Highlights

  • Amplitude Energy has received an Outperform rating from Macquarie Research with a target price of AUD 3.90.
  • The company has also been issued a Buy rating by Canaccord Genuity, which set a target price of AUD 3.68.
  • Amplitude Energy reported Q1 FY26 production of 6.85 PJe, generating AUD 69.9 million in quarterly revenue.

Amplitude Energy (ASX:AEL) has attracted renewed market attention after two major research houses—Macquarie and Canaccord Genuity—released updated assessments of the company. Macquarie Research assigned an Outperform rating with a price target of AUD 3.90, while Canaccord Genuity issued a Buy rating along with a target price of AUD 3.68. The dual ratings might have come on the back of the company’s quarterly results for the period ended 30 September 2025.

Quarterly Production Reaches 6.85 PJe as Facility Performance Improves

Amplitude Energy recorded Q1 FY26 production of 6.85 PJe, averaging 74.5 TJe per day. The Otway Gas Processing Plant (OGPP) continued to show operational improvements, with no absorber cleans during the quarter and throughput above 66 TJs on nearly 90% of operating days. The company stated that final regulatory clearance to increase nameplate capacity is expected in the near term.

Sales volumes for the quarter totalled 6.81 PJe, representing a 3% decline from the previous period. The company’s Gippsland gas production generated 1.7 PJ of spot sales, benefiting from demand-driven pricing opportunities.

Revenue Reaches AUD 69.9 Million with Average Gas Price Realisation

Amplitude Energy achieved quarterly revenue of AUD 69.9 million, supported by an average realised gas price of AUD 10.16 per GJ. The company continued to optimise its spot sales strategy by directing volumes into markets where gas prices remained elevated. Liquids revenue for the period totalled AUD 1.6 million, driven by PEL 92 oil sales of 14,300 barrels at an average realised price of AUD 111.89 per barrel.

Crude oil inventories stood at 5,951 barrels at quarter-end, compared with 8,990 barrels at the end of June 2025.

Expansion Projects Progress as Equity Raising Supports Growth Plans

The East Coast Supply Project advanced during the quarter, with the company confirming plans to add the Nestor well as a fourth component of the development. Preparations are underway to spud the Elanora well as early as January 2026, while front-end engineering design work continues.

Amplitude Energy completed an equity raising of AUD 150 million, aimed at supporting the East Coast Supply Project expansion and funding additional growth initiatives, including the potential restart of the Patricia Baleen facility. Net debt decreased to AUD 229 million as of 30 September, a 6% reduction from the previous quarter. Following the receipt of equity proceeds, net debt had declined further to approximately AUD 84 million by 24 October.

Leadership Update

The company also announced that Ian Bucknell will assume the role of Chief Financial Officer in January 2026, marking a transition in its senior management structure.