Announcement PDF For Immediate Release ASX Announcement 26 August 2025 First Half 2025 Financial Report Australis Oil & Gas Ltd (“Australis” or “Company”) is pleased to provide its consolidated financial results for the half year ended 30 June 2025. Australis operations provided positive operational cash flow in the first half of 2025 due to Australis’ realised oil price averaging US$70/bbl for the period and reduced Group costs. As expected, oil production reduced as compared to the first half of 2024 with the natural decline of the producing wells and outages due to weather related events. The LLS achieved oil sales pricing realised by Australis averaged US$71/bbl throughout the 1H 2025, representing an average premium to WTI at US$3.28/bbl. The Company recognised a small hedge gain of US$1k during 1H 2025 (1H 2024: loss US$262k). The 1H 2025 period financial results included Adjusted EBITDA of US$0.7 million and earnings before all non-cash items of US$0.5 million. Production operating costs remained consistent, on a per barrel basis, during the first half of 2025 compared to the same period in 2024. The Company continues to achieve savings in Group G&A expenditure with a reduction of 30% over the corresponding period. The Company’s net debt position reduced during the half year to US$1.9 million (31 December 2024: US$2.2 million), as positive operating cash flow continues to service interest obligations. The Company remains in full compliance with all covenants under its Credit Facility. Australis strategic focus remains on its objective to secure a partner willing to deploy development capital in the TMS and progress the value creation in the play. Australis remains confident the underlying oil and gas market conditions will ultimately force potential partners to consider emerging plays for future Tier 1 well inventory and the fundamental asset quality, which has been supported through recent 3rd party diligence activities, will ensure the TMS, being one of the last undeveloped quality oil plays, is considered. We believe the increase of inbound enquiries from potential partners supports this thesis. Although there can be no guarantee that Australis will be able to ultimately complete a partnering transaction on satisfactory terms (or at all), we remain encouraged and are working hard but remaining patient in our approach and expectations. A UST RA LI S O I L & GA S LI MI T E D ABN 34 609 262 937 Level 2, 215 Hay Street Subiaco WA 6008 • PO Box 8225 Subiaco East WA 6008 T +61 (8) 9220 8700 • F +61 (8) 9220 8799 www.australisoil.com Financial and Operating Summary for 1H 2025 Key Metrics Unit 1H 2025 1H 2024 Change TMS Core Land (Net) acres 47,400 53,800 (12%) TMS Core HBP Land (Net) acres 39,900 39,900 - Net Oil resource (2P + 2C) MMbbls 651,2 893,4 (27%) bbls 110,400 132,000 (16%) Average Realised PriceA US$/bbl $70 $81 (14%) Average Achieved PriceB US$/bbl $71 $79 (10%) Sales Revenue (WI)B US$MM $7.7 $10.4 (26%) Sales Revenue (Net)B US$MM $6.2 $8.3 (25%) Field Netback US$MM $2.5 $3.8 (34%) Field Netback / bbl (WI)B US$/bbl $23 $29 (21%) Field Netback / bbl (Net)B US$/bbl $28 $36 (22%) Adjusted EBITDA US$MM $0.7 $1.2 (42%) Interest Expense US$MM $0.5 $0.5 - Net Profit (Loss) after tax US$MM -$1.9 -$4.0 53% Cash Balance US$MM $4.0 $7.7 (48%) Total Debt C US$MM $5.9 $11.3 48% Net Debt US$MM $1.9 $3.6 47% Sales Volumes (WI) A excludes effect of hedge contracts settled B includes the gain from the settlement of hedge contracts of US$1,000 (1H 2024: loss of US$0.2 million) C Macquarie Facility debt The Financial Statements and Appendix 4D for the six-month period ended 30 June 2025 are attached. This ASX announcement was authorised for release by the Australis Disclosure Committee. For further information, please contact: Ian Lusted Managing Director Australis Oil & Gas +61 8 9220 8700 Graham Dowland Finance Director Australis Oil & Gas +61 8 9220 8700 ABOUT AUSTRALIS Australis (ASX: ATS) is an ASX listed oil and gas company seeking to provide shareholders value and growth through the strategic development of its quality onshore oil and gas assets in the United States of America. With approximately 47,400 net acres (84% HBP) within the production delineated core of the proven oil producing TMS, Australis retains significant upside potential with approximately 160 net future drilling locations. At year end 2024 Ryder Scott independently assessed the Australis acreage held at that time with 65 MMbbls of 2P + 2C recoverable volume including 1.6 MMbbls producing reserves providing net field cash flow1,2. The contingent oil resource is only contingent on a qualifying