Ann: Full Year Results Maiden Profit of $5.4 Million, page-5

When I made my last post I lazily relied on the three page media summary of the maiden profit. I have now looked at the Annual Report when the share price failed to improve and I can see why we have not benefited from the announcement. The Other Income line in the P&L under Gross Profit of $8.61mm is largely the reason that we have made a Maiden Profit of $5.4mm and this Other Income is almost all attributable to this note in the accounts relating to the Range Project:-

In January 2020 the Consolidated Entity received a Sole Funding Commitment Termination Fee of $7,713,000 (2019: Nil) from its joint venture partner in ATP 2031. Under the terms of the Joint Venture Agreement this amount represented the balance of consideration payable in respect of the transfer of a 50% interest in the Permit to the joint venture partner.

So our maiden profit was due to a one off item which is unlikely to be repeated and not to increased revenue from sale of hydrocarbons. Without this payment there would have been no maiden profit.

ANZ