Key highlights

  • Amplitude Energy Ltd (ASX:AEL) closed at $1.885 on 20 October 2026, up 0.53%, against a 1.31% fall for the S&P/ASX 200 Energy index.
  • The shares are down approximately 23.84% over the past year.
  • Amplitude reported record quarterly production of 7.51 PJe and revenue of $83.3 million on 19 October 2026.

Shares in Amplitude Energy Ltd (ASX:AEL) closed at $1.885 on 20 October 2026, rose 0.53% on the day, rising while the sector index fell. The S&P/ASX 200 Energy index (XEJ) closed 1.31% lower at 11,165.60, a fall of 148.40 points, while the broader S&P/ASX 200 (XJO) slipped 0.33% to 8,816.90.

Over the past 12 months the stock lost approximately 23.84%.

Working back from the closing price, a 12-month change of approximately -23.84% implies a share price of about $2.48 a year earlier. On the day, the closing price compares with a previous close of about $1.8751, a move of +0.53%, set against a 1.31% fall for the sector index and a 0.33% fall for the broader market.

About Amplitude Energy

Amplitude Energy Ltd is an Australian gas and oil producer that supplies the south-eastern Australian market. Its assets include the Orbost Gas Processing Plant in Victoria, the Athena Gas Plant and Otway Basin fields in the Victorian and Southern Otway region, and a 25% interest in oil production in the Cooper Basin.

The company describes itself as part of Australia’s energy future and is developing the East Coast Supply Project (ECSP) to add gas supply in the south-east.

Latest development

The share price data above stands apart from the quarterly report that follows. On 19 October 2026 Amplitude released its report for the three months ended 30 September 2026. Group production was a record 7.51 petajoule equivalent (81.7 TJe per day), and quarterly revenue was a record $83.3 million, up 18% on the previous quarter, with the average realised gas price up 4% to $10.69.

The Orbost Gas Processing Plant operated above 68 TJ per day on 95% of days and above 70 TJ per day on 75% of days, consistently above its previous nameplate capacity. A drilling campaign at Juliet resulted in a commercial gas discovery with favourable gas composition, and the company took a final investment decision on the development phase of the ECSP, underpinned by the Annie, Juliet and Artisan discovered resources and targeting gross production of up to 90 TJ per day from 2028 through the Athena Gas Plant.

The ECSP joint venture sanctioned the Nestor exploration well, which could add production and resources if it makes a commercial discovery, and Amplitude entered an exploration joint venture in Queensland’s Taroom Trough. Net debt fell to $31.0 million from $37.7 million despite elevated capital spending, and the company expects about 70% of total ECSP capital expenditure to be spent by the end of the drilling campaign at the end of calendar 2026.

Sector context

South-eastern Australia’s gas market has been described by producers as short of local supply. Amplitude said customers want more local gas at prices that suit producers, and that the federal and Victorian governments are seeking additional supply, which supports demand for projects such as the East Coast Supply Project.

Exploration in Queensland’s Taroom Trough has attracted several companies, and Amplitude has entered an exploration joint venture there. Gas producers also depend on plant reliability, and processing plants running above their nameplate capacity can lift output but must be maintained.

Risks

The ECSP is still in its development phase, with most capital to be spent over the next few quarters, and drilling at Nestor may not find gas. Subsea installation and fixed-price contracts help manage cost, but schedule and cost overruns remain possible.

Amplitude’s production depends on Orbost and other plants running reliably, and its revenue is exposed to gas contract prices and Cooper Basin oil prices.

Share price movements add a separate layer of uncertainty. The stock’s one-day move of +0.53% on 20 October 2026 compares with a 1.31% fall for the sector index, and its 12-month change of approximately -23.84% shows how far the share price can move over a year.

Catalysts to watch

Items to watch include the outcome of the Nestor exploration well, progress on the ECSP towards production from 2028, further Orbost debottlenecking, and exploration activity in the Taroom Trough joint venture.