Australis Oil and Gas

Tuscaloosa Marine Shale

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The TMS is an over pressured and naturally fractured unconventional oil play.  It is “on trend” with the Eagle Ford shale in Texas USA and has similar depositional history and age.

Whilst still in the appraisal phase, over 90 horizontal wells have been drilled in the TMS which has helped delineate the high performing or the core of the play (TMS Core). Those wells within the TMS Core have demonstrated consistently high oil productivity and downward trending costs. 

The depositional area of the TMS is 14 million acres across southern Louisiana and Mississippi (refer to area in blue on map below).  In the early days of the TMS, operators acquired large positions speculatively on the back of then strong oil prices (pre 2015) and success in other plays using the Eagle Ford in particular as the analogue for initial acreage positions. However, well performance was variable (and unusually binary) depending on whether drilling occurred in or outside of the TMS Core area. The high performing wells were all drilled within the TMS Core area (shown with a red outline on the map).

Of the approximately 90 wells that delineate the TMS ~ 50 are within the TMS Core.  

Only approximately 450,000 acres (3%) of the total depositional area is considered to be within the TMS Core.

Through multiple acquisitions and targeted leasing, Australis holds a strategic acreage position within the production delineated TMS, one of the last emerging oil shale basins onshore in the USA which has similar oil productivity to the best areas within US shale such as Eagle Ford and Permian basin in Texas.

At 31 December 2025, Australis holds 47,200 net acres in the oil rich TMS core, making it the largest acreage holder in that region. Following the sale of 90% of its working interest in producing TMS wells to EQV Australis retains interest in 47 non operated wells generating positive cashflow.

This large acreage position within the TMS core, with it's associated production and cashflow, proven reserves and large undeveloped resource provides the platform for significant value creation for Australis shareholders. 

As the unconventional oil industry becomes more mature, the availability of quality future drilling inventory becomes increasingly scarce and expensive within the established basins. This makes earlier stage plays such as the TMS, with the ability to scale leasehold and further optimise well design, highly attractive.

The recently announced Development Transaction provides for a 20% carry for Australis on a development program of up to US$46.25 million and US$1 million leasing program with an established public company who have operations in multiple unconventional basins.  This program will generate cash flow for Australis and will see the play tested with modern technology and techniques to explore upside to the already competitive productivity achieved by existing wells.

Estimates from the independent Ryder Scott report, effective 31 December 2025 and dated 29 January 2026 which was initially disclosed in the announcement titled "Quarterly Activities Report and Annual Reserves Report" issued on 31 January 2026. 

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.  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 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.

We have accumulated a strategic acreage position within the TMS, one of the last emerging quality oil shale basins onshore in the USA with productivity comparable to the best areas of the established plays such as Eagle Ford and Permian basins.

As a result of acreage acquisitions and its land leasing program, Australis has a significant reserve and resource position within the TMS.

As at 31 December 2025, Ryder Scott, independent reserve engineers, provided an estimate of the Company’s net (after royalty interests) reserves and resources assessing 48,000 net acres within the TMS Core area only. These estimates were made following the close of the sale of 90% of Australis’s working interest in producing TMS wells to EQV:

TMS reserves and resources as at 31 December 2025

Australis leaseholds within the TMS as at 31 December 2025 are as follows.