Tuscaloosa Marine Shale (TMS)

Australis holds 47,200 net acres in the oil-rich TMS core — the largest acreage position in the region. Following the sale of 90% of its working interest in the producing wells to EQV, Australis retains interest in 47 non-operated producing wells which continue to generate positive cashflow. The wells also maintain the significant lease position which is subject to a US$47.25M farmin with an established public oil and gas operator. The wells drilled as part of the carry program will test the play with modern techniques, targeting the significant contingent resource upside. Additionally Australis will secure additional leasehold with the farmin partner to further expand the position in the play.