Amplitude Energy (ASX:AEL) Advances Otway Gas Project Toward Targeted 2028 First Gas

Aditi Sarkar

30 September 2026 03:02 PM AEST

Amplitude Energy (ASX:AEL) Advances Otway Gas Project Toward Targeted 2028 First Gas

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Key Highlights

Amplitude Energy approved the development phase of its East Coast Supply Project.
The project targets gross production of up to 90 TJ/d with first gas in 2028.
Amplitude sanctioned Nestor drilling and completed the Juliet-1 well successfully.
FY2027 Capital Expenditure guidance increased to AUD 320 million–AUD 390 million.

Amplitude Energy Limited (ASX:AEL) has moved its East Coast Supply Project into the development phase, pairing a final Investment decision with another drilling sanction and a completed well in Victoria’s Otway Basin. The project targets first gas in calendar 2028 and gross production of up to 90 TJ/d.

Development Decision Locks in the Next Phase

The development decision satisfies a key condition attached to gas sales agreements with EnergyAustralia and AGL, which together cover 35 PJ of Amplitude’s share of project volumes. Amplitude holds a 50% interest in the project. Its net development-phase cost is estimated at AUD 190 million to AUD 210 million across FY2027 and FY2028, funded from existing cash reserves and cash flow.

Nestor Joins the Current Drilling Campaign

Amplitude and joint venture partner O.G. Energy have also approved drilling of the Nestor exploration prospect. The well is expected to cost AUD 70 million to AUD 80 million net to Amplitude and has been retained as an optional well in the current campaign after Annie-2. If drilling succeeds, Nestor could provide additional production to the East Coast Supply Project, with commercialisation possible from 2028 subject to the required approvals and licences.

Juliet-1 Delivers Well Results

Juliet-1 intersected 61 metres of gross pay and 52 metres of net pay in the Waarre C sands. Testing produced a peak surface-constrained flow rate of 56.7 MMscf/day and an average stabilised gas rate of 54.5 MMscf/day, alongside 14.8 barrels of condensate. Reserve estimates for Juliet are planned over the coming months. Amplitude also reports more than 120 PJ of gross 2C Contingent Resources across Annie and Artisan combined.

Capital Guidance Moves Higher

With the development decision and drilling plans now incorporated, Amplitude lifted FY2027 capital expenditure guidance to AUD 320 million–AUD 390 million from AUD 250 million–AUD 310 million. The company said most development costs are fixed-cost items or fixed-rate contracts, although the broader programme remains exposed to drilling, regulatory, timing and market variables.

The Route to 2028

Annie-2 and the planned Nestor well now lead the near-term programme, while Juliet reserve work and project development continue toward targeted first gas in 2028.

FAQs

Q: When does Amplitude Energy target first gas from the ECSP?

A: The company targets first gas in calendar 2028.

Q: What production level does the East Coast Supply Project target?

A: The project targets gross production of up to 90 TJ/d.

Q: What is Amplitude’s estimated net development cost?

A: Development-phase costs are estimated at AUD 190 million to AUD 210 million net to Amplitude across FY2027 and FY2028.

Q: What is the updated FY2027 capital expenditure guidance?

A: Amplitude increased FY2027 capital expenditure guidance to AUD 320 million–AUD 390 million.

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