Key highlights

  • Amplitude Energy Ltd (ASX:AEL) shares were up 1.32% at $1.915 during the Trading session on 22 October 2026, while the S&P/ASX 200 Energy [XEJ] index was lower by 2.27%.
  • 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.

During the trading session on 22 October 2026, Amplitude Energy Ltd (ASX:AEL) was priced at $1.915, up 1.32%. The S&P/ASX 200 Energy [XEJ] stood at 10,966.10 (−2.27%, −254.40 points) and the S&P/ASX 200 [XJO] at 8,789.50 (−0.47%, −41.80 points) at 12:40 pm GMT+11. In oil markets, crude prices climbed on Thursday after further Houthi attacks inside Saudi Arabia led the United States to instruct some diplomats and family members to depart its missions in the kingdom. Amplitude is an Australian gas producer with operations in the Gippsland, Otway and Cooper basins that supplies the east coast gas market. 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.

About Amplitude Energy Ltd: Business overview

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.

Related sector context

Oil and gas producers report Earnings that follow Commodity prices, production volumes, operating costs and the timing of development projects. On 22 October 2026, the S&P/ASX 200 Energy [XEJ] index was at 10,966.10, lower by 2.27%, while crude prices were reported higher on Middle East developments. The sector includes LNG exporters, domestic gas suppliers and offshore oil producers, whose revenue is linked in different ways to oil-indexed and domestic gas contracts, and whose capital spending is typically concentrated in large projects with multi-year timelines.

Risks to weigh in

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 on 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.