volumes equals higher forecast recovered volumes, strong rates of return, short pay-out periods and ultimately higher per-acre values	Harvest cashflow from de-risked proved but undeveloped locations	Return capital to shareholders (Share Buy-Back etc.)
Trading and high-grading	Complete our own initial drilling within our acreage	Third party reserve report establishes per-acre Net Present Value

Investors can rely on us to build value in the asset base (acreage value and cash flow) and use this as a platform for growth. We don’t bet on the outcome of a single well or speculate with a large acreage position in a high-risk area where the reservoir quality cannot be evaluated from the available data and doesn’t support suitable rates of return

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PRODUCING PROPERTY ACQUISITIONS

Orion Project Joint Venture

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• Partners fund costs associated with the Joint Venture (acquisition and workover costs) on a 50/50 basis

• Acquiring producing properties and associated HBP acreage

• Focus on Natural Gas weighted mature production from vertical wells with very low terminal declines and substantial (several decades) remaining economic life

• Cash flow positive at current Forward Strip pricing with opportunity for material production increases from remedial workover activity

• Upside from unexploited or underexploited behind pipe or deeper productive zones

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Thelma Well, Murray County, Oklahoma

• Black Mesa operates the Joint Venture

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Brookside Energy Limited Suite 9, 330 Churchill Avenue Subiaco WA 6008 p: +61 8 6489 1600 w: brookside-energy.com.au

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David Prentice Managing Director david@brookside-energy.com.au https://www.linkedin.com/in/david-prentice-a3324b22

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Gracjan Lambert Executive General Manager Commercial gl@brookside-energy.com.au https://linkedin.com/in/gracjan-lambert-72806b46

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Completion Operations Underway Jewell Well, Carter County, Oklahoma August 2021

APPENDIX

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FOCUSING TODAY ON A BETTER TOMORROW

Responsible Business Practices

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Corporate Governance & Business Ethics

1. Diversity and independence of the board of directors

2. Transparency and accountability

3. Executive compensation and bonuses tied to metrics that drive long-term business value

Finance, Strategy & Risk Management

1. Systemic and critical incident risk management

Business Model & Innovation

1. Long term business model incorporating environmental, social and political transitions

Social Accountability & Human Empathy

Employee Health & Safety

1. Safe and healthy workplace environment free of injuries, fatalities and illness

2. Equal physical and mental wellness focus

3. Discrimination, harassment, and bullying prevention policies

Human Rights & Community Relations

1. Management of direct and indirect impacts on core human rights

2. Stakeholder engagement

3. Social license to operate

Sustainable Natural Capital

Environmental Protection

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1. Minimal environmental footprint

2. Sustainable water use

3. Conservation of biodiversity and ecosystem

Climate Action

1. Greenhouse gas (GHG) emission reduction

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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.
HBP	Held ByProduction
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

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