Highlights

  • FY26 group production reached 27.6 PJe, including increased output from the Gippsland Basin.
  • Annual Revenue reached $285.8 million, with underlying EBITDAX of $191.8 million.
  • Orbost processing improvements supported higher Sole gas production and increased plant capacity.
  • Otway Basin work includes the East Coast Supply Project and development planning around Athena.
  • The company reported a statutory loss despite higher operating cash flow.

Amplitude Energy Limited (ASX:AEL) is an Australian oil and gas exploration and production company supplying gas to south-eastern Australia, with Assets in the Gippsland and Otway basins and oil operations in the Cooper Basin. Its FY26 disclosures cover gas production, Orbost operations and Otway developments.

FY26 Production and Financial Performance

For the year ended 30 June 2026, Amplitude Energy (ASX:AEL) reported group production of 27.6 PJ-equivalent (PJe), an increase of 3% from FY25. Revenue was $285.8 million, up 7%, while underlying Earnings before interest, tax, depreciation, Amortisation and exploration expenses (EBITDAX) reached $191.8 million, up 12%. The company recorded an underlying EBITDAX Margin of 67%.

Operating cash flow increased to $180.3 million, and adjusted cash from operations reached $191.0 million. Underlying Profit after tax was $45.0 million, compared with a reported statutory loss after tax of $27.2 million. The statutory result was affected by the write-off of exploration costs relating to the Elanora and Isabella wells.

Orbost Plant and Sole Field Operations

Gippsland Basin gas output at Amplitude Energy (ASX:AEL) increased to 24.3 PJ during FY26, supported by higher production at the Sole field and improved performance of the Orbost Gas Processing Plant. The company reported that production at Orbost had benefited from sulphur-processing improvements, capacity increases and plant debottlenecking.

Orbost reached a daily production record of 74.7 TJ in July 2026, after the financial year ended. The company also reported that its processing capacity had moved above 70 TJ/day.

Otway Development and Gas Supply Planning

Amplitude Energy (ASX:AEL) also operates in the Otway Basin, where existing production comes from the Casino, Henry and Netherby fields through the Athena Gas Plant. Net Otway production declined to 2.9 PJe in FY26, primarily reflecting natural field decline. Its East Coast Supply Project is intended to bring additional offshore gas resources into the Athena processing system, subject to project development decisions.

During 2026, the company progressed plans around the discovered Artisan and Annie gas fields and exploration prospects including Juliet and Nestor. The July Quarterly Report outlined drilling preparations for Juliet followed by an Annie development well.

Operating Risks and Funding Considerations

The company’s production base exposes it to plant outages, offshore well performance, ageing field infrastructure and gas market regulation. New Otway developments also require capital, approvals and subsurface assessment before they can contribute commercial production.

Amplitude Energy (ASX:AEL) reported a net Debt position of $37.2 million at the end of the June 2026 quarter. The balance provides one indicator of funding capacity, but expenditure on exploration, development and asset maintenance remains relevant to its financial position. Contracted gas sales contribute to revenue visibility while limiting direct exposure to short-term Spot Price changes for those volumes.

Key Insights

The FY26 results show higher production, revenue and Operating Cash Flow alongside a statutory loss affected by exploration write-offs. For Amplitude Energy (ASX:AEL), continued operation of the Sole–Orbost system and progress in the Otway Basin are central Business factors. Future company disclosures will clarify how existing production and development spending interact with gas delivery commitments.