Highlights
- Strong quarterly production: Q1 FY26 production of 6.85 PJe, or 74.5 TJe/day1
- Robust revenue and average realised gas price: Q1 FY26 revenue of $69.9 million and average realised gas price of
$10.16/GJ
- OGPP improvements continue: zero absorber cleans over the quarter, with operation above 66 TJs on nearly 90% of
days during the quarter. Final regulatory clearance to increase nameplate capacity expected in the near term
- East Coast Supply Project expansion: intention to add Nestor as a fourth well to the project. Preparations to spud
Elanora as soon as January 2026 are in place, while project development FEED work continues
- Equity raising completed: $150 million raised to support the ECSP expansion via Nestor and to fund other accretive
growth opportunities, primarily the potential restart of Patricia Baleen
- Net debt reduced: to $229.0 million at 30 September (-6% on Q4 FY25), prior to receipt of equity raising proceeds.
As at 24 October, net debt was approximately $84 million2 (post receipt of net equity raising proceeds)
- New CFO appointed: Ian Bucknell to commence as CFO in January 2026
Comments from Managing Director and CEO, Jane Norman
“Amplitude Energy carried forward its strong operational performance into the first quarter of FY26, with average group
production rates around the top end of our FY26 production guidance range. Improvements at Orbost continue to be
made and we look forward to increasing production beyond the 68 TJ/day nameplate level in the near term, once
regulatory approvals are received.
“We’re also very focused on commencing our ECSP drilling programme with the first well at Elanora and Isabella early in
the new year. Both targets are large, seismic amplitude-supported prospects, with high probability of finding gas. With
preparations for the first well in place, we continue to progress engineering and long-lead orders for the project’s
development phase.
“The recently-completed equity raising allows the Company to expand the ECSP through the addition of a well in the
Nestor prospect and accelerate other attractive growth opportunities, such as the potential restart of Patricia Baleen. The
domestic gas market remains very tight and Amplitude Energy is doing all it can to bring additional supply to the market
as soon as possible.”
Production
Quarterly gas and oil production was 6.85 PJe for the quarter (74.5 TJe/day), 2% lower than the prior quarter, with strong
performance at both the OGPP and AGP.
Gippsland Basin (Sole)5
Sole gas production processed through the OGPP was 6.01 PJ for the quarter (65.3 TJ/day), 2% lower than the prior
quarter.
Strong performance of the sulphur removal system resulted in steady operations around OGPP nameplate capacity for
most of the quarter, with the plant operating above 66 TJ/d on nearly 90% of days during the quarter. There were no
cleans of the sulphur absorber units over the quarter. Both absorber units achieved record runtime between cleans, being
over 23 weeks for the first absorber as at the date of this report, and over six months for the second. The polisher unit
has also achieved record runtime of nearly 12 months since the last media changeout.
Amplitude Energy has completed internal technical work to increase OGPP’s instantaneous nameplate capacity and is
now awaiting final regulatory clearance to begin operation at above 68 TJ/day.
Otway Basin (Casino, Henry and Netherby or CHN)6
CHN gas production processed through the Athena Gas Plant was 0.76 PJ for the quarter, or 8.3 TJ/day (both net to
Amplitude Energy’s 50% share), 4% lower than the prior quarter due primarily to natural field decline.
The Athena Gas Plant has continued to demonstrate stable operation with 0.4% reliability loss as a portion of asset
capacity in FY26 YTD.
Cooper Basin7
Oil production in the Cooper Basin averaged 138 bbls/d (net to Amplitude Energy’s 25% share), 23% lower than the
prior quarter of 179 bbls/d, due primarily to the impacts of flooding in the Cooper Basin and natural field decline.
Exploration and development
East Coast Supply Project (Offshore Otway Basin)
ECSP expansion via Nestor
On 23 September 2025, Amplitude Energy announced the proposed expansion of the East Coast Supply Project (ECSP+)
through an intended fourth well at the Nestor prospect in the VIC/P76 exploration licence, subject to joint venture
approvals.
Amplitude Energy and its Offshore Otway Basin joint venture partner O.G. Energy are preparing to approve the order of
an additional subsea tree, which would enable the Nestor well to be drilled and completed with the same ‘one-touch’
approach as the rest of the ECSP program. This approach by the joint venture increases the capital efficiency of the
program, by avoiding the cost of returning with a rig in a subsequent campaign and allowing the fastest development
route to supply additional gas to the domestic market in 2028.
On success, Nestor allows for increased production at the AGP over and above the existing 3-well ECSP program by either
(i) lifting production by up to an additional 20 – 30 TJ/day, (ii) an extension of plateau production at the AGP at up to 90
TJ/day for a further 2+ years, or (iii) a combination of (i) and (ii). In addition, Nestor potentially allows the AGP to run up
to ~130 TJ/day in its initial period of production to capture favourable pricing conditions during peak periods.
Well engineering and design work for Nestor is advanced and all key regulatory approvals to drill the well are in place.
Together, the joint venture partners are working towards an investment decision in Q1 CY2026 ahead of calling the
option on a rig slot to drill Nestor, which will maximise the utilisation of the Transocean Equinox rig and ancillary services
operating in the Otway Basin.
