Highlights

  • FY26 production and revenue increased compared with FY25.
  • Orbost gas processing contributed to Gippsland Basin production.
  • The East Coast Supply Project remains linked to drilling and investment decisions.
  • Foundation gas sales agreements cover proposed future project supply.
  • Otway Basin development and exploration activities form part of the company’s programme.

Amplitude Energy Limited (ASX:AEL) explores for and produces natural gas for south-eastern Australian customers and also produces oil from the Cooper Basin. Its operations include offshore gas fields and processing infrastructure in Victoria. The company’s FY26 results, released in August 2026, showed higher production and revenue, while its development programme continued to centre on additional domestic gas supply from the Otway Basin.

FY26 Production and Financial Results

Amplitude Energy (ASX:AEL) reported FY26 production of 27.6 PJ-equivalent, a 3% increase from FY25, representing an average of 75.5 TJ-equivalent per day. Revenue rose 7% to $285.8 million.

Underlying EBITDAX increased 12% to $191.8 million, with a reported margin of 67%. Adjusted cash from operations rose 19% to $191.0 million. Amplitude Energy (ASX:AEL) identified cash generation from its existing business as a potential source of funding for planned projects.

Orbost Operations and Domestic Gas Supply

The company attributed its record production performance in part to the Orbost Gas Processing Plant, which processes gas from the offshore Sole field in the Gippsland Basin. Gippsland Basin production averaged 66.5 TJ/day in FY26. The company reported that Orbost had operated above its previous nameplate level of 68 TJ/day and subsequently demonstrated operation above 70 TJ/day.

For Amplitude Energy (ASX:AEL), plant availability and field deliverability are relevant operational measures because outages or lower output can affect contracted gas deliveries.

East Coast Supply Project Progress

The East Coast Supply Project (ECSP) is intended to develop additional offshore Otway Basin gas supply using existing and proposed infrastructure. In its August FY26 announcement, Amplitude Energy (ASX:AEL) said front-end engineering and design for the subsea development phase and orders for long-lead items had been completed. The company then expected a final investment decision in Q1 FY27 and targeted first gas in CY2028, subject to project progress.

Two binding foundation gas sales agreements signed in H2 FY26 covered 8.75 PJ per annum from the company’s share of proposed ECSP production, each with an initial four-year term. The agreements were conditional on drilling results, minimum reserve bookings and deliverability, and a final investment decision. These conditions mean the contracted volumes should not be treated as gas already flowing to customers.

Otway Basin Drilling and Project Risks

In August 2026, Amplitude Energy (ASX:AEL) reported preparations for the Juliet exploration well, followed by the Annie development well. It also reported that pressure data from the Isabella flow test did not support commercial development and that the well had been plugged and abandoned. Exploration outcomes therefore remain a material uncertainty for the broader programme.

The company also disclosed an agreement to acquire a 50% interest in the discovered Artisan gas field, subject to completion conditions. Project risks include drilling outcomes, regulatory approvals, development costs, infrastructure performance and the timing of contractual commitments.

Key Insights

Amplitude Energy (ASX:AEL) entered FY27 following increases in FY26 production, revenue and adjusted operating cash generation. Its next stage of development depends on drilling results, project approvals and investment decisions for additional Otway Basin supply. The company’s existing Gippsland operations and proposed offshore developments have distinct operating and execution requirements.