Record Financial and Operational Results
Sales revenue of $141.5M, underlying EBITDAX of $100.3M (up 9% vs H1 FY'25), adjusted cash from operations of $85.6M (up 5% vs H1 FY'25) and underlying NPAT of $25.7M (vs $7.8M prior period, ~+229%).
Upgraded FY'26 Production Guidance
Group production guidance increased to 73–77 TJ/day (26.6–28.1 PJ equivalent) from prior 69–74 TJ/day, driven primarily by Orbost outperformance.
Orbost Production and Plant Performance
Orbost averaged a record 66.3 TJ/day for the half, hit a new 14-day average record of 70.9 TJ/day and a daily record of 71 TJ/day; trials consistently exceeded prior nameplate 68 TJ/day after regulatory capacity lift.
Reserves and Resource Upside at Sole
Sole field 1P reserves increased 19% and 2P reserves increased 9% (announced YE 2025); ongoing technical studies targeting further contingent resource booking based on strong reservoir deliverability.
Cost Control and Continuous Improvement
Production expenses for the half were ~$25M (down 14% vs prior comparable period) with unit production cost $1.79/GJ; continuous improvement program has 80+ initiatives targeting ~ $10M additional cash flow improvements this FY; net corporate G&A reduced to $5.2M.
Strong Balance Sheet and Liquidity
Cash at 31 Dec of $81.3M, net debt reduced to ~$34M and a $480M reserve-based loan facility fully available; RBL provides financing flexibility ahead of ECSP investment phase.
ECSP Progress and Material Upside
East Coast Supply Project (ECSP) on schedule and on budget; Isabella drilling underway (results imminent); project prospective resource: ~260 Bcf gross mean unrisked prospective plus 65 PJ gross 2C at Annie; target production plateau >110 TJ/day on success and potential to extend Athena life >10 years.
Safety and Environmental Performance
TRIFR of 3.18 (12 months to 31 Dec 2025), down from 3.34 prior period and well below industry benchmark 4.94; no recordable injuries, no Tier 1/2 process safety events and no reportable environmental incidents; over 2 years without a lost-time injury.
Higher Realized and Contracted Gas Prices
Contracting activity and greater spot exposure expected to increase weighted average contracted gas price by ~20% in calendar year vs 2025 (2025 avg ~ >$9/GJ); realized gas prices have risen consistently over ~3.5 years.
Operational Recovery in Cooper Basin and Upside at Athena
Cooper Basin production recovery with a 21% quarter-on-quarter increase late in the year; Athena average processing rate 8.2 TJ/day (net) and plan to restart Casino 4 to add ~1+ TJ/day gross; Athena F/E upgrades for ECSP complete.