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- Australis Oil and Gas (ATS) sees another cash-flow positive quarter for 2022, ending Q3 with a cash balance of US$8.3 million (A$12.9 million)
- EBITDA jumped 80 per cent from the previous quarter to US$1.8 million, while revenue increased by one per cent to US$7.4 million
- Netback increased 21 per cent to US$3.5 million and the company sold eight per cent more barrels of oil from the previous quarter
- The company has also reduced its net debt from US$6.7 million at the beginning of the year to US$4.7 million by September 30
- ATS shares were up 5.71 per cent, trading at 3.7 cents at market close
Australis Oil and Gas (ATS) has seen another cash-flow positive quarter for 2022, after ending Q3 with a cash balance of US$8.3 million (A$12.9 million).
During the third quarter Australis sold 89,600 barrels of oil, an increase of eight per cent from the previous quarter.
Net inventory did reduce by around 2000 barrels, however, production volumes were up six per cent, which was helped by production from the recently fracced Painter 5H well.
Revenue increased one per cent to US$7.4 million, including hedge losses on Credit Facility required oil price hedges of US$1.1 million (down from US$1.8 million in Q2, 2022).
The netback, or gross profit from the sale of oil increased 21 per cent to $3.5 million which was helped by a reduction in repairs needed on wells. Only two wells needed servicing, reducing operating costs.
EBITDA was up 80 per cent from Q2 to US$1.8 million, which the company attributes to higher sales and lower expenditure this quarter.
The company has managed to reduce its net debt position from US$6.7 million at the beginning of the year to US$4.7 million by September 30.
ATS’ outstanding debt under its Macquarie Credit Facility reduced by US$1 million in the quarter, resulting in a balance on US$13 million by September 30.
In addition, the company has received an extension to the maturity date of the facility of 18 months to May, 2025.
Capital expenditure to date is sitting at US$3.3 million.
ATS shares were up 5.71 per cent, trading at 3.7 cents at market close.
