Key Highlights

  • Brookside Energy is a West Perth-headquartered, Tulsa-operated onshore oil and gas producer with a concentrated position in the Anadarko Basin of Oklahoma, in an area it brands the SWISH Play, within the broader SCOOP and STACK fairways.
  • 88 Energy is a Subiaco-based exploration company with no production revenue, also listed on AIM and quoted in the US as EEENF, employing roughly ten people across Alaska's central North Slope and the onshore Owambo Basin in Namibia.
  • Comet Ridge is a Brisbane-based gas developer focused on the east coast market, its asset the Mahalo Gas Hub in central Queensland — a coal seam gas position of roughly 1,850 square kilometres on the Bowen and Surat basin margins, comprising the Mahalo JV Project, Mahalo North and Mahalo East.
  • The three businesses combine different Revenue models, Capital needs and execution priorities within the energy sector.

Brookside Energy (ASX:BRK), 88 Energy (ASX:88E) and Comet Ridge (ASX:COI) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Brookside Energy Limited (ASX:BRK)

Brookside Energy is a West Perth-headquartered, Tulsa-operated onshore oil and gas producer with a concentrated position in the Anadarko Basin of Oklahoma, in an area it brands the SWISH Play, within the broader SCOOP and STACK fairways.

88 Energy Limited (ASX:88E)

88 Energy is a Subiaco-based exploration company with no production revenue, also listed on AIM and quoted in the US as EEENF, employing roughly ten people across Alaska's central North Slope and the onshore Owambo Basin in Namibia.

Comet Ridge Limited (ASX:COI)

Comet Ridge is a Brisbane-based gas developer focused on the east coast market, its asset the Mahalo Gas Hub in central Queensland — a coal seam gas position of roughly 1,850 square kilometres on the Bowen and Surat basin margins, comprising the Mahalo JV Project, Mahalo North and Mahalo East.

Financial Performance

Brookside Energy Limited (ASX:BRK)

Kenai Drilling Rig 18 transferred to Suttles. The first well, Sabres 2-1-1S-3W SXH1, targeted the Sycamore Formation, reaching approximately 4,328 metres with 140mm casing installed and pressure-tested, before the rig moved to Whalers 2-1-1S-3W WXH2, targeting the Woodford Formation. Both carry laterals of about 1.5 miles, Brookside holding roughly 70% in each. By 3 September, both had reached planned depth, casing installed and the rig released, moving to zipper-frac completion and stimulation before sales.

FY2025 revenue was approximately A$53.8 million (up about 15%) and Net Income A$2.73 million (down 3.6%), masking a split between halves: H1 2025 delivered around A$30.0 million of revenue and A$5.0 million of net income, while H2 produced roughly A$23.8 million of revenue and a net loss of about A$2.27 million as realised prices weakened.

88 Energy Limited (ASX:88E)

88 Energy is a Subiaco-based exploration company with no production revenue, also listed on AIM and quoted in the US as EEENF, employing roughly ten people across Alaska's central North Slope and the onshore Owambo Basin in Namibia.

South Prudhoe, the second Alaskan asset, consolidates former Project Leonis acreage with leases acquired since. A 19 February 2026 announcement described a 100% working interest subject to a 16.67% royalty, covering approximately 52,269 acres across 21 Lease blocks south of the Prudhoe Bay and Kuparuk River units — 14 leases of about 35,634 acres from the original Leonis position, plus seven of about 16,640 acres awarded in November 2025.

Comet Ridge Limited (ASX:COI)

The Santos transaction was renegotiated after Federal Government commentary on domestic gas reservation policy created uncertainty: revised terms softened the upfront cash component and extended deadlines to a 14 August 2026 funding satisfaction date and 30 September 2026 condition-precedent longstop. At completion on 24 August, Comet Ridge paid A$24.42 million cash and issued 83.78 million shares, with contingent consideration up to A$30 million in three A$10 million tranches on cumulative sales gas of 10 PJ, 20 PJ and 30 PJ.

Comet Ridge announced on 24 June 2026 a A$40 million Placement at 10.25 cents per share — a 21.2% discount to the 13.0-cent close on 19 June — plus a share purchase plan closing 24 July and raising A$875,750, total proceeds roughly A$40.9 million before costs. Participants received one unlisted option per two securities, exercisable at 15.0 cents and expiring 30 June 2028 subject to Shareholder approval; the share count rose from about 1.196 billion pre-raise toward approximately 1.64 billion once settled. Separately, it holds a A$9.5 million secured PURE Asset Management Facility (12% p.a., maturing 30 June 2027), and has advanced through NAIF's Strategic Assessment Phase toward project debt.

Sector Context

The companies serve different parts of the energy economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and Acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Brookside Energy Limited (ASX:BRK)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

88 Energy Limited (ASX:88E)

This is the highest-risk profile of the three: no revenue, limited cash at 30 June 2026, and an established pattern of returning to the market. Corporate overheads, South Prudhoe lease commitments and Namibian expenditure must be funded even with Burgundy carrying Phoenix costs.

Comet Ridge Limited (ASX:COI)

First gas under the CleanCo contract is targeted for 2030, a long interval of development costs without revenue.

What to Watch Next

Brookside Energy Limited (ASX:BRK)

The dominant 2026 story is the two-well Suttles pad program in the SWISH Area of Interest. By late June, Brookside had substantially completed two production trains there, while Oklahoma Gas & Electric began electrical service work and Enerfin Gathering Company progressed pipeline permitting.

Further low-cost production acquisitions, as completed in September 2026.

88 Energy Limited (ASX:88E)

Project Phoenix is more consequential: a Burgundy Xploration LLC farm-out funds it, committed up to USA$39 million (88 Energy carried through Phase 1, with more than USA$26 million invested by the announcement); Phase 2 completion would step 88 Energy's interest from about 75% to about 25%. The 2026 program centres on the Franklin Bluffs-1H horizontal well, spudding Q3 2026 via a pilot hole through the SMD, SFS and BFF intervals, a horizontal section in the SMD-B reservoir, and a roughly 90-day production test. Prior drilling at Hickory-1 and Icewine-1 recovered light oil of 38.5-39.5 API with a low gas-oil ratio. Burgundy also secured 82,080 more acres in the Fall 2025 bid round.

Outcome of the approximately 90-day extended production test at Project Phoenix.

Comet Ridge Limited (ASX:COI)

The Queensland Government granted Jemena a pipeline licence, PPL 2085, for an 85-kilometre Mahalo Gas Hub Pipeline with a 30-year term, connecting to Jemena's Queensland Gas Pipeline and then the Santos GLNG Transmission Pipeline; Comet Ridge intends, subject to final terms, a tariff-based arrangement under which Jemena builds, owns and operates the line.

The inaugural gas sales agreement is with CleanCo Queensland for 3 PJ a year — an option to lift to 3.6 PJ before FID — over a seven-year term CleanCo may reduce to five, supplying the Swanbank E power station. Reporting in August 2026 described the contract as covering 21-25 PJ with an 80% take-or-pay obligation (reduced from 90%), first Supply targeted for January 2030; a Highview MOU for gas supply to a Queensland energy storage project was executed 20 July 2026.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.