Australis Oil & Gas (ATS) Q1 2026 TU earnings summary

Executive summary

• Secured a farmin with a major US oil and gas company for TMS appraisal and development, with the partner carrying $46.25 million of initial program costs for an 80% interest in undeveloped acreage.

• Completed the sale of 90% working interest in TMS producing wells to EQV, transferring operatorship and receiving a transition fee.

• Retained 10% working interest in TMS producing wells, with Q1 2026 sales volume of 4,577 bbls.

Financial highlights

• Sales revenue from retained TMS interests was $0.288 million after hedges in Q1 2026.

• Cash and cash equivalents at quarter-end were $13.6 million, with no debt following repayment of Macquarie credit facilities.

• Net cash used in operating activities was $624,000 for the quarter.

• Hedge loss of $0.024 million realized in Q1 2026 due to oil price caps, compared to a $0.12 million gain in Q4 2025.

Outlook and guidance

• Development partner progressing planning for the Initial Test Well, with potential spud in H2 2026.

• Australis expects industry interest in TMS Core to increase due to geopolitical events and US supply security focus.

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