NG Energy International (GASX) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 natural gas and NGL sales of US $44.6 million, with dual-field production following Sinú-9 Block's commercial start in late March 2025.

• Q4 2025 saw record combined gross average daily production of ~20,934 Mcf/d from Sinú-9 and Maria Conchita Blocks.

• Sinú-9 per-unit operating costs declined sharply quarter-over-quarter, supporting margin improvement.

• Closed a transformational transaction with M&P for US $150 million in cash, shifting Sinú-9 to a non-operating 39% working interest.

• Entered 2026 fully funded, with a seven-well drilling campaign underway and significant cash proceeds in hand.

Financial highlights

• FY 2025 natural gas and NGL sales reached US $44.6 million, a company record.

• FY 2025 cash flow from operating activities was US $3.5 million; Q3 2025 generated US $7.9 million in operating cash flow, the strongest quarter to date.

• Realized natural gas prices: Maria Conchita Block at US $8.38/Mcf, Sinú-9 Block at US $6.87/Mcf.

• Operating netback for FY 2025 was US $2.07/Mcf, impacted by three non-recurring items now resolved.

• Macquarie debt principal reduced by 34% to US $23.0 million during FY 2025.

Outlook and guidance

• 2026 drilling program underway, targeting seven wells, with Hechicero-1X at Sinú-9 progressing as expected.

• Sinú-9 pipeline capacity expected to expand to 40 MMcf/d in Q2 2026.

• Aruchara-5 well at Maria Conchita to be spudded imminently, expected to boost field production.

• Blended realized prices anticipated to improve materially in FY 2026 as production scales.