What Did Annie-2 Reveal About Amplitude Energy’s (ASX:AEL) East Coast Supply Project?

Sonal Goyal

11 November 2026 12:24 PM AEDT

What Did Annie-2 Reveal About Amplitude Energy’s (ASX:AEL) East Coast Supply Project?

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Key Highlights

Annie-2 reached a total depth of 2,253m MD on 28 October 2026 and has been cased and completed with a sub-sea tree.
Early data indicates improved permeability, porosity and deliverability compared with the original Annie discovery.
The well is being suspended for development as part of the East Coast Supply Project, ahead of schedule and budget.
Annie carries a gross 2C Contingent Resource of 65 PJ, with reserve estimates for Annie and Juliet still being updated.

Amplitude Energy Limited (ASX:AEL) has provided an update on the Annie-2 development well in permit VIC/L37 within Commonwealth waters. The announcement dated 11 November 2026 says the well has been completed and clean-up is finished, and that the early data supports the quality of the Waarre C reservoir. The well will now be suspended ahead of development under the East Coast Supply Project.

What the well has shown so far

Annie-2 reached 2,253m measured depth on 28 October 2026, and clean-up was carried out on 9 and 10 November. The company said data collected so far confirms the high quality of the reservoir and points to a marked improvement in permeability, porosity and deliverability compared with the initial discovery well, Annie-1. Gas composition samples are consistent with the original discovery.

The company described the results as preliminary. Work on the Annie and Juliet reserve estimates will continue over the coming weeks, and the company said the results to date are consistent with, or above, its pre-drill Volume expectations.

Cost, schedule and the wider campaign

The Annie-2 program is ahead of schedule and budget, and none of the general contingency budgeted for the East Coast Supply Project drilling has been used so far. Costs for both Juliet and Annie are below budget, according to the company’s update on its drilling performance.

The Transocean Equinox rig is expected to finish Annie-2 this week and then move to the Nestor exploration prospect, where the final well in the East Coast Supply Project drilling campaign is planned. The company said results from Nestor could add further upside.

Ownership and what is still to come

The Annie discovery was made in 2019, and the company has recorded a gross 2C Contingent Resource of 65 PJ, or 32.4 PJ net to Amplitude. Amplitude holds 50% of VIC/L37, with O.G. Energy holding the other 50%. The well sits about 10km north of its planned tie-in to the existing CHN pipeline.

The data from Annie-2 remains preliminary, and the reserve estimates have not yet been updated. The outcome at Nestor is an exploration test and carries the usual uncertainty of a new prospect.

Final Word

Annie-2 has been completed on schedule and within budget, with early data suggesting better reservoir properties than the discovery well. Shareholders will be watching the updated reserve estimates for Annie and Juliet, the suspension and development timetable, and the Nestor exploration result that closes the East Coast Supply Project drilling campaign.

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