Key highlights

  • Amplitude reported record quarterly production of 7.51 PJe and Revenue of $83.3 million, up 18% on Q4 FY26, in its 19 October 2026 report.
  • Net Debt was $31.0 million, compared with $37.7 million at the end of the prior quarter, and cash was $144.2 million.
  • The company reached FID on the East Coast Supply Project development phase and entered an exploration joint venture in the Taroom Trough.

Amplitude Energy Ltd (ASX:AEL) shares were changing hands at $1.88, down 0.27%, during the Trading session on 21 October 2026. Across the broader market, the S&P/ASX 200 Energy [XEJ] index stood at 11,167.20, a gain of 0.014% (1.60 points), while the S&P/ASX 200 [XJO] was at 8,806.90, lower by 0.11% (10.00 points), as at 2:32 pm GMT+11. In Commodity markets, Brent Crude rose 0.60% to US$109.48 per barrel as tensions in the Middle East involving Iran, Saudi Arabia and Yemen’s Houthis persisted, and a reported fall in US oil inventories pointed to tighter supply conditions. Amplitude is an Australian gas producer with operations in the Gippsland, Otway and Cooper basins that supplies the east coast gas market.

What Amplitude Energy does

Amplitude Energy Limited produces gas and oil for Australia’s east coast market. Its Assets include the Sole gas field processed through the Orbost Gas Processing Plant (OGPP) in the Gippsland Basin, a 50% share of the Casino, Henry and Netherby fields in the Otway Basin processed through the Athena Gas Plant, and a 25% interest in oil production in the Cooper Basin. The company is also developing the East Coast Supply Project (ECSP), which aims to add Otway Basin gas supply.

Quarterly production and financial results

In its Quarterly Report dated 19 October 2026 for the three months ended 30 September 2026, Amplitude reported production of 7.51 PJe (81.7 TJe per day), the highest quarterly production on record, 10% above the prior quarter and 9% above Q1 FY26. Sales Volume was 7.53 PJe, up 11% on the prior quarter. Sales revenue was $83.3 million, up 18% on Q4 FY26 and 19% on Q1 FY26, with an average gas price of $10.69 per gigajoule, up 4% on Q4 FY26.

Cash and cash equivalents were $144.2 million, up from $137.5 million, and net debt fell to $31.0 million from $37.7 million, which the company said occurred despite elevated Capital Expenditure during the quarter. Net debt was $229.0 million in Q1 FY26.

Operations by basin

Sole gas processed through the OGPP was 6.60 PJ (71.7 TJ per day), up 11% on the prior quarter. The plant operated above 68 TJ per day on 95% of days and above 70 TJ per day on 75% of days, with no sulphur absorber unit cleans or polisher media replacements during the quarter. Debottlenecking activities continue, and a Patricia Baleen re-start project is noted as a possible longer-term source of increased production.

In the Otway Basin, net production processed through the Athena Gas Plant was 0.78 PJ (8.5 TJ per day), up 11%, supported by a full quarter from the restarted Casino-4 well. Cooper Basin oil production was 20.4 kbbl net (222 bbl per day), up 3%, helped by optimisation projects and three new wells at Callawonga.

East Coast Supply Project and Taroom Trough

Following the Juliet exploration result, which the company described as a commercial gas discovery with a high-quality reservoir and gas composition favourable for blending, Amplitude reached FID on the ECSP development phase. The phase is underpinned by the Annie, Juliet and Artisan discovered resources and targets gross production of up to 90 TJ per day from 2028 via the Athena Gas Plant. The company expects around 70% of total project capex to be spent by the end of the drilling campaign at the end of calendar 2026, with much of the remaining subsea scope under largely fixed-price contracts.

The ECSP joint venture also sanctioned the Nestor exploration well, which the company said could further increase production and resources if a commercial discovery is made. Separately, Amplitude entered an exploration joint venture in a prospective area of Queensland’s Taroom Trough.

Other quarterly figures

Amplitude’s quarterly table shows sales gas of 7.38 PJ, up 10% on the prior quarter, and oil and condensate production of 21.32 kbbl, up 3% on the prior quarter and up 44% on Q1 FY26. Production was 1.23 MMboe for the quarter. Year-on-year, cash and cash equivalents rose from $76.2 million to $144.2 million.

Sector context

East coast gas markets are influenced by supply constraints, contract pricing and government policy, while oil-linked income follows crude benchmarks. During the session Brent crude was at US$109.48 per barrel and the S&P/ASX 200 Energy index was at 11,167.20. Amplitude’s report notes that federal and Victorian governments are seeking solutions to east coast gas market tightness from 2028 onwards.

Risks and uncertainties

Disclosed variables include the elevated capital expenditure of the ECSP drilling phase, drilling outcomes on the Nestor well, the cost and schedule of subsea installation, and plant reliability at Orbost, where debottlenecking is still to be completed. Net debt remains $31.0 million, gas pricing and Demand conditions can change, and the Taroom Trough venture is an early-stage exploration position with no production.

Catalysts to watch

Milestones include the Nestor exploration well result, completion of the ECSP drilling campaign at the end of calendar 2026, subsea equipment and installation progress, further OGPP debottlenecking, the potential Patricia Baleen re-start, and the start of ECSP production targeted from 2028.

Final word

Amplitude’s 19 October 2026 report recorded higher production and revenue, lower net debt and the ECSP development FID. Subsequent quarterly reports will show how drilling and project delivery progress.