Could Energy-Market Volatility Put Amplitude Energy (ASX:AEL) Back in the Spotlight?

Sonal Goyal

01 September 2026 10:50 AM AEST

Could Energy-Market Volatility Put Amplitude Energy (ASX:AEL) Back in the Spotlight?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Amplitude Energy Limited (ASX:AEL), formerly Cooper Energy, is an east-coast Australian gas producer supplying a market that has faced persistent concerns about domestic gas shortfalls. Its offshore Gippsland and Otway operations feed gas into the tight south-eastern market, and it is advancing a growth project that could materially lift its production and earnings.

Record FY26 results and a looming Investment decision on new Supply have put Amplitude back in the spotlight amid ongoing energy-market volatility.

Latest Development

For FY26, Amplitude reported record production of 27.6 petajoules equivalent, up 3.5%, and sales Revenue of A$285.8 million, up 7%, with underlying EBITDAX of A$191.8 million, up 12% at a 67% margin, and Underlying Profit after tax of A$45.0 million, up sharply from A$9.1 million. A reported loss after tax of A$27.2 million reflected exploration write-offs, and Operating Cash Flow more than doubled to A$180.3 million.

The company is progressing its East Coast Supply Project toward a final investment decision targeted for the first quarter of FY27, with first gas aimed at 2028 and foundation gas agreements already in place, positioning it to help address the region's supply shortfall.

What Could Drive the Shares Next?

Catalysts include the final investment decision on the East Coast Supply Project, the direction of east-coast gas prices, exploration results such as the imminent Juliet drilling, and delivery against FY27 production guidance. Tight domestic gas markets and price Volatility could keep the sector in focus.

Sanctioning the growth project and demonstrating a clear path to higher production would be the clearest positive driver.

Risks Investors Should Watch

Gas prices and Demand are volatile, and government intervention in the east-coast gas market is an ongoing risk. Executing offshore development projects carries cost and timing risk, and exploration can lead to write-offs, as FY26 showed.

Capital expenditure guidance of A$250–310 million for FY27 underlines the investment required, and funding and project delivery are key considerations.

Investor Takeaway

Amplitude Energy delivered record FY26 production and revenue with a sharp rise in underlying profit, and is nearing a final investment decision on a supply project it says could roughly double earnings. Whether energy-market volatility puts it back in the spotlight depends on sanctioning that project and gas prices. The East Coast Supply Project, gas prices and FY27 production are the things to watch.

FAQs

Q: Why did Amplitude Energy (ASX:AEL) report a loss despite record results?

A: The reported loss after tax of A$27.2 million reflected non-cash exploration write-offs, even as the company posted record production and a sharp rise in underlying profit to A$45.0 million.

Q: What is the East Coast Supply Project?

A: It is Amplitude Energy's growth project nearing a final investment decision in the first quarter of FY27, targeting first gas in 2028, which management says could roughly double the company's earnings.

Q: What is the key risk for Amplitude Energy?

A: Gas prices and demand are volatile, government intervention in the east-coast gas market is an ongoing risk, and executing offshore development projects carries cost and timing risk.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.