What the Juliet-1 Waarre C Gas Discovery and Completion Approval Mean for Amplitude Energy

Sonal Goyal

29 September 2026 10:50 PM AEST

What the Juliet-1 Waarre C Gas Discovery and Completion Approval Mean for Amplitude Energy

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!

In an ASX announcement dated 10 September 2026, Amplitude Energy Limited (ASX:AEL) confirmed a significant step forward for the Juliet-1 exploration well in Victoria's offshore Otway Basin: both Amplitude and joint venture partner O.G. Energy have approved completion of the well following the intersection of excellent-quality gas-bearing reservoir in the primary Waarre C target on 7 September 2026. Preliminary data indicates excellent reservoir quality, high deliverability, and CO2 levels estimated at below 2 mol% — a highly positive result for a well that arrived ahead of schedule and within budget. Following completion and clean-up, the well will be suspended, ready for development as part of the East Coast Supply Project.

Juliet-1 Reservoir Result

On 7 September 2026, the Juliet-1 well's 8½-inch hole section penetrated the primary Waarre C reservoir target, reaching a Total Depth of 2,199 metres TVDSS (corrected from the 2,299 metres stated in the 8 September announcement). A formation evaluation program via wireline logging was conducted on 8 and 9 September 2026 to collect pressure and sample data. Preliminary data implies excellent reservoir quality, high deliverability, and low CO2 levels estimated at below 2 mol% from downhole fluid analyser data. The well programme is ahead of schedule and within budget.

Completion and Suspension Plan

Amplitude Energy and O.G. Energy approved completion of Juliet-1, to be followed by a well clean-up to further characterise reservoir deliverability. The well will then be suspended, ready for development as part of the East Coast Supply Project. Laboratory analysis of gas samples is to be undertaken to confirm final gas composition, including CO2. These activities were expected to be completed within approximately two weeks of the announcement.

East Coast Supply Project and Location

Juliet-1 is located in permit VIC/L24 within Commonwealth waters, adjacent to the existing Casino, Henry, Netherby (CHN) pipeline in the offshore Otway Basin, Victoria. Proximity to this existing pipeline infrastructure is a key commercial advantage, reducing the Capital cost of connecting Juliet-1 to market. Amplitude operates VIC/L24 with a 50% interest; O.G. Energy holds the remaining 50%.

About the Company

Amplitude Energy Limited is an Australian gas production company focused on supplying the Southeast domestic gas market. The company owns and operates offshore gas fields in Commonwealth waters and onshore processing plants in the Otway and Gippsland Basins. Amplitude holds a portfolio of long-term customer gas supply contracts while retaining exposure to the tight Australian East Coast spot gas market.

Risks

The 2 mol% CO2 estimate is preliminary, based on downhole fluid analyser data. Laboratory analysis is required for confirmation — higher CO2 could affect commercial terms or require processing.

Reservoir deliverability has not yet been confirmed by sustained production flow rates. The clean-up phase will provide additional quantitative data but is not a full production test.

Development of Juliet-1 as part of the East Coast Supply Project is subject to FID processes, regulatory approvals, and infrastructure tie-in arrangements.

East coast Australian gas prices and reservation policy are subject to ongoing regulatory review, which could affect commercial terms.

O.G. Energy's 50% interest means all material development decisions require joint venture alignment.

What to Watch Ahead

Laboratory gas composition results confirming CO2 content below 2 mol% — critical for commercial viability without additional CO2 processing.

Clean-up flow rate data providing the first quantitative measure of Juliet-1 deliverability.

A formal resource or reserves booking for Juliet-1 following completion of the technical evaluation.

Timing and structure of a Final Investment Decision for the East Coast Supply Project incorporating Juliet-1.

Any update on tie-in arrangements to the CHN pipeline and first gas sales timeline.

FAQs

Q: What is the Waarre C reservoir and why is it significant?

A: The Waarre C is the primary gas-bearing reservoir in the offshore Otway Basin and is the same formation that has historically produced gas from the Casino, Henry, and Netherby fields nearby. Its proven productivity in adjacent acreage makes a Waarre C discovery at Juliet-1 particularly commercial — the reservoir is well understood, its behaviour is predictable, and existing pipeline infrastructure nearby reduces development capital.

Q: What does 'suspended ready for development' mean?

A: After completing and cleaning up the well, it will be sealed and preserved in a manner that allows it to be re-entered and brought into production without drilling a new well. This suspension status means the geological and engineering work is done — the well can be tied into a production facility once development is sanctioned, without the time and cost of a fresh spud.

Q: Why does CO2 content matter so much for a gas discovery?

A: CO2 in natural gas is a diluent that reduces the energy content of the gas and, at sufficient concentrations, requires removal before the gas can be sold into pipeline specifications. Levels below 2 mol% are extremely low and typically within pipeline specifications without any CO2 separation processing. This means Juliet-1 gas could potentially be sold directly into the CHN pipeline with minimal processing, significantly improving project economics.

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.