development program and Australis will carry out a reassessment of its undeveloped reserve position when a partner and funding is secured. Australis was formed by the founder and key executives of Aurora Oil & Gas Limited, a team with a demonstrated track record of creating and realising shareholder value. GLOSSARY Unit Measure Unit Measure B MM M or k /d Prefix – Billions Prefix – Millions Prefix – Thousands Suffix – per day bbl boe scf Bcf Barrel of oil Barrel of Oil equivalent (1bbl = 6 mscf) Standard cubic foot of gas Billion cubic feet of gas Term Definition TMS Core WI The Australis designated productive core area of the TMS delineated by production history Company beneficial interest before royalties Royalty Interest in a leasehold area providing the holder with the right to receive a share of production associated with the leasehold area Net or NRI Company beneficial interest after royalties or burdens C Contingent Resources (1C/2C/3C equivalent to low/most likely/high) NPV(10) Net Present Value (@ discount rate) EUR Estimated Ultimate Recovery of a well WTI West Texas Intermediate oil benchmark price LLS Louisiana Light Sweet oil benchmark price D, C&T Drill, Complete and Tie - in SOFR Secured Overnight Financing Rate Opex Operating Expenditure G&A General & Administrative Expenditure HBP Held by production – within a formed unit a producing well meets all lease obligations within that unit. Primary term remains valid whilst well is on production. PRB Probable Reserves PDP Proved Developed Producing Reserves PDNP Proved Developed Not Producing Reserves PUD Proved Undeveloped Reserves Net Acres Working Interest before deduction of royalties or burdens Field Netback Adjusted EBITDA Oil and gas sales net of royalties, production and state taxes, inventory movements, hedging gains or losses and field-based production expenses but excludes depletion and depreciation Earnings before interest, tax, depreciation, depletion, amortisation expenses and the write off of previously capitalised expired exploration leases IP30 The average oil production rate over 30 days of production following clean up YOY Year on year YE Year end TMS Type Curve The history matched production performance of 15 wells drilled in the TMS by Encana in 2014. Corresponds to an average treated horizontal length of 7,200ft. Refer to the Appendix of the Australis Corporate Presentation IDP Initial drilling program of 6 wells in the TMS by Australis commencing late 2018 DUC Drilled uncompleted well Notes 1. 2. Estimates from the independent Ryder Scott report, effective 31 December 2024 and dated 29 January 2025 which was initially disclosed in the announcement titled "Quarterly Activities Report" issued on 31 January 2025. The report was prepared in accordance with the definitions and disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June 2018. Ryder Scott generated their independent reserve and contingent resource estimates using deterministic methods. Australis is not aware of any new information or data that materially affects the information included in the referenced announcement and all the material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The figure quoted is the rounded arithmetic sum of the 2P reserve and 2C resource estimate as reported in the Ryder Scott reserve report dated 29 January 2025. That report included the following reserve and resource estimates of oil. The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location. The 1C, 2C and 3C figures provided are the arithmetic summation by category. 3. The estimates and risk factors have been taken from Ryder Scott, report prepared as at 31 December 2023 and generated for the Australis concessions to SPE standards. See ASX announcement released on 31 January 2024 titled ‘Activities Report and Year end Reserves Update’. Australis is not aware of any new information or data that materially affects the information included from the referenced and all the material assumptions and technical parameters underpinning those estimates from the original announcement continue to apply and have not materially changed. 