Highlights

  • Consensus rating of Buy from 8 analysts: 7 Buy or equivalent, 1 Hold, 0 Sell or equivalent.
  • Mean price target of A$2.47 against a share price of A$1.76 on 8 October 2026, an implied upside of 40.2%.
  • Analyst targets range from A$2.05 to A$2.90.
  • The ECSP development is an efficient tie-in of discovered Otway Basin resources into existing infrastructure, targeting gross production of up to 90 TJ/d from 2028.

Amplitude Energy (ASX:AEL) carries a consensus analyst rating of Buy. Of the 8 analyst recommendations recorded, 7 are Buy or equivalent, 1 is Hold and 0 are Sell or equivalent. The mean price target is A$2.47, with targets ranging from A$2.05 to A$2.90, against a current share price of A$1.76 (8 October 2026). Amplitude Energy Limited is an Australian gas producer with operations in the Otway Basin in Victoria, supplying east coast gas markets.

Company name

Amplitude Energy

Ticker

(ASX:AEL)

Exchange

ASX (Australian Securities Exchange)

Current share price

A$1.76

Price date

8 October 2026

Number of analysts

8

Rating consensus

Buy

Consensus price target (mean)

A$2.47

Highest target

A$2.90

Lowest target

A$2.05

Implied upside/downside to mean target

Implied upside of 40.2%

Latest developments

Amplitude Energy (ASX:AEL) announced on 30 September 2026 a Final Investment Decision (FID) to proceed with the development phase of the East Coast Supply Project (ECSP), the sanction of the Nestor exploration well and an update on the Juliet well. The ECSP development is an efficient tie-in of discovered Otway Basin resources into existing infrastructure, targeting gross production of up to 90 TJ/d from 2028.

The company expects point-forward development costs of $190 million to $210 million net to Amplitude over FY27 and FY28, with subsea contracting outcomes in line with internal expectations. The development phase follows the drilling phase currently under way and includes subsea installations and modifications to the Athena Gas Plant during FY28. Subject to completion of Amplitude's Acquisition of Artisan 1, the scope will comprise the Annie, Juliet and Artisan fields and Nestor upon exploration success, with first gas targeted for calendar 2028.

The joint venture will proceed with drilling the Nestor exploration well, which could further increase ECSP production and resources if a commercial discovery is made. The Juliet-1 well has been completed, and the Annie development well will follow.

Sector context

The company describes the project as providing additional domestic gas supply from brownfield development in Victoria to meet east coast gas market Demand from 2028. Its strategy is to use existing Otway Basin infrastructure to increase supply and utilisation.

Risks and what to watch

First gas is targeted for calendar 2028, so the production and Earnings effect is some time away. The scope depends on completion of the Artisan 1 acquisition, and Nestor is an exploration well that may not result in a commercial discovery. Development costs of $190 million to $210 million net are an estimate based on current contracting outcomes.

Next milestones

Items to watch include completion of the Artisan 1 acquisition, drilling of Annie and Nestor, subsea installation and Athena Gas Plant modifications during FY28, and first gas targeted for calendar 2028.