Strong Volume Growth
Production and sales volumes increased by 26% and 25% respectively versus the prior corresponding half, exceeding 1 million barrels of oil equivalent for the half year.
Resilient Revenue and Earnings Metrics
Underlying revenue for the half was $54.2 million (including $9.6 million from Thailand) and half-year EBITDAX was $28.6 million, broadly in line with the prior half despite a 15% lower realized oil price.
Material Improvement in Operating Cash Flow
Cash flow from operating activities rose 37% to $25.1 million, funding the FY'25 final dividend ($15.9 million), $3.0 million of debt repayments and $4.6 million of sustaining/development investment.
Thailand Acquisition: Immediate Scale and Low Costs
Completion of Thailand assets (Sinphuhorm and Nam Phong) on 1 Aug 2025 delivered ~28% of group production over 5 months, $9.6 million of half-year revenue and very low operating costs of ~ $7/boe; early optimization delivered ~7% uplift at Nam Phong.
Major Development Upside in Thailand
Final investment decision reached for the Nam Phong Booster Compressor, expected to increase field production by at least 40% from mid-2026 (material near-term production upside).
Maari Permit Extension and Production Recovery
Maari received a 10-year permit extension to December 2037 and delivered its strongest daily production rates in over 5 years; average half-year production ~12% higher than the prior corresponding period.
Mereenie Performance and Gas Sales Progress
Mereenie performed strongly with two infill wells contributing ~25% of field gas production; realized gas pricing improved and a binding letter of intent with Power and Water Corporation provides a pathway to firm gas sales through 2034 enabling planned additional infill wells in 2026.
Low Cash Operating Costs and Balance Sheet Liquidity
Group cash operating costs around $20/boe, group cash of $35.6 million at 31 December 2025, and a modest net debt position of $9.8 million, supporting the declared interim dividend of AUD 0.015 per share.
Record/Strong Calendar Year Context
2025 sales volumes were the highest in 5 years; calendar year underlying revenue of $103.6 million and calendar year EBITDAX of $54 million demonstrated consistency after the Thailand acquisition.