Australis Oil & Gas Limited is an Australia-based oil and gas company. The Company's principal activity is oil and gas exploration and development. The Company operates through two segments: oil and gas exploration in the United States of America, and oil and gas exploration in Portugal. The Company's projects include Tuscaloosa Marine Shale (TMS) and Lusitanian Basin. The Company holds interest in approximately 33,000 contiguous undeveloped acres under lease within the core of TMS. The TMS Leases are situated in Louisiana. The Company, through a subsidiary, holds working interest in two concessions located onshore in the Lusitanian Basin, Portugal, known as the Batalha and Pombal concessions, which collectively cover an area of approximately 620,000 acres. The Company's subsidiaries include Australis Europe Pty Limited, Australis USA 1 Pty Limited, Australis Oil & Gas UK Limited and Australis TMS Inc.