Announcement PDF For Immediate Release ASX Announcement 23 August 2023 First Half 2023 Financial Report Australis Oil & Gas Ltd (“Australis” or “Company”) is pleased to provide its consolidated financial results for the half year ended 30 June 2023. Australis continued to generate positive operational cash flow in the first half despite lower oil prices than 2022. Oil prices traded within the US$70 to $80 price range throughout the 1H 2023 compared to the higher oil prices in 2022 which averaged US$97/bbl. For the 1H 2023, operational results included Adjusted EBITDA of US$0.9 million and earnings before all non-cash items of US$0.8 million. The Company’s hedge losses and book value significantly improved as most of the hedges taken out in the low oil price years of 2020 and 2021 have now been settled. The inflationary pressures on operating costs that occurred during 2022 also began to plateau during 1H 2023, with some elements now showing a downwards trend. The Company’s net loss after tax for the 1H 2023 of US$13.8 million was due largely to two significant noncash charges made during the period. A non-cash charge of US$9.4 million related to the cost of expired leases being written off in the period. These leases were originally acquired on 5 year terms during the 2017 and 2018 leasing program and over the past 12 months have expired, which has been reported in the previous released quarterly Activities Reports, but the write off has been taken in this half year period. Australis intends to undertake a leasing program to re-lease many of these expired leases once an appropriate leasing budget is available. The second non-cash charge relates to a conservative change in the calculation of depletion of the carrying value of our oil asset resulting in a larger depletion amount than previous periods. The charge for 1H 2023 was US$2.4 million (1H 2022: US$0.8 million) or US$16/bbl (1H 2022: US$5/bbl). The Company’s debt position continues to reduce and as at 30 June 2023 is US$10 million (30 June 2022: US$14 million). The positive operating cash flow continues to service interest obligations and contributed, along with the Company’s cash reserves, to reduce this principal. The Company remains in full compliance of all debt covenants. Australis continued the previously adopted strategy of safeguarding its strategic exposure and control of the large undeveloped reserves and resources in the core area of the TMS. With limited capital budget available a modest but targeted leasing and well permitting program continued throughout the first half of 2023. A total of approximately 4,000 net acres of leases have either been acquired or renewed during 1H 2023 at a capital cost of US$0.5 million. Australis continues to be patient in its objective to introduce an appropriate partner to recommence activity in the TMS and progress the value creation strategy. Australis engaged with several groups, including public and private oil and gas companies and financially orientated entities, evaluating the potential participation in a work program within the TMS Core that will add to the existing well count and advance the evolution of the play. Many of those parties have completed diligence exercises and concurred with Australis’s view of the play and opportunity, however factors such as their internal prioritization on short term returns, focus on existing basins or concerns over external market conditions and perceptions were obstacles in completing a transaction in the first half of 2023. A UST RA LI S O I L & GA S LI MI T E D ABN 34 609 262 937 Ground Floor, 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 remains very 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 will ensure the TMS, being one of the last undeveloped quality oil plays, is considered. As such Australis has and will continue to be measured in the approach to partnering discussions to ensure any such engagement is on the right terms for the Company in the context of its overall strategy. 