4. The figure quoted is the rounded arithmetic sum of the 2P reserve and 2C resource estimate as reported in the Ryder Scott reserve report dated 31 January 2024. That report included the following reserve and resource estimates of oil. 1P 2P 3P Net Oil Reserves (Mbbls) 2,115 2,699 3,429 Contingent Oil Resources (Mbbls) 19,743 86,291 156,252 1C 2C 3C The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location. The 1C, 2C and 3C figures provided are the arithmetic summation by category. Non-IFRS Financial Measures References are made within this report to certain financial measures that do not have a standardised meaning prescribed by International Financial Reporting Standards (IFRS). Such measures are neither required by, nor calculated in accordance with IFRS, and therefore are considered Non–IFRS financial measures. Field Netback, Adjusted EBITDA and EBITDA, as defined within the Glossary, are Non-IFRS financial measures commonly used in the oil and gas industry or financial measures that are relevant to Australis. Non-IFRS financial measures used by the Company may not be comparable with the calculation of similar measures by other companies. Adjusted EBITDA Adjusted EBITDA represents net income /(loss) for the period before any income tax expense or benefit, finance costs, depletion, depreciation, expired term leases write off and amortisation charges and impairment provision. The following table reconciles net loss after tax to Adjusted EBITDA for the 6 months ended 30 June 2025: 1H 2025 US$’000 1H 2024 US$’000 Net profit / (loss) after tax Adjustments: Depletion Depreciation Net finance expenses Expired lease written off1 (1,885) (4,037) 1,453 703 396 - 1,427 751 404 2,611 Adjusted EBITDA 667 1,156 1. Relates to the costs of term leases previously capitalised as exploration expenditure but following expiry, without renewal, the capitalised costs have been written off. FIELD NETBACK Field Netback represents oil and gas sales net of royalties, production and state taxes, inventory movements, hedging gains or losses, field based production expenses but excludes depletion and depreciation. Forward Looking Statements This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements concerning Australis’ planned operation program and other statements that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Although Australis believes its expectations reflected in these statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. 26 August 2025 APPENDIX 4D HALF YEAR REPORT FOR THE PERIOD ENDED 30 JUNE 2025 Name of Entity: AUSTRALIS OIL & GAS LIMTED (ASX: ATS) ABN or equivalent company reference 34 609 262 937 This information and the Australis Oil & Gas Limited Interim Financial Report for the Half Year Ended 30 June 2025 should be read in conjunction with the Australis Oil & Gas Limited 2024 Annual Report (which contains the 2024 audited Financial Report). Results for Announcement to the Market Revenue from ordinary activities Decreased by 26%(1) from US$10.37 million for the half year ended 30 June 2024 to US$7.72 million for the half year ended 30 June 2025. Loss from ordinary activities after tax attributable to Decreased by 53%(1) from a loss of US$4.04 million members for the half year ended 30 June 2024 to a loss of US$1.89 million for the half year ended 30 June 2025. Loss for the period attributable to Decreased by 53%(1) from a loss of US$4.04 million members for the half year ended 30 June 2024 to a loss of US$1.89 million for the half year ended 30 June 2025. An explanation of the results is included in the Interim Financial Report ended 30 June 2025 which can be found on the ASX website or the Australis website at www.australisoil.com (1) Comparisons are made to the financial results for the half year ended 30 June 2024. Dividends No dividends are proposed (2024: nil). Net Tangible Asset per Security 30 June 2025 US$0.03 30 June 2024 US$0.04 Changes in controlled entities There have been no changes in controlled entities during the half year ended 30 June 2025. This report is based on the consolidated half year financial statements for the half year ended 30 June 2025 which have been reviewed by BDO Audit Pty Ltd. A UST RA LI S O I L & GA S LI MI T E D ABN 34 609 262 937 Level 2, 215 Hay Street Subiaco WA 6008 • PO Box 8225 Subiaco East WA 6008 T +61 (8) 9220 8700 • F +61 (8) 9220 8799 www.australisoil.com AUSTRALIS OIL & GAS LIMITED ABN 34 609 262 937 CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 30 JUNE 2025 ABN 34 609 262 937 Page Corporate directory 3 Directors’ report 4 Auditors’ independence declaration 9 Independent Auditor’s review report 10 Directors’ declaration 12 Consolidated statement of profit or loss and other comprehensive income 13 Consolidated statement of financial position 14 Consolidated statement of changes in equity 15 Consolidated statement of cash flows 16 Notes to the financial statements 17 2 ABN 34 609 262 937 Corporate directory Directors Solicitor Mr Jonathan Stewart - Chairman Mr Ian Lusted – Chief Executive Officer Mr Graham Dowland – Chief Financial Officer Mr Stephen Scudamore – Non-Executive Director