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

Contact:

Tel: +61 8 9220 8700

About Australis

Australis is an upstream 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. The Company's acreage within the core of the oil producing TMS provides significant upside potential for ATS with 21 million bbls of 2P reserves including 3.7 million bbls producing reserves providing free cash flow as well as 149 million bbls of 2C contingent resource1 . The Company was formed by the founders and key executives of Aurora Oil & Gas Limited, a team with a demonstrated track record of creating and realising shareholder value.

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 forward-looking statements.

(C) 2021 Electronic News Publishing, source ENP Newswire