Australis Oil & Gas (ATS) investor relations material

Executive summary

• Secured a farmin agreement with a major US oil and gas company for TMS appraisal and development, with the partner carrying up to US$46.25 million of work program costs.

• Focused on preparation for the Willson 1H initial test well, with permit approved and drilling targeted for Q4 2026.

• Increased TMS Core lease position by 100 acres to 47,300 net acres, with 84% held by production (HBP) status.

• Transitioned operatorship of producing wells to EQV, retaining a 10% working interest and non-operator status.

Financial highlights

• Sales revenue from retained TMS wells was US$0.221 million for Q2 2026, including a US$0.031 million hedging loss and a US$0.193 million non-recurring prior period adjustment.

• Sales volume from retained working interest totaled 4,644 bbls for the quarter.

• Cash and cash equivalents at quarter end were US$11.2 million, down from US$13.6 million in Q1 2026, mainly due to a US$1.3 million final adjustment payment to EQV.

• Net cash used in operating activities was US$2.54 million for the quarter, but excluding the non-recurring payment, the underlying cash outflow was US$1.2 million.

Outlook and guidance

• Drilling of the Willson 1H well is expected in Q4 2026, contingent on rig availability.

• The majority of expiring acreage in 2026 is expected to convert to HBP status through the carried well program.

• Management continues to explore further development opportunities within the TMS Core outside the current AMI.