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.

• Net loss after tax was $4.0 million, a significant improvement from a $13.8 million loss in 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; field netback was $3.8 million, down 5% from 1H 2023.

• 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.

• Net debt reduced to $3.6 million from $6.3 million at 1H 2023, despite total debt rising to $11.3 million due to new facility drawdown.

Outlook and guidance

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

• Company remains patient in partner search, confident that market conditions will drive interest in TMS asset.