Mr Alan Watson – Non-Executive Director Gilbert & Tobin Level 16, Brookfield Place Tower 2 123 St Georges Terrace Perth, Western Australia 6000 Company Secretary Stock Exchange Listing Ms Julie Foster The ordinary shares of Australis Oil & Gas Limited are listed on the Australian Securities Exchange (Ticker code: ATS) Registered and Principal Office Auditor Level 2 215 Hay Street Subiaco, Western Australia 6008 Telephone: +61 8 9220 8700 Facsimile: +61 8 9220 8799 BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2, 5 Spring Street Perth, Western Australia 6000 Office in North America Website and Email Australis TMS Inc. www.australisoil.com 3 Allen Center 333 Clay Street, Suite 3680 Houston, Texas 77002 Telephone: +1 (346) 229 2525 [email protected] Share Registry Computershare Investor Services Pty Ltd Level 17, 221 St Georges Terrace Perth, Western Australia 6000 Telephone: +61 8 9323 2000 Facsimile: +61 8 9323 2033 3 ABN 34 609 262 937 Directors’ report The Directors of Australis Oil & Gas Limited present their report on the consolidated entity consisting of Australis Oil & Gas Limited (“Company” or “Australis”) and the entities it controlled (“Consolidated Entity” or “Group”) for the half-year ended 30 June 2025. Directors The names of directors of the Company in office at any time during or since the end of the financial half-year ended 30 June 2025 are: Mr Jonathan Stewart Mr Ian Lusted Mr Graham Dowland Mr Stephen Scudamore Mr Alan Watson Chairman Managing Director and Chief Executive Officer Finance Director and Chief Financial Officer Independent Non-Executive Director Independent Non-Executive Director Each director held their office from 1 January 2025 until the date of this report. Results and review of operations The principal activity of the Group is oil and gas exploration, development and production. The Company operates one area of interest onshore being leases, wells and facilities in the Tuscaloosa Marine Shale (TMS) in the states of Louisiana and Mississippi in the USA. A summary of the activity of the project during the period is set out in the Operating Review below. All references to dollars in this report will be US$ unless stated otherwise. 4 ABN 34 609 262 937 Directors’ report OPERATING REVIEW During the reporting period Australis produced from 30 operated wells (30 June 2024: 30) and a further 18 non-operated wells all within the Tuscaloosa Marine Shale (“TMS”). A summary of the results and activities for the six months to 30 June 2025 are as follows:  Total sales volumes (WI) during the period were approximately 110,000 bbls (1H 2024: 132,000 bbls).  Production from the wells was in line with expectation allowing for natural decline and outages due to weather-related events.  The Company received revenue of US$7.7 million inclusive of oil price hedge contract settlement gain.  Achieved oil sales pricing (LLS) averaged US$71/bbl (not including realised hedge losses) which was 13% lower than for the first half of 2024. Achieved LLS pricing averaged a premium to WTI at US$3.28/bbl. WTI oil price hedge gain of $1k recognised during the 1H 2025 (1H 2024: US$262k loss).  During the six month reporting period Australis achieved: o Field Netback of US$2.5 million (35% decrease from 1H 2024) o Adjusted EBITDA of US$0.7 million (44% decrease from 1H 2024) o Earnings excluding non-cash items of US$0.5 million (58% decrease from 1H 2024)  Capital expenditure of US$75,000 related to well equipment replacement.  Loss after tax of US$1.9 million (1H 2024: Loss $4.0 million), including non-cash charges of US$2.4 million.  Net Debt of US$1.9 million (31 Dec 24: US$2.2 million).  In January 2025, Australis released its independently assessed net reserves and resources estimates1 for the TMS as at 31 December 2024 having adopted a conservative approach to estimating its oil and gas reserves and resources. Future production from existing wells was assessed in a manner consistent with previous years. However, given the current Company strategy to introduce a partner for the purpose of advancing the development of its TMS asset, the Board determined it would, as it did in the previous year, not be appropriate to propose a development plan as part of the YE2024 reserves evaluation. Therefore, the 31 December 2024 reserve and resource estimate consisted of a proved, probable and possible developed reserve estimate only (i.e. for the existing wells only) and no reserve estimates have been generated for undeveloped acreage. A contingent resource estimate is provided and, as in previous years, the mid case 2C contingent resource is subject to a qualifying