Australis Oil & Gas (ATS) H1 2024 earnings summary

Executive summary

• Achieved positive operational cash flow in 1H 2024, supported by an average realised oil price of $80.70/bbl and reduced group costs, despite lower production due to natural well decline.

• Oil production declined year-over-year, with sales volumes down 11% to 132,000 bbls.

• Net loss after tax was $4.0 million, a 71% improvement from 1H 2023, mainly due to a $2.6 million non-cash write-off for expired mineral leases.

• Strategic focus remains on securing a partner for TMS development, with increased inbound interest from potential partners.

Financial highlights

• Revenue decreased 4% year-over-year to $10.37 million in 1H 2024; adjusted EBITDA rose 33% to $1.2 million.

• Net loss after tax improved 71% year-over-year to $4.0 million, including $5.2 million in non-cash charges.

• Cash balance increased to $7.7 million from $3.7 million at year-end 2023, while net debt reduced to $3.6 million.

• Group G&A expenditure reduced by 15% year-over-year.

Outlook and guidance

• Sufficient cash and projected revenue, including hedged oil price contracts, expected to cover debt obligations for the next 12 months.

• Confident in securing a development partner for TMS, supported by asset quality and market conditions.

• No dividends declared or proposed for the period.