Australis Oil & Gas (ATS) Trading Update summary

Operational highlights

• Maintained 47,500 net acres in the TMS core with 160 net Tier 1 future drilling locations and 65 MMbbls of 2P+2C reserves and resources.

• Q1 2025 sales volume was 56,700 barrels, down 8% from Q4 2024, mainly due to weather-related downtime and power outages.

• No safety incidents or workovers occurred, resulting in significant cost savings versus budget.

• Continued active engagement with potential partners for TMS development, with several parties nearing the end of their evaluation.

• 84% of TMS core acreage is held by production, with minimal lease expiries during the quarter.

Financial performance

• Sales revenue after hedges was US$4.1 million, 8% lower than Q4 2024, reflecting lower sales volumes.

• Realised oil price achieved a premium of $3.28/bbl above WTI, with an average realised price of $73.57/bbl.

• Field Netback was US$1.7 million, down 7% from Q4 2024, while adjusted EBITDA remained stable at US$0.7 million.

• Cash balance at quarter end was US$5.6 million, with net debt reduced to US$1.4 million, a 35% decrease from Q4 2024.

• Credit facility principal debt decreased by US$1.4 million to US$7.0 million, with scheduled repayments ongoing.

Hedging and risk management

• Settled 28,800 bbls of WTI-denominated hedge contracts in Q1 2025, covering 63% of net sales.

• Realised a modest hedge loss of US$0.05 million for the quarter.

• Remaining hedge contracts provide downside protection through Q4 2026, with swap and collar structures in place.