Key highlights

  • Amplitude Energy Ltd (ASX:AEL) shares closed at $1.875, up 3.88%, on 19 October 2026.
  • A Quarterly Report dated 19 October 2026 shows record production of 7.51 PJe and record Revenue of $83.3 million for the September quarter.
  • Net Debt fell to $31.0 million, and the East Coast Supply Project development phase reached final Investment decision.

Amplitude Energy Ltd (ASX:AEL) is a gas producer with Otway Basin and Cooper Basin Assets and the East Coast Supply Project (ECSP) offshore Victoria. On 19 October 2026, shares ended the day at $1.875, up 3.88%. The company’s quarterly report for the three months ended 30 September 2026 was released on the same date. This article does not attribute the day’s price change to the report.

Production and revenue

Group production was 7.51 PJe (81.7 TJe per day), which the company calls its highest quarterly production on record, up 10% on the June quarter and 9% on the same quarter a year earlier. Sales Volume was 7.53 PJe, and the average realised gas price rose 4% to $10.69 per GJ. Sales revenue was $83.3 million, up 18% on the prior quarter and a record. Sales gas was 7.38 PJ and oil and condensate was 21.32 kbbl, up 44% on the year.

The Orbost Gas Processing Plant operated above 68 TJ/day on 95% of days and above 70 TJ/day on 75% of days, which the company says is consistently above its prior nameplate capacity.

East Coast Supply Project

Following the Juliet exploration well, which the company describes as a commercial gas discovery completed under budget and schedule, the ECSP development phase reached final investment decision. The development is underpinned by the Annie, Juliet and Artisan discovered resources and targets gross production of up to 90 TJ/d from 2028 from the Athena Gas Plant. The joint venture has also sanctioned an exploration well, Nestor, which could add to production and resources if commercial. About 70% of project Capital Expenditure is expected to be spent by the end of the drilling campaign at the end of calendar 2026.

Taroom Trough and balance sheet

Amplitude entered Queensland’s Taroom Trough as part of an exploration joint venture, which is the same group named as preferred tenderer for the PLR2026-1-7 block in an announcement by one of its partners on 2 October 2026. Net debt fell to $31.0 million from $37.7 million at the end of the June quarter, with cash and cash equivalents of $144.2 million, despite elevated capital expenditure.

The quarterly report breaks production into gas and liquids. Sales gas was 7.38 PJ, up 10% on the June quarter and 9% on the prior-year quarter, while oil and condensate production was 21.32 kbbl, up 3% on the quarter and 44% on the year. Sales volume of 7.53 PJe was 11% higher than the June quarter, and the average realised gas price of $10.69 per GJ was 5% higher than the same quarter a year earlier.

On the balance sheet, cash and cash equivalents were $144.2 million, up 5% on the June quarter and 89% on a year earlier, while net debt was $31.0 million compared with $229.0 million in the September 2025 quarter. The company says the ECSP is being executed within its approved budget and schedule, with much of the remaining subsea equipment and installation scope under largely fixed-price contracts.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

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Risks shareholders should weigh

The production record and revenue figures cover a single quarter, and the company’s assumptions about Orbost output above nameplate and about the ECSP schedule may not hold. ECSP spending is elevated, and while the company states it is within the approved budget and schedule, large offshore projects carry cost and timing risk.

The Nestor well is an exploration well that may not find commercial gas. The Taroom Trough entry is exploration-stage with no results yet. Gas prices and Demand in south-east Australia affect realised prices, and net debt can rise again as capital expenditure continues.

What’s next

The ECSP drilling campaign is due to finish at the end of calendar 2026, with the Nestor well possibly completed within it if successful, and first production from the Athena Gas Plant is targeted from 2028. The company will also begin work in the Taroom Trough joint venture.