Amplitude Energy (ASX:AEL) Posts Record 7.51 PJe Quarterly Production and $83.3M Revenue

Sonal Goyal

19 October 2026 11:16 AM AEDT

Amplitude Energy (ASX:AEL) Posts Record 7.51 PJe Quarterly Production and $83.3M Revenue

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Key Highlights

Group production reached a record 7.51 PJe (81.7 TJe/day), up 10% on the June 2026 quarter.
Sales revenue was $83.3 million, up 18% on the prior quarter, at an average realised gas price of $10.69/GJ.
Net debt fell to $31.0 million from $37.7 million, with cash of $144.2 million.
The East Coast Supply Project development phase reached FID following the Juliet gas discovery, and the Nestor exploration well was sanctioned.

Amplitude Energy Reports a Record Quarter

Amplitude Energy Limited (ASX:AEL) is an Australian gas and oil producer with interests in the Gippsland, Otway and Cooper basins, including the Orbost Gas Processing Plant (OGPP) and the Athena Gas Plant. On 19 October 2026, the company released its quarterly report for the three months ended 30 September 2026. Managing Director and CEO Jane Norman described new quarterly production and revenue records and several milestones on the East Coast Supply Project (ECSP).

Production by Basin

Total production was 7.51 PJe, up 10% from 6.81 PJe in the June 2026 quarter and 9% above 6.86 PJe a year earlier. Sales gas was 7.38 PJ and oil and condensate was 21.32 kbbl, up 3% on the quarter. Sole gas processed through the OGPP was 6.60 PJ (71.7 TJ/day), 11% higher than the prior quarter and 10% above the same quarter last year. The plant operated above 68 TJ/day on 95% of days and above 70 TJ/day on 75% of days, with no sulphur absorber unit cleans or polisher media replacements.

Casino, Henry and Netherby gas production net to Amplitude’s 50% share was 0.78 PJ (8.5 TJ/day), up 11% on the prior quarter, helped by a full quarter from the restarted Casino-4 well. Cooper Basin oil production net to the 25% share was 20.4 kbbl (222 bbl/day), up 3%, supported by optimisation projects and three new wells at Callawonga.

Revenue, Prices and Capital Spending

Sales volume was 7.53 PJe, up 11% on the prior quarter. The average realised gas price was $10.69/GJ, up 4% from $10.25/GJ, and sales revenue was $83.3 million, compared with $70.3 million in the June quarter (up 18%) and $69.9 million a year earlier (up 19%). Gas revenue was $78.7 million, and oil and condensate revenue was $4.6 million, compared with $1.9 million in the prior quarter. Spot gas sales were 1.5 PJ (16.3 TJ/day). PEL 92 oil was realised at A$166.76/bbl, compared with A$118.90/bbl, and crude oil inventory fell to 9,560 bbls from 16,760 bbls.

Incurred capital expenditure was $81.1 million, up from $30.8 million in the June quarter and $7.0 million a year earlier, comprising $67.2 million for exploration and appraisal and $13.9 million for development. Cash and cash equivalents were $144.2 million, up from $137.5 million, while drawn debt was unchanged at $175.2 million. Net debt fell 18% to $31.0 million.

Oil sales volume was 27.59 kbbl, up 78% on the prior quarter, and gas sales volume was 7.36 PJ, up 10%. Sole gas sales agreement sales were 5.1 PJ (55.2 TJ/day) compared with 4.8 PJ (52.9 TJ/day), while Sole spot sales were 1.5 PJ compared with 1.1 PJ. Capital expenditure by basin was $80.1 million in the Otway Basin, $0.9 million in the Gippsland Basin and $0.1 million in the Cooper Basin.

East Coast Supply Project and Nestor

Amplitude took the final investment decision for the ECSP development phase during the quarter. The Juliet-1 well made a gas discovery in the Waarre C reservoir, and the company said results to date are consistent with, or better than, pre-drill expectations, with the well completed under budget and schedule. The development case for the Annie, Juliet and Artisan fields is designed to deliver gross production of up to approximately 90 TJ/day through the Athena Gas Plant for at least four years from first gas, targeted for calendar 2028. The Artisan acquisition remains conditional on approvals and is expected to complete by early calendar 2027.

The Annie-2 well was spudded on 10 October 2026. The joint venture also sanctioned the Nestor exploration well, with a point-forward net cost to Amplitude of $70 million to $80 million. FY27 capital expenditure guidance rose to $320 million to $390 million from $250 million to $310 million.

The ECSP development phase includes subsea installations and modifications to the Athena Gas Plant during FY28, and the company expects about 70% of total project capital expenditure to be spent by the end of the drilling campaign at the end of calendar 2026. The development case is designed to extend the life of the Athena Gas Plant by up to a decade.

Other Corporate Developments

The Patricia Baleen Restart Project entered the FEED phase, targeting FID in early calendar 2027. On 2 October 2026, Amplitude announced it had joined a joint venture, holding 25%, awarded the PLR2026-1-7 tender of about 305km2 in Queensland’s Taroom Trough. Chairman Ian Davies retired from the Board effective 11 September 2026, and Tim Bednall is Acting Chair while a selection process continues.

FAQs

Q: What were Amplitude Energy’s (ASX:AEL) production and revenue for the September 2026 quarter?

A:Production was a record 7.51 PJe, up 10% on the prior quarter, and sales revenue was $83.3 million, up 18%.

Q: What happened to net debt?

A:Net debt fell to $31.0 million from $37.7 million in the June 2026 quarter, with cash of $144.2 million and drawn debt of $175.2 million.

Q: What changed in FY27 capital expenditure guidance?

A:Guidance increased to $320 million to $390 million from $250 million to $310 million after the sanction of the Nestor exploration well.

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