development plan to transition volumes to an appropriate reserve category of proved, probable and possible. The Proved Developed Producing reserves net (after royalties) to Australis totaled 1.6 million barrels and the 2P + 2C net reserves and resources (mid case) totaled 65 million barrels. FUTURE DEVELOPMENTS Australis believes that market conditions continue to improve and with the decreasing availability of high quality future well inventory within the existing plays mature or are largely controlled by only a few operators, attention has and will increase into areas that are de-risked, can demonstrate high production rates, provide control over development and offer appropriate entry costs. The TMS Core area asset owned by Australis meets all of these requirements. The Company continues to be patient as it engages with potential partners to assist with the TMS value creation and monetisation of this asset. 5 ABN 34 609 262 937 Directors’ report FINANCIAL AND CAPITAL MANAGEMENT During the period, the Consolidated Entity made a net loss after tax of US$1.9 million (1H 24: Loss US$4.0 million). As at 30 June 2025, Australis has cash and cash equivalents of US$4.0 million (31 December 2024: US$6.2 million). The operating results for Australis for the period ending 30 June 2025 is as follows: Summary Financial Results Revenue (including hedging gain/(loss)) Royalties Direct operating costs & taxes Field Netback Corporate costs Foreign exchange gain / (loss) Share based payments Adjusted EBITDA Net interest expense Depreciation and depletion Exploration costs – Expired lease write off (Loss) before taxation 30 June 2025 US$ millions $7.72 ($1.50) ($3.70) $2.52 ($1.64) ($0.21) $0.67 ($0.40) ($2.16) ($1.89) 30 June 2024 US$ millions $10.37 ($2.05) ($4.48) $3.84 ($2.33) ($0.36) $1.15 ($0.40) ($2.18) ($2.61) ($4.04) Significant changes in the state of affairs The significant changes in the state of affairs of the Consolidated Entity during the financial period and to the date of this report are set out in the review of operations above and the events after the reporting date below. Dividends In respect of the period ended 30 June 2025, no dividends have been paid or declared and the Directors do not recommend the payment of a dividend in respect of the financial period. Events after the reporting date No events have occurred since 30 June 2025 that would materially affect the operations of the Group, the results of the Group or the state of affairs of the Group not otherwise disclosed in the Group’s Financial Statements. Rounding off of amounts The Directors’ Report and Financial Statements are rounded off to the nearest thousand dollars as permitted under Corporations Instrument 2016/191, unless otherwise indicated. Auditor’s independence declaration The auditor’s independence declaration is included on page 9 of the half-year report. The Director’s Report is signed in accordance with a resolution of Directors made pursuant to section 306(3) of the Corporations Act. Jonathan Stewart 26 August 2025 6 ABN 34 609 262 937 Directors’ report FOOTNOTES 1. 2. Estimates from the independent Ryder Scott report, effective 31 December 2024 and dated 29 January 2025 which was initially disclosed in the announcement titled "Quarterly Activities Report" issued on 31 January 2025. The report was prepared in accordance with the definitions and disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June 2018. Ryder Scott generated their independent reserve and contingent resource estimates using deterministic methods. Australis is not aware of any new information or data that materially affects the information included in the referenced announcement and all the material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The figure quoted is the rounded arithmetic sum of the 2P reserve and 2C resource estimate as reported in the Ryder Scott reserve report dated 29 January 2025. That report included the following reserve and resource estimates of oil. The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location. The 1C, 2C and 3C figures provided are the arithmetic summation by category. Non-IFRS Financial Measures References are made within this report to certain financial measures that do not have a standardised meaning prescribed by International Financial Reporting Standards (IFRS). Such measures are neither required by, nor calculated in accordance with IFRS, and therefore are considered Non–IFRS financial measures. Field Netback and Adjusted EBITDA, as defined within the Glossary, are Non-IFRS financial measures commonly used in the oil and gas industry or financial