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 confident in our ability to do so in due course, and we remain patient in our approach and expectations. Financial and Operating Summary for 1H 2023 Key Metrics Unit 1H 2023 1H 2022 Change Core Land Position (Net) acres 73,300 83,500 (12)% Core HBP land (Net) acres 38,800 38,300 1% Net Oil resource (2P + 2C) MMbbls 120,0001 153,0002 (22)% Sales Volumes (WI) bbls 149,000 174,500 (15)% A Average Realised Price US$/bbl $75 $103 (27)% Average Achieved PriceB US$/bbl $72 $82 (12)% Sales Revenue (WI)A US$MM $11.2 $18.0 (38)% Sales Revenue (WI)B US$MM $10.7 $14.4 (26)% Field Netback US$MM $4.1 $5.9 (31)% B US$/bbl $27 $34 (21)% Field Netback / bbl (Net)B US$/bbl $34 $42 (19)% Adjusted EBITDA US$MM $0.9 $3.2 (72)% Interest expense US$MM $0.6 $0.5 (20)% Net (loss) / profit after tax US$MM (13.8) $1.1 (1355)% Capital ExpenditureD US$MM $0.9 $1.3 (31)% Cash Balance (Qtr end) US$MM $3.7 $8.7 (57)% US$MM $10.0 $14.0 (29)% Field Netback / bbl (WI) Total Debt (Qtr end) C A excludes effect of hedge contracts settled B includes the loss from the settlement of hedge contracts of US$0.5 million (1H 2022: loss of US$3.6 million) C Macquarie Facility debt D For 1H 2023 total includes leasing costs and the final amounts for the acquisition and frac costs for the Australis 10% WI in the non-operated West Alford and Painter wells and associated unit costs but excludes the increase in the provision for restoration costs of US$0.2 million The Financial Statements and Appendix 4D for the six-month period ended 30 June 2023 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 73,300 net acres (53% HBP) within the production delineated core of the proven oil producing TMS, Australis retains significant upside potential with approximately 260 net future drilling locations. At year end 2022 Ryder Scott independently assessed Australis acreage with 120 MMbbls of 2P + 2C recoverable volume including 2.5 MMbbls producing reserves providing net field cash flow1. 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 Field Netback Adjusted EBITDA Working Interest before deduction of royalties or burdens 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 represents net income /(loss) for the period before any income tax expense or benefit, finance costs, depletion, depreciation, expired lease write off, and impairment IP30 The average oil production rate over 30 days of production following clean up YOY Year on year 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 OD Outer Diameter of a tubular Notes 1. All estimates and risk factors taken from Ryder Scott, report prepared as at 31 December 2022 and generated for the Australis concessions to SPE standards. See ASX announcement released on 9 February 2023 titled “Reserves and Resources Update Year End 2022”. 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. Ryder Scott generated their independent reserve and contingent resource estimates using a deterministic method which is based on a qualitative assessment of relative uncertainty using consistent interpretation guidelines. The independent engineers using a deterministic incremental (risk based) approach estimate the quantities at each level of uncertainty discretely and separately. 2. All estimates and risk factors taken from Ryder Scott, report prepared as at 31 December 2021 and generated for the Australis concessions to SPE standards. See ASX announcement released on 7 February 2022 titled “Reserves and Resources Update Year End 2021”. Ryder Scott generated their independent reserve and contingent resource estimates using a deterministic method which is based on a qualitative assessment of relative uncertainty using consistent interpretation guidelines. The independent engineers using a deterministic incremental (risk based) approach estimate the quantities at each level of uncertainty discretely and separately. 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 are Non-IFRS financial measures commonly used in the oil and gas industry. Non-IFRS financial measures used by the Company, including Field Netback and Adjusted EBITDA, may not be comparable with the calculation of similar measures by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. 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 2023: 1H 2023 US$’000 Net (loss) / profit after tax Adjustments: Depletion Depreciation Net finance expenses Expired lease write off1 Adjusted EBITDA 1H 2022 US$’000 (13,757) 1,121 2,425 2,293 538 9,362 861 791 728 514 3,154 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 forwardlooking statements. 