Announcement PDF For Immediate Release ASX Announcement 21 August 2024 First Half 2024 Financial Report Australis Oil & Gas Ltd (“Australis” or “Company”) is pleased to provide its consolidated financial results for the half year ended 30 June 2024. Australis operations provided positive operational cash flow in the first half of 2024 due to Australis’ realised oil price averaging US$80.70/bbl for the period and reduced Group costs. As expected, oil production reduced as compared to the first half of 2023 with the natural decline of the producing wells. The LLS based monthly oil price realised by Australis ranged between US$76/bbl and US$87/bbl throughout the 1H 2024, representing an average premium to WTI of over US$2/bbl. The Company’s hedge losses continued to reduce as only a small number of hedge contracts taken out in the low oil price year of 2021 remain. As a result, Australis’ average achieved price (after hedging) in 1H 2024 increased 9% over the same period in 2023, to US$79/bbl. For the 1H 2024, financial results included Adjusted EBITDA of US$1.2 million and earnings before all noncash items of US$1.2 million. Overall operating costs remained consistent during the first half of 2024 compared to 2023. The Company continues to achieve savings in Group G&A expenditure with a reduction of 15% over the corresponding period. The Company’s net loss after tax for the1H 2024 of US$4 million was due largely to the US$2.6 million noncash write off for the cost of mineral leases that expired during the period. These leases were originally acquired, mostly on five-year terms, during the 2019 leasing program and over the past 6 months have expired, as reported in previous released quarterly Activities Reports. In March 2024, Australis amended its Credit Facility enabling access to additional liquidity and improved financial flexibility under a new credit facility (Facility C). This was made possible due to the Company making significant debt reduction payments out of operational cashflow over the past few years and through leveraging the Group’s sizable Proved Developed Producing asset value. A total of US$6 million was drawn down under the new Facility C in 1H 2024, from which US$2 million was used to pay down the existing Facility A, resulting in an additional US$4 million of liquidity. In addition, Australis received favourable Credit Facility amendments, including reduced quarterly debt amortisation payments under Facility A to better match expected field cashflows and a one-year extension to the maturity date to May 2026. The repayment of the Facility C loan occurs monthly from April 2024 to March 2026, with blended payments of principal and interest equal to the monthly oil price hedge settlements resulting from ‘WTI swap’ hedge contracts executed by the Company covering 100,000 bbls over the same period. The Company’s net debt position reduced during the half year to US$3.6 million (31 December 2023: US$4.2 million), as positive operating cash flow continues to service interest obligations and improve cash reserves during the first half of 2024. The Company remains in full compliance with all covenants under its Credit Facility. Australis strategic focus remains on its objective of securing a partner willing to deploy development capital in the TMS and progress the value creation strategy. Australis remains confident the underlying oil and gas market conditions will ultimately force potential partners to consider emerging plays for future Tier 1 well A UST RA LI S O I L & GA S LI MI T E D ABN 34 609 262 937 Ground Floor, 215 Hay Street Subiaco WA 6008 • PO Box 8225 Subiaco East WA 6008 T +61 (8) 9220 8700 • F +61 (8) 9220 8799 www.australisoil.com inventory and the fundamental asset quality, which has been supported through recent 3rd party diligence activities, will ensure the TMS, being one of the last undeveloped quality oil plays, is considered. We believe the increase of inbound enquiries from potential partners supports this thesis. Although there can be no guarantee that Australis will be able to ultimately complete a partnering transaction on satisfactory terms (or at all), we remain confident in our ability to do so in due course, and we remain patient in our approach and expectations. Financial and Operating Summary for 1H 2024 Key Metrics Unit 1H 2024 1H 2023 Change favourable/ (unfavourable) TMS Core Land (Net) acres 53,800 73,300 -27% TMS Core HBP Land (Net) acres 39,900 38,800 3% Net Oil resource (2P + 2C)1 MMbbls 89 120 -26% bbls 132,000 149,000 -11% Average Realised PriceA US$/bbl $81 $75 8% Average Achieved PriceB US$/bbl $79 $72 9% Sales Revenue (WI)B US$MM $10.4 $10.7 -3% Sales Revenue (Net)B US$MM $8.3 $8.6 -3% Field Netback US$MM $3.8 $4.1 -6% Field Netback / bbl (WI)B US$/bbl $29 $27 8% Field Netback / bbl (Net)B US$/bbl $36 $34 6% Adjusted EBITDA US$MM $1.2 $0.9 33% Interest Expense US$MM $0.5 $0.6 17% Net Profit (Loss) after tax US$MM -$4.0 -$13.8 71% Cash Balance US$MM $7.7 $3.7 108% Total Debt C US$MM $11.3 $10.0 -13% Net Debt US$MM $3.6 $6.3 43% Sales Volumes (WI) A excludes