Australis Oil & Gas (ATS) H2 2024 earnings summary

Executive summary

• Achieved key financial and operating objectives by maintaining undeveloped TMS asset, maximizing liquidity, and reducing net debt year-over-year.

• Generated surplus cash flow from operations, supporting a reduction in net debt from $4.2 million to $2.2 million by year-end 2024.

• Confident in securing a partner to unlock value from the TMS asset amid diminishing Tier 1 undeveloped locations.

Financial highlights

• Gross revenue from oil sales was $19.8 million in 2024, down 6% from $20.7 million in 2023.

• Net loss after tax was $8.3 million, a 46% improvement from a $15.3 million loss in 2023.

• Adjusted EBITDA reached $2.5 million; field netback (working interest) was $28.71/bbl.

• Year-end cash position was $6.2 million; total facility borrowings stood at $8.4 million.

• No dividends paid or proposed for 2024.

Outlook and guidance

• Board remains confident in the potential to secure a strategic or financial partner to recommence TMS development.