Australis Oil & Gas draw under credit facility

Australis Oil and Gas Limited (ASX: $ATS) has completed a draw of US$6 million under the new Facility C of its credit facility with Macquarie Bank Limited. The draw provides the company with additional liquidity to fund general and administrative expenses, existing working capital, and development activities. The draw also triggered amendments to the Credit Agreement, providing the company with additional balance sheet flexibility and aligning repayment obligations with projected cash flow from existing production.

Executive Commentary

The draw under the credit facility and the associated amendments to the Credit Agreement provide Australis with increased financial security and balance sheet flexibility. These measures align our repayment obligations with our projected cash flow from existing production, allowing us to work towards securing an appropriate partner for the TMS.

Summary of Australis Oil & Gas announcement

Australis Oil and Gas Limited has confirmed the completion of a draw under the new Facility C of its credit facility with Macquarie Bank Limited, securing additional liquidity to fund general and administrative expenses, existing working capital, and development activities. The draw also triggered amendments to the Credit Agreement, providing the company with additional balance sheet flexibility and aligning repayment obligations with projected cash flow from existing production. The company aims to work towards securing an appropriate partner for the TMS, leveraging the increased financial security and flexibility provided by these measures.