Highlights

  • Analysts from Canaccord Genuity and Bell Potter have issued ‘Buy’ ratings on Amplitude Energy.
  • Consensus target prices range between AUD 0.28 and AUD 0.33, representing an upside potential of up to 40% from current levels.
  • Amplitude reported Q1 FY26 production of 6.85 PJe and revenue of AUD 69.9 million

Amplitude Energy Ltd (ASX:AEL) has received ‘Buy’ ratings from multiple analysts, including those at Canaccord Genuity and Bell Potter, following its latest operational and financial performance updates. The analysts have set target prices ranging from AUD 0.28 to AUD 0.33, implying an upside potential of up to 40%.

Analyst Ratings and Target Price Overview

Analysts from Canaccord Genuity reaffirmed a ‘Buy’ rating on Amplitude Energy, maintaining a target price of AUD 0.33, suggesting 39.53% upside potential. Bell Potter recommended price target of AUD 0.28, suggesting 16.67% upside potential.

Operational and Financial Performance

For the quarter ended 30 September 2025, Amplitude Energy recorded production of 6.85 petajoules equivalent (PJe), averaging 74.5 terajoules equivalent per day (TJe/day). The company generated AUD 69.9 million in revenue for Q1 FY26, supported by an average realised gas price of AUD 10.16 per gigajoule (GJ).

Amplitude continued to improve operational efficiency at the Otway Gas Processing Plant (OGPP), maintaining operations above 66 TJs on nearly 90% of the days during the quarter. The company also anticipates receiving final regulatory clearance to increase its nameplate capacity in the near term.

Project and Financial Updates

The East Coast Supply Project (ECSP) expansion remains a key focus area, with plans to add Nestor as a fourth well. Preparations for drilling at Elanora are underway, with spudding expected in January 2026. Front-end engineering and design (FEED) work for project development continues in parallel.

During the quarter, Amplitude successfully completed an AUD 150 million equity raising to support ECSP expansion and other growth opportunities, including the potential restart of the Patricia Baleen project. Of this, approximately AUD 131 million was raised via institutional placement, and AUD 19 million through the retail entitlement offer.

As of 30 September 2025, Amplitude’s net debt stood at AUD 229 million, marking a 6% reduction from the previous quarter. Following receipt of the equity raising proceeds, net debt was further reduced to approximately AUD 84 million as of 24 October 2025.

Corporate Developments

In September 2025, Amplitude Energy announced the appointment of Ian Bucknell as Chief Financial Officer (CFO), effective January 2026. Mr. Bucknell brings over 35 years of experience in finance, strategic planning, and investor relations within the resources sector.

Additionally, the company entered into an agreement with Beach Energy Limited to exit certain interests in the Onshore Otway Basin, including stakes in exploration permits PEP 171 and PEP 494. This move aligns Amplitude’s focus on high-priority assets in the Offshore Otway and Gippsland Basins.