Boss Energy Ltd (BOE.AX): Honeymoon progress accelerating; first real test in 1QFY27

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Boss Energy Ltd (BOE.AX): Honeymoon progress accelerating; first real test in 1QFY27

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30 Jul 2026 09:27:26 ET │ 13 pages

Boss Energy Ltd (BOE.AX)

Honeymoon progress accelerating; first real test in 1QFY27

CITI'S TAKE

While near-term earnings are likely to remain pressured by lower realised

pricing and the timing of fixed-price U308 sales in the SepQ, we see several

important catalysts ahead through early FY27. The appointment of the Neutral

former Oil Search CEO is a positive development and should provide Price (30 Jul 26 16:00) A$1.19

additional strategic and operational leadership as BOE advances

Honeymoon. Mgmt’s increasing confidence in the wide-spaced wellfield Target price A$1.35↓

design is encouraging although execution and technical risks remain. The from A$1.60

first wellfield trial, expected to be completed in 1QFY27, will be a critical Expected share price return 13.4%milestone providing data on porosity, permeability and recovery

assumptions that underpin the new development approach. Successful Expected dividend yield 0.0%

results would de-risk the wider field design and support the upcoming New Expected total return 13.4%

Feasibility Study (NFS). We expect 1QFY27 to be an important period for Market Cap A$494Mimproving confidence in revised development concept. We remain Neutral

rated with positive momentum balanced with execution risks for now. US$344M

Honeymoon NFS brought forward — The Honeymoon NFS has been brought

forward and is now expected in August 2026, reflecting the accelerated

construction of future wellfields under the company's wide-spaced wellfield design. Price Performance

Management increasingly views this approach as the optimal pathway to support (RIC: BOE.AX, BB: BOE AU)

future production growth.