Reserves and Resources
As a result of acreage acquisitions and its land leasing program, Australis has a significant reserve and resource position within the TMS.
As at 31 December 2024, Ryder Scott, independent reserve engineers, provided an estimate of the Company’s net (after royalty interests) reserves and resources assessing 48,000 net acres within the focus area only:
TMS reserves and resources as at 31 December 2024
| Developed & Producing Reserve Category |
Net Oil
(million bbls) |
| Proved Developed Reserves (1P) |
1.64 |
| Probable Reserves |
0.46 |
| Proved + Probable Developed Reserves (2P) |
2.11 |
| Possible Reserves |
0.61 |
| Proved + Probable + Possible Developed Reserves (3P) |
2.72 |
| Resource Category |
|
| 1C Contingent Resources |
19.3 |
| 2C Contingent Resources |
62.6 |
| 3C Contingent Resources |
113.2 |
Estimates from the independent Ryder Scott report, effective 31 December 2024 and dated 29 January 2025 which was initially disclosed in the announcement titled "Quarterly Activities Report" issued on 31 January 2025. The report was prepared in accordance with the definitions and disclosure guidelines contained in the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), and Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management (SPE-PRMS) as revised in June 2018. Ryder Scott generated their independent reserve and contingent resource estimates using deterministic methods. The achieved price and NPV(10) values quoted are for the project only, they do not include any impact from the existing oil price hedges that Australis has entered into. Australis is not aware of any new information or data that materially affects the information included in the referenced announcement and all the material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.
The 1P, 2P and 3P figures provided are the arithmetic summation by category and are referenced to the individual well oil metering at each producing well location.
The 1C, 2C and 3C figures provided are the arithmetic summation by category.