effect of hedge contracts settled B includes the loss from the settlement of hedge contracts of US$0.2 million (1H 2023: loss of US$0.5 million) C Macquarie Facility debt The Financial Statements and Appendix 4D for the six-month period ended 30 June 2024 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 53,800 net acres (74% HBP) within the production delineated core of the proven oil producing TMS, Australis retains significant upside potential with approximately 185 net future drilling locations. At year end 2023 Ryder Scott independently assessed the Australis acreage held at that time with 89 MMbbls of 2P + 2C recoverable volume including 2.1 MMbbls proved 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 IP30 YOY TMS Type Curve 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 written off, and impairment The average oil production rate over 30 days of production following clean up Year on year 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. Estimates from the independent Ryder Scott report, effective 31 December 2023 and dated 31 January 2024. 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. The achieved price and NPV(10) values quoted are for the project only, they do not include any impact from the existing oil price hedges that Australis has entered into. Estimates from the independent Ryder Scott report, effective 31 December 2022 and dated 7 February 2023 and announced on 09 February 2023 and titled ‘Reserve and Resource 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. 2. The deterministic method is based on qualitative assessment of relative uncertainty using consistent interpretation guidelines. The independent engineers using a deterministic incremental (risk-based) approach estimates 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 2024 US$’000 1H 2023 US$’000 Net profit / (loss) after tax Adjustments: Depletion Depreciation Net finance expenses Expired lease written off1 (4,037) (13,757) 1,427 751 404 2,611 2,425 2,293 538 9,362 Adjusted EBITDA 1,156 861 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. 21 August 2024 APPENDIX 4D HALF YEAR REPORT FOR THE PERIOD ENDED 30 JUNE 2024 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 2024 should be read in conjunction with the Australis Oil & Gas Limited 2023 Annual Report (which contains the 2023 audited Financial Report). Results for Announcement to the Market Revenue from ordinary activities Decreased by 4%(1) from US$10.75 million for the half year ended 30 June 2023 to US$10.37 million for the half year ended 30 June 2024. Loss from ordinary activities after tax attributable to Decreased by 71%(1) from a loss of US$13.76 million members for the half year ended 30 June 2023 to a loss of US$4.04 million for the half year ended 30 June 2024. Loss for the period attributable to Decreased by 71%(1) from a loss of US$13.76 million members for the half year ended 30 June 2023 to a loss of US$4.04 million for the half year ended 30 June 2024. An explanation of the results is included in the Interim Financial Report ended 30 June 2024 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 2023. Dividends No dividends are proposed (2023: nil). Net Tangible Asset per Security 30 June 2024 US$0.04 30 June 2023 US$0.04 Changes in controlled entities There have been no changes in controlled entities during the half year ended 30 June 2024. This report is based on the consolidated half year financial statements for the half year ended 30 June 2024 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 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 2024 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 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 2024. 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 2024 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 2024 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 2023: 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 2024 are as follows:  Total sales volumes (WI) during the period were approximately 132,000 bbls (1H 2023: 149,000 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$10.6 million offset by oil price hedge contract settlement losses of US$262,000.  Achieved oil sales pricing (LLS) averaged US$81/bbl (not including realised hedge losses) and ranged between $75/bbl at the commencement of 2024 and by June had increased to US$81/bbl. At the date of this report, LLS pricing was at a premium to WTI at greater than US$2.60/bbl. Losses from WTI oil price hedges reduced during the 1H 2024 to US$2/bbl (1H 2023: US$3/bbl).  During the 6 month reporting period Australis achieved: o Field Netback of US$3.8 million (5% decrease from 1H 2023) o Adjusted EBITDA of US$1.2 million (33% increase from 1H 2023) o Earnings excluding non-cash items of US$1.2 million (58% increase from 1H 2023)  Capital expenditure of US$0.1 million related to well equipment replacement.  Loss after tax of US$4.0 million (1H 2023: Loss $13.8 million), including non-cash charges of US$5.2 million.  