Australis Oil & Gas Limited: 2017 Annual Report Financial Review

This report presents a comprehensive overview of the Australis Oil & Gas Limited 2017 Annual Report, detailing the company's financial performance, strategic goals, and operational achievements. The report highlights the acquisition of TMS assets, which significantly expanded the company's acreage and reserves. Key areas covered include the Chairman's Letter, Operating & Financial Review, and financial statements, including the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, and Consolidated Statement of Cash Flows. The company focused on consolidating its lease position within the TMS core acreage, resulting in a fivefold increase in acreage. The report also discusses the company's strategy to maintain control over its expenditure program and its plans to commence drilling in the TMS in the second half of 2018. Furthermore, it details the progress in Portugal, where the company is taking steps towards appraising the large gas discovery within its concession areas. The financial review covers the company's corporate strategy, including its goals to acquire oil-dominated portfolios, secure oil in the ground, and maintain control of the expenditure program. The report also includes details of the Encana acquisition, leasing activity, and reserve estimates.