Link: https://links.sgx.com/1.0.0/corporate-announcements/HRS5YOV8EIY27CFV/99e4166be15f941771396e14819d5bbb39220666b4f99ea195dc25dc5c6d6eff

Summary:

• Revenue: US$154.50 million, down 3% year-on-year (vs US$158.67 million in 1H FY2024).

• Gross profit: US$37.10 million.

• Loss after tax: US$29.65 million (wider than the US$10.45 million loss in 1H FY2024), primarily due to tax, higher depletion costs, and impairment losses.

• Adjusted EBITDA: US$67.49 million, down 24% from US$88.25 million.

• Production: Averaged 11,208 barrels per day (up from 10,934 bbl/day in 1H FY2024); volume up but lower crude oil prices offset gains.

• Cash and investments: US$107.66 million as at 30 June 2025 (down from US$130.17 million at end-2024); of which cash & cash equivalents total US$96.58 million.

• Outlook: More drilling activity expected in Oman, Norway, Germany, and Benin in 2H FY2025. New financing initiatives are underway for subsidiaries. Production growth remains a core focus, with several new wells planned to boost capacity in late 2025 and 2026.

• Management highlights: Oil price volatility and non-cash accounting items weighed on results, but operational ramp-up is ongoing and production is expected to increase further in multiple markets.