Net Debt decreased to US$3.6 million (1H 23 balance: US$6.3 million). Total debt under the Macquarie Bank Credit Facility increased by US$3.3 million to US$11.3 million at 30 June 2024 following the US$6 million draw down of the new Facility C Loan offset by amortisation payments of US$0.7 million and paying down of US$2 million of the existing Facility A Loan.  In January 2024, Australis released its independently assessed net reserves and resources estimates1 for the TMS as at 31 December 2023 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 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 YE2023 reserves evaluation. Therefore, the 31 December 2023 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 2.1 million barrels and the 2C Contingent Resource (mid case) totaled 86 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 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$4.0 million (1H 23: Loss US$13.8 million). As at 30 June 2024, Australis has cash and cash equivalents of US$7.7 million (31 December 2023: US$3.7 million). During the period ended 30 June 2024, Australis TMS Inc, a wholly owned subsidiary, drew down a total of US$6 million from a new Facility C provided by Macquarie Bank, from which US$2 million was used to pay down the existing Facility A resulting in an additional US$4 million of liquidity. In addition, upon accessing this additional liquidity, Australis received favourable Credit Facility amendments, including reduced quarterly debt amortisation payments under the Facility A repayment timetable to better match expected field cashflows and a one-year extension of the maturity date to May 2026. The total amount outstanding at the balance date was US$11.3 million (31 December 2023: US$8.0 million). The operating results for Australis for the period ending 30 June 2024 is as follows: Summary Financial Results Revenue (including hedging loss) Royalties Direct operating costs & taxes Field Netback Other income Corporate costs Foreign exchange gain / (loss) Share based payments Adjusted EBITDA Net interest expense Depreciation and depletion Exploration costs – Expired lease write off (Loss) before taxation 30 June 2024 US$ millions $10.37 ($2.05) ($4.48) $3.84 ($2.33) ($0.36) $1.15 ($0.40) ($2.18) ($2.61) ($4.04) 30 June 2023 US$ 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) 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 2024, 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 2024 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 21 August 2024 6 ABN 34 609 262 937 Directors’ report FOOTNOTES 1All estimates and risk factors 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 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 28, 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 2024 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 21 August 2024 11 ABN 34 609 262 937 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 30 June 2024 Notes Half-year ended 30 June 2024 Half-year ended 30 June 2023 US$’000 US$’000 Revenue 2.2 10,370 10,745 Cost of sales 2.3 (8,572) (11,237) 1,798 (492) Gross profit / (loss) Other income 2.4 - 11 Other expenses 2.5 (5,431) (12,738) (3,633) (13,219) (404) (538) (4,037) (13,757) - - (4,037) (13,757) Change in fair value of cash flow hedges (1,043) 1,503 Other comprehensive (loss) / profit for the period net of tax (1,043) 1,503 Total comprehensive (loss) for the period attributable to owners of the Company (5,080) (12,254) (Loss) from operating activities Net finance (expenses) 2.6 (Loss) before income tax Income tax expense (Loss) after income tax Other comprehensive profit / (loss) Items that may be reclassified to profit or loss: (Loss) per share attributable to owners of the Company Basic (loss) per share (cents per share) 2.7 (0.32) (1.09) Diluted (loss) per share (cents per share) 2.7 (0.32) (1.09) The above consolidated statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes. 12 ABN 34 609 262 937 Consolidated Statement of Financial Position As at 30 June 2024 Notes 30 June 2024 31 December 2023 US$’000 US$’000 Current assets Cash and cash equivalents 7,701 3,763 Trade and other receivables 2,612 2,133 786 967 11,099 6,863 Inventories Total current assets Non-current assets Oil and gas properties 3.1 54,661 58,699 Property, plant and equipment 3.2 4,380 5,006 210 209 Total non-current assets 59,251 63,914 Total assets 70,350 70,777 (5,865) (6,083) Other receivables Current liabilities Trade and other payables (397) (354) Derivative financial instruments hedge 5.3 (789) (132) Borrowings 4.3 (4,989) (4,000) (138) (170) (12,178) (10,739) 5.1 (2,746) (2,734) Borrowings 4.3 (6,308) (3,925) Derivative financial instruments 5.3 (502) (116) - (64) Provisions Lease liability Total current liabilities Non-current liabilities Provisions Lease liability Total non-current liabilities (9,556) (6,839) Total liabilities (21,734) (17,578) Net assets 48,616 53,199 183,453 183,702 Equity Contributed equity 4.1 Treasury shares 4.1 - (248) Share based payment reserve 4.2 14,646 14,148 Foreign exchange reserve (467) (467) Cash flow hedge reserve (1,291) (248) (147,725) (143,688)