measures that are relevant to Australis. Non-IFRS financial measures used by the Company may not be comparable with the calculation of similar measures by other companies. The following table reconciles net loss after tax to earnings excluding non-cash items. Half year ended 30 June 2025 30 June 2024 $’000 $’000 (1,885) (4,037) Net (loss) after tax Adjustments: Depletion Depreciation Share based payments Unrealised foreign exchange (gain)/loss Inventory adjustment Disposal of assets Earnings excluding non-cash items 1,453 703 211 (2) 3 483 7 1,427 751 363 10 71 2,634 1,219 ABN 34 609 262 937 Directors’ report GLOSSARY Term bbl(s) Bopd Adjusted EBITDA Field Netback LLS WTI HBP Definition Barrel(s) of oil Barrel of oil per day represents net income /(loss) for the period before any income tax expense or benefit, finance costs, depletion, depreciation, expired lease write off, and impairment. Oil and gas sales net of royalties, production and state taxes, inventory movements, hedging gains or losses, field based production expenses but excludes depletion and depreciation Louisiana Light Sweet Oil Benchmark Price West Texas Intermediate Oil Benchmark Price Held by production – within a formed unit a producing well meets all lease obligations within that unit. Primary term remains valid whilst is on production 8 ABN 34 609 262 937 Auditors’ independence declaration 9 ABN 34 609 262 937 Independent review report 10 ABN 34 609 262 937 Independent review report 11 ABN 34 609 262 937 Directors’ declaration In the Directors’ opinion: (a) the financial statements and accompanying notes set out on pages 13 to 29, are in accordance with the Corporations Act 2001, including: (i) (ii) complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2025 and of its performance for the half-year ended on that date. (b) there are reasonable grounds to believe that the Consolidated Entity will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors. Jonathan Stewart Chairman Perth, Western Australia 26 August 2025 12 ABN 34 609 262 937 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 30 June 2025 Notes Half-year ended 30 June 2025 Half-year ended 30 June 2024 US$’000 US$’000 Revenue 2.2 7,720 10,370 Cost of sales 2.3 (7,283) (8,572) 437 1,798 (1,926) (5,431) (1,489) (3,633) (396) (404) (1,885) (4,037) - - (1,885) (4,037) Change in fair value of cash flow hedges 432 (1,043) Other comprehensive profit / (loss) for the period net of tax 432 (1,043) (1,453) (5,080) Gross profit Other expenses 2.4 (Loss) from operating activities Net finance (expenses) 2.5 (Loss) before income tax Income tax expense (Loss) after income tax Other comprehensive profit / (loss) Items that may be reclassified to profit or loss: Total comprehensive (loss) for the period attributable to owners of the Company (Loss) per share attributable to owners of the Company Basic (loss) per share (cents per share) 2.6 (0.14) (0.32) Diluted (loss) per share (cents per share) 2.6 (0.14) (0.32) The above consolidated statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes. 13 ABN 34 609 262 937 Consolidated Statement of Financial Position As at 30 June 2025 Notes 30 June 2025 31 December 2024 US$’000 US$’000 Current assets Cash and cash equivalents 3,999 6,235 Trade and other receivables 2,338 2,665 696 787 Inventories Derivative financial instruments-hedge 5.3 Total current assets 95 - 7,128 9,687 Non-current assets Oil and gas properties 3.1 48,786 50,239 Property, plant and equipment 3.2 3,227 3,641 190 211 Total non-current assets 52,203 54,091 Total assets 59,331 63,778 (5,561) (6,110) (455) (360) Other receivables Current liabilities Trade and other payables Provisions Derivative financial instruments hedge 5.3 - (239) Borrowings 4.3 (5,854) (4,725) (101) (64) (11,971) (11,498) Lease liability Total current liabilities Non-current liabilities Provisions 5.1 (2,580) (2,666) Borrowings 4.3 - (3,704) Derivative financial instruments 5.3 (1) (99) (116) - Total non-current liabilities (2,697) (6,469) Total liabilities (14,668) (17,967) Net assets 44,663 45,811 Lease liability Equity Contributed equity 4.1 183,450 183,452 Share based payment reserve 4.2 15,430 15,123 Foreign exchange reserve (467) (467) Cash flow hedge reserve 94 (338) (153,844) (151,959) 44,663 45,811 Accumulated losses Total equity The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 14 ABN 34 609 262 937 Consolidated Statement of Changes in Equity For the half-year ended 30 June 2025 Contributed Equity Treasury Shares Other Reserve Accumulated (Losses) Total US$’000 US$’000 US$’000 US$’000 US$’000 183,702 (248) 13,433 (143,688) 53,199 - - - (4,037)