23 August 2023 APPENDIX 4D HALF YEAR REPORT FOR THE PERIOD ENDED 30 JUNE 2023 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 2023 should be read in conjunction with the Australis Oil & Gas Limited 2022 Annual Report (which contains the 2022 audited Financial Report). Results for Announcement to the Market Revenue from ordinary activities Decreased by 25%(1) from US$14.36 million for the half year ended 30 June 2022 to US$10.75 million for the half year ended 30 June 2023. Loss from ordinary activities after tax attributable to Increased by 1329%(1) from a profit of US$1.12 members million for the half year ended 30 June 2022 to a loss of US$13.76 million for the half year ended 30 June 2023. Loss for the period attributable to Increased by 1329%(1) from a loss of US$1.12 million members for the half year ended 30 June 2022 to a loss of US$13.76 million for the half year ended 30 June 2023. An explanation of the results is included in the Interim Financial Report ended 30 June 2023 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 2022. Dividends No dividends are proposed (2022:nil). Net Tangible Asset per Security 30 June 2023 US$0.04 30 June 2022 US$0.05 Changes in controlled entities There have been no changes in controlled entities during the half year ended 30 June 2023. This report is based on the consolidated half year financial statements for the half year ended 30 June 2023 which have been reviewed by BDO Audit (WA) Pty Ltd. A UST RA LI S O I L & GA S LI MI T E D ABN 34 609 262 937 Ground Floor, 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 2023 ABN 34 609 262 937 Page Corporate directory 3 Directors’ report 4 Auditors’ independence declaration 8 Independent Auditor’s review report 9 Directors’ declaration 11 Consolidated statement of profit or loss and other comprehensive income 12 Consolidated statement of financial position 13 Consolidated statement of changes in equity 14 Consolidated statement of cash flows 15 Notes to the financial statements 16 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 Ground Floor 215 Hay Street Subiaco, Western Australia 6008 Telephone: +61 8 9220 8700 Facsimile: +61 8 9220 8799 BDO Audit (WA) 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 11, 172 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 2023. 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 2023 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 2023 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 31 operated wells (30 June 2022: 31) 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 2023 are as follows:  Total sales volumes (WI) during the period were 149,000 bbls (1H 2022: 174,000 bbls).  Production from the wells was in line with expectation for production decline and weather-related events other than for minor delays with 2 of the 5 well workovers undertaken.  The Company received revenue of US$11 million offset by oil price hedge contract settlement losses of US$0.5 million. The contracts were executed in prior periods of low future oil prices in accordance with the Macquarie Facility mandated covenant requirements. These low oil price hedges are now mostly settled.  Achieved oil sales pricing (LLS) averaged US$75/bbl (not including realised hedge losses) and ranged between $80/bbl at the commencement of 2023 and by June had decreased to US$72/bbl. At the date of this report, LLS pricing was greater than US$80/bbl. Losses from WTI oil price hedges reduced during the 1H 2023 to US$3/bbl (1H 2022: US21/bbl).  During the 6 month reporting period Australis achieved: o Field Netback of US$4.1 million (31% decrease from 1H 2022) o Adjusted EBITDA of US$0.9 million (72% decrease from 1H 2022) o Earnings excluding non-cash items of US$0.8 million (75% decrease from 1H 2022)  Total capital expenditure excluding the increase to the provision for future well site restoration of US$0.9 million (1H 2022: US$1.3 million) primarily related to the permitting and strategic land leasing maintenance program as part of managing and safeguarding the TMS asset, well equipment replacement and the remaining costs for completing the Paloma Resources operated West Alford well and associated leaseholds.  Loss after tax of US$13.8 million (1H 2022: Profit $1.1 million), including non-cash charges of US$14.6 million.  The Macquarie Credit Facility debt was reduced during the reporting period by US$2 million to US$10 million at 30 June 2023.  In February 2023, Australis released its independently assessed net reserves and resources estimates1 for the TMS as at 31 December 2022 and 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 purposes 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 YE2022 reserves evaluation. Therefore, the YE2022 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 2.5 million barrels and the 2C Contingent Resource (mid case) totaled 120 million barrels. FUTURE DEVELOPMENTS With the existing cash balance and projected revenue stream including the WTI oil price hedge contracts, Australis is able to service its debt obligations for the next 12 months. Australis believes that market conditions continue to improve