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AUSTRALIS OIL & GAS For Immediate Release 24 August 2021 ASX Announcement First Half 2021 Financial Report Australis Oil & Gas Ltd ( " Australis " or " Company " ) is pleased to provide its consolidated financial results for the half year ended 30 June 2021 . Following the unprecedented oil price volatility in 2020 , largely caused by the global COVID - 19 virus pandemic , the oil price rebounded in late 2020 and continued to strengthen during the reporting period as oil demand recovered . Supply and development activity , particularly in the US , was however restrained as operators remain cautious and maintained capital expenditure discipline . As the business environment improves with sustained higher oil prices , Australis remains confident the appropriate strategic partner will be secured to recommence activity in the TMS and progress the value creation strategy . During the reporting period Australis continued to safeguard the TMS asset and its ownership of the large undeveloped reserves and resources in the core area of the TMS . With positive operating cashflow and the successful share placement , the Company continued to reduce debt and commenced a strategic yet disciplined leasing program to maintain control of the TMS Core area . Financial Summary for 1H 2021 • Revenue of US $ 13.2 million ( before royalties and hedging ) Average realised sales price of US $ 63 / bbl ( before hedging ) and US $ 52 / bbl ( including hedging ) Realised loss on Macquarie Facility mandated oil price hedges of US $ 2.3 million Field Netback of US $ 4.0 million EBITDA of US $ 1.1 million Net interest expense of US $ 0.6 million Net Loss after tax of US $ 1.7 million As at 30 June 2021 : о Cash of US $ 10.2 million о Net working capital ( excluding borrowings ) of US $ 3.9 million Total borrowings under the Macquarie Facility of US $ 18 million Net facility debt of US $ 7.8 million TMS Operating Summary for 1H 2021 Sales volume ( WI ) of 209,000 bbls ( 1,150 bopd ) Independent Reserves¹ as at 31 December 2020 ( net , after royalties ) : Proved ( 1P ) reserves of 10.4 MMbbls о о Proved + Probable ( 2P ) reserves of 21.0 MMbbls Proved + Probable + Possible ( 3P ) reserves of 27.5 MMbbls Only 10 % of the Company's ~ 100,000 net acres were assessed for development within the next 5 years ( maximum period allowed for development activity for reserves classification ) due to the conservative development program assumed for the reserves evaluation process as at year end 2020 . Remaining undeveloped TMS core acreage was allocated a 2C resource of 149.4 MMbbls of oil¹ and remains contingent only on a qualifying development plan for reserve classification . AUSTRALIS OIL & GAS LIMITED ABN 34 609 262 937 Ground Floor , 215 Hay Street Subiaco WA 6008 PO Box 8225 Subiaco East WA 6008