RNS - cash cow28 Aug 2025 07:05
Good, good and good results!
Financial
Free cash flow generation of $24.6 million in H1 2025 (H1 2024: $26.6 million), enabled by increased production and realised prices, capital discipline and cost control
Adjusted EBITDA increased 13% to $41.1 million (H1 2024: $36.4 million) as higher production, stronger prices and lower other G&A expenses offset the increase in operating costs and share option expense:
Revenue increased 17% to $83.1 million (H1 2024: $71.2m) as strong production was bolstered by a 6% increase in the average realised price during the period to $27.8/bbl (H1 2024: $26.3/bbl)
Gross operating costs per barrel of $4.2/bbl were flat (H1 2024: $4.2/bbl), with the decrease from the 2024 average of $4.4/bbl primarily reflecting higher production
Net capital expenditure of $18.1 million (H1 2024: $7.8 million) reflecting the Company’s focused work programme of safety critical upgrades at PF-2 and production optimisation expenditures:
Includes a non-cash charge of $5.4 million associated with the capitalisation of drilling inventory previously classified as held for sale
Interim dividend of $25 million paid in H1 2025 (H1 2024 shareholder distributions: $21 million)
Cash balance of $99.0 million as at 30 June 2025 (31 December 2024: $102.3 million), with no outstanding debt; latest balance as at 27 August 2025 of $105.7 million
This company must be a takeover target shortly!