and with the decreasing availability of high quality future well inventory as 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$13.8 million (30 June 2022: Profit US$1.1 million). As at 30 June 2023, Australis has cash and cash equivalents of US$3.7 million (31 December 2022: US$7.8 million). During the period ended 30 June 2023, Australis TMS Inc, a wholly owned subsidiary, repaid US$2 million under the Macquarie credit facility, bringing the total amount outstanding at the balance date to US$10 million (31 December 2022: US$12 million). The operating results for Australis for the period ending 30 June 2023 is as follows: Summary Financial Results Revenue (including hedging gain/(loss)) Royalties Direct operating costs & taxes Field Netback Other income (Loss) / Gain on sale of asset Corporate costs Exploration costs expensed Unrealised foreign exchange loss Share based payments Adjusted EBITDA Net interest expense Depreciation and depletion Exploration costs – Expired lease write off (Loss) / profit before taxation 30 June 2023 US$ millions $10.74 ($2.17) ($4.52) $4.05 $0.01 ($2.74) ($0.03) ($0.43) $0.86 ($0.54) ($4.72) ($9.36) $(13.76) 30 June 2022 US$ millions $14.36 ($3.45) ($5.04) $5.87 $0.76 ($0.06) ($2.86) ($0.08) ($0.16) ($0.32) $3.15 ($0.51) ($1.52) $1.12 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 2023, 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 2023 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 8 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 23 August 2023 6 ABN 34 609 262 937 Directors’ report FOOTNOTES 1All estimates and risk factors taken from Ryder Scott, report prepared as at 31 December 2022 and generated for the Australis concessions to SPE standards. See ASX announcement released on 9 February 2023 titled “Reserves and Resources Update Year End 2022”. 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. Ryder Scott generated their independent reserve and contingent resource estimates using a deterministic method which is based on a qualitative assessment of relative uncertainty using consistent interpretation guidelines. The independent engineers using a deterministic incremental (risk based) approach estimate the quantities at each level of uncertainty discretely and separately. 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 7 ABN 34 609 262 937 Auditors’ independence declaration 8 ABN 34 609 262 937 Independent review report 9 ABN 34 609 262 937 Independent review report 10 ABN 34 609 262 937 Directors’ declaration In the Directors’ opinion: (a) the financial statements and accompanying notes set out on pages 12 to 30, 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 2023 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 made pursuant to s303(5) of the Corporations Act 2001 Jonathan Stewart Chairman Perth, Western Australia 23 August 2023 11 ABN 34 609 262 937 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 30 June 2023 Notes Half-year ended 30 June 2023 Half-year ended 30 June 2022 US$’000 US$’000 Revenue 2.2 10,745 14,361 Cost of sales 2.3 (11,237) (9,930) (492) 4,431 Gross (loss) / profit Other income 2.4 11 762 Other expenses 2.5 (12,738) (3,558) (13,219) 1,635 (538) (514) (13,757) 1,121 - - (13,757) 1,121 Change in fair value of cash flow hedges 1,503 (2,118) Other comprehensive profit /(loss) for the period net of tax 1,503 (2,118) (12,254) (997) (Loss) / profit from operating activities Net finance (expenses) 2.6 (Loss) / profit before income tax Income tax expense (Loss) / profit after income tax Other comprehensive profit / (loss) Items that may be reclassified to profit or loss: Total comprehensive (loss) for the period attributable to owners of the Company (Loss) / profit per share attributable to owners of the Company Basic (loss) / profit per share (cents per share) 2.7 (1.09) 0.09 Diluted (loss) / profit per share (cents per share) 2.7 (1.09) 0.08 The above consolidated statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes. 12 ABN 34 609 262 937 Consolidated Statement of Financial Position As at 30 June 2023 Notes 30 June 2023 31 December 2022 US$’000 US$’000 Current assets 3,713 7,848 3,193 3,138 Inventories 1,152 1,039 Total current assets 8,058 12,025 Cash and cash equivalents Trade and other receivables 3.4 Non-current assets Oil and gas properties 3.2 59,254 57,016 Exploration and evaluation 3.1 - 13,238 Property, plant and equipment 3.3 5,726 7,730 Other receivables 3.4 376 374 Total non-current assets 65,356 78,358 Total assets 73,414 90,383 (5,691) (7,637) (395) (344) Current liabilities Trade and other pay