ECSP updates
O.G. Energy completed the Otway Sale Transaction with Mitsui on 31 July 2025. Details of the Otway Sale Transaction,
and separately transactions that Amplitude Energy is a party to, including the conditions of the relevant agreements, are
contained in Amplitude Energy’s announcement on 24 March 2025 titled Execution of Otway Basin Joint Venture
Agreements. The VIC/P76 Farmin transaction referred to in that ASX release completed on 7 August 2025.
The Transocean Equinox drilling rig is progressing through its scheduled drilling slots in the Offshore Otway Basin and is
expected to commence drilling the first well of its campaign for Amplitude Energy, being the Elanora exploration well with
sidetrack to Isabella, in January 2026. Key long lead items for the first well, including a subsea tree to complete Isabella on
success, have been delivered in readiness for the drilling window. All key regulatory approvals for the upcoming drilling
campaign have also been received.
Front-end engineering and design for the plant modification and sub-sea development phase of the ECSP is progressing,
with tenders for the subsea tie-in scope and long leads issued during the quarter. Subject to exploration success,
Amplitude Energy and O.G. Energy intend to proceed to a final investment decision to undertake the execution phase of
the project in H1 CY2026.
Amplitude Energy is in active negotiations with potential gas customers regarding foundation contracts for the ECSP+ on
behalf of the Offshore Otway Basin joint venture partners.
Amplitude Energy expects to fund ECSP+ capex from existing cash on hand, underlying organic cash generation over 2025-
2028 and the Company’s existing bank debt facility.
Patricia Baleen commercialisation opportunity (Gippsland Basin)
Amplitude Energy completed the Assess Phase of the Patricia Baleen Restart Project, which included preliminary
engineering and economic evaluations to support the potential commercialisation of the Patricia Baleen field (VIC/RL16,
Amplitude Energy 100%). The project aims to restart production from existing wells, with future potential to enable gas
storage. An engineering tender for plant and pipeline restart works is in progress, with FEED targeted for 2026. Part of the
Company’s equity raising proceeds will fund the Patricia Baleen commercialisation opportunity.
Financial
Sales volume and revenue
Total Q1 FY26 gas and liquids volumes sold was 6.81 PJe, 3% lower than the previous quarter.
Surplus Gippsland gas production, relative to Sole term contracts, resulted in spot gas sales of 1.7 PJ.
The Company achieved an average realised gas price of $10.16/GJ in Q1 FY26. The Company continues to generate
additional margin by modifying the profile of its spot gas sales to maximise sales during high gas demand periods, as well
as prioritising sales into markets with the highest price.
PEL 92 volumes sold were 14,300 bbls (Q4 FY25: 24,495 bbls), at an average oil price realisation of A$111.89/bbl (Q4
FY25: A$107.31/bbl).
Total liquids revenue, including condensate, was $1.6 million in the quarter (Q4 FY25 $1.4 million). Crude oil inventory at
30 September 2025 was 5,951 bbls (30 June 2025: 8,990 bbls).
Liquidity
As at 30 September 2025, Amplitude Energy had cash reserves of $76.2 million (Q4 FY25: $62.4 million), with drawn debt
at $305.2 million (Q4 FY25: $305.2 million), as summarised below. Figures at 30 September do not include the proceeds
of the Equity Raising (refer details below), which were received in October 2025. As at 24 October, net debt was
approximately $84 million11 (post receipt of net equity raising proceeds).
Cash generation during the quarter was impacted by approximately $5.2 million of ECSP costs incurred (at 50% with USD
converted at the average rate for the quarter) and approximately $8.3 million of payments for restoration (primarily
comprising cash calls related to the Minerva decommissioning programme). O.G. Energy’s cost carry of approximately $28
million of ECSP capital expenditure became active from the month of September 2025 onwards.
Commercial, corporate and subsequent events
Equity raising
On 23 September 2025, Amplitude Energy announced a fully underwritten institutional placement and 1-for-6.35
accelerated non-renounceable entitlement offer, together raising approximately A$150 million (the “Equity Raising”). The
institutional component of the Equity Raising completed on 24 September 2025, raising approximately $131 million, with
the remaining A$19 million raised in the retail component of the entitlement offer, which closed on 9 October. Equity
Raising proceeds were received in October, subsequent to the end of Q1 FY26. Equity Raising proceeds are intended to be
utilised to support the expansion of the ECSP by targeting the Nestor prospect, and funding other accretive growth
opportunities, primarily the potential restart of Patricia Baleen.
Appointment of Ian Bucknell as CFO
In September 2025, Amplitude Energy appointed Ian Bucknell as its Chief Financial Officer (CFO), commencing midJanuary 2026. Ian brings more than 35 years of experience, including over 15 years as a public company CFO in the oil and
gas and resources industries. Throughout his extensive career, he has consistently demonstrated a track record of
delivering significant shareholder value, bringing extensive experience in finance, business development, investor
relations, strategic planning, and corporate services. Eddy Glavas, Chief Commercial Officer, will remain Acting Chief
Financial Officer until Mr Bucknell’s commencement.
Agreements to exit certain Onshore Otway Basin interests
On 15 July 2025 Amplitude Energy entered into an agreement with Beach Energy Limited to transfer interests held by
Amplitude Energy’s wholly owned subsidiary, Somerton Energy Pty Ltd, in certain Onshore Otway Basin exploration
permits, including Amplitude Energy’s 75% interest in PEP 171 and 30% interest in PEP 494. This agreement remains
subject to certain conditions, including regulatory approvals. The exit of these interests allows the Company to focus on
its growth priorities in the Offshore Otway and Gippsland Basins.