Page 1

AUSTRALIS OIL & GAS For Immediate Release ASX Announcement 19 August 2026 First Half 2026 Financial Report Australis Oil & Gas Ltd ( " Australis " or " Company " ) is pleased to provide its consolidated financial results for the half year ended 30 June 2026 . As announced at the end of 2025 , Australis closed on two separate but strategically related transactions that together delivered on many of the key near - term objectives of the Company . Please refer to ASX announcements on 26 November 2025 and 31 December 2025 for further details . During the six - month reporting period the Australis team worked with counterparts at the Development Partner across multiple disciplines and as a result preparatory work for the permitting of the first wells in the Carry Program and detailed planning and completion designs commenced . The permit for the Initial Test Well under the Carry Program , the Willson 1H , has been granted and work has commenced on securing a spud date during Q4 2026 which will be determined by rig availability . Australis will be the designated operator of the Willson 1H and has retained the operational staffing levels required to meet this obligation together with the necessary contracted technical expertise . In addition , leasing has commenced as part of the Initial Leasing Program and leasing within permitted units is progressing with the permit application process initiated for the second Carried Well , the Mathieu 1H . A summary of financial results for the period is as follows : Financial Results for half year ended 30 June 2026 - ( US $ ) Sales Volumes ( WI ) Sales Revenue ( WI ) ( 1 ) Average Realised Price ( excluding hedges and prior period adjustment ) Field Netback * Adjusted EBITDA * Net loss after taxation Period end cash position ( 1 ) 9,200 bbls $ 0.5 million $ 85 / bbl ( $ 0.1 ) million $ ( 2.6 ) million $ ( 2.6 ) million $ 11.2 million Including a hedge loss of ( $ 0.06 ) and non - recurring prior period adjustment of ( $ 0.19 ) for the activity period 2014 to 2025 as a result of ownership changes identified as two wells reached payout . * Field Netback and Adjusted EBITDA are considered non - IFRS measures . Please refer to Non - IFRS Financial Measures below . To learn more about this announcement and our asset please Click Here The Financial Statements and Appendix 4D for the six - month period ended 30 June 2026 are attached . This ASX announcement was authorised for release by the Australis Disclosure Committee . AUSTRALIS OIL & GAS LIMITED ABN 34 609 262 937 Level 1 , 162 Grand Boulevard Joondalup WA 6027 • PO Box 8225 Subiaco East WA 6008 T +61 ( 8 ) 9220 8700 F +61 ( 8 ) 9220 8799 www.australisoil.com