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AUSTRALIS OIL & GAS For Immediate Release ASX Announcement 23 February 2021 2020 Annual Report and Audited Financial Statements Australis Oil & Gas ( " Australis " or " Company " ) is pleased to provide the 2020 Annual Report including the audited consolidated financial statements for the year ended 31 December 2020 . The unprecedented oil price volatility during the year , intensified by the global COVID - 19 virus pandemic , significantly impacted the entire oil industry . Significant reduction in global oil demand led to lower oil pricing for most of 2020. Despite this , Australis achieved positive EBITDA for each quarter of 2020. These results , together with the operational flexibility and a highly disciplined approach to discretionary capital expenditure for the year enabled Australis to maintain its significant TMS assets . A summary of financial and operating results for the year are as follows : Financial Results 2020 - ( US $ ) Gross revenue from oil sales ( before royalties & hedges ) Revenue from hedging Average realised sales price ( including hedges ) Field Netback✶ ( US $ ) Field Netback * ( bbl ) EBITDA * Net profit before impairment and taxation Net ( loss ) after impairment and taxation Year end cash position Total Facility borrowings Working capital ( excluding Macquarie debt repayments ) $ 21.5 million $ 4.7 million $ 51.76 / bbl $ 14.6 million $ 28.93 / bbl $ 7.0 million $ 1.5 million $ ( 125.2 ) million $ 4.7 million $ 20 million $ 2.1 million Australis voluntarily paid down debt during 2020 and by year end the outstanding balance was US $ 20 million , with quarterly minimum repayment going forward of US $ 1m and a maturity date of November 2023. Interest and debt repayments were and continue to be funded from the Company's operations . As disclosed at mid - year , during 2020 , due to global uncertainty in the oil industry and financial markets , the Company , in accordance with the Accounting Standards and for Financial Statements purposes only , reduced the carrying value of its assets through a non- cash impairment provision of US $ 126.7 million . Operating Results 2020 Production ( Working Interest ) Net production ( after royalties ) TMS year end independent reserves ( Net ) 1 PDP 1P 2P 3P Year end independent mid case resources¹ 2C Net acres leased within the TMS Core 505,000 bbls 411,000 bbls 3.7 MMbls 10.4 MMbbls 21.0 MMbbls 27.5 MMbls 149.4 MMbbls 107,500 net acres * Field Netback and EBITDA are considered non - IFRS measures . Please refer to Non - IFRS Financial Measures below . AUSTRALIS OIL & GAS LIMITED ABN 34 609 262 937 Level 29 , 77 St. George's Terrace , Perth WA 6000 , Australia • GPO Box 2548 , Perth WA 6831 T +61 ( 8 ) 9220 8700 • F +61 ( 8 ) 9220 8799 www.australisoil.com