Board Changes and Legal Risks Shadow Amplitude Energy’s Growth Ambitions

Record Production and Financial Performance

Amplitude Energy closed the 2025 financial year on a high note, reporting record quarterly and annual production figures. The company achieved 7.01 petajoules-equivalent (PJe) in Q4, a 15% increase from the previous quarter, and a total FY25 production of 26.64 PJe, marking a 17% rise over FY24. This performance reached the upper end of the company’s production guidance, underscoring operational reliability and efficiency gains, particularly at the Orbost Gas Processing Plant (OGPP), which operated at its nameplate capacity of 68 terajoules per day in June.

Supporting this production growth, Amplitude Energy realised an average gas price of $9.91 per gigajoule for FY25, a 12% increase compared to the prior year. This pricing strength contributed to a 22% jump in revenue to $267.7 million, with Q4 revenue alone rising 12% quarter-on-quarter to $70.7 million. Despite ongoing capital expenditure related to the East Coast Supply Project (ECSP) and Minerva decommissioning, net debt was reduced slightly to $242.8 million, reflecting disciplined financial management.

Progress on East Coast Supply Project

The ECSP remains a central growth pillar for Amplitude Energy. Preparations for a three-well drilling campaign are well advanced, with the Transocean Equinox rig set to commence drilling the Elanora well in late 2025, followed by exploration at Isabella, Juliet, and Annie prospects through 2026. Front End Engineering and Design (FEED) has begun for the gas processing plant upgrades and subsea development, positioning the project for a final investment decision in the first half of 2026, subject to exploration success and regulatory approvals.

This project aims to backfill the Athena Gas Plant with up to 90 terajoules per day of gross gas supply by 2028, addressing the pressing need for new domestic gas sources in Australia’s southeast. Amplitude Energy emphasises the environmental and cost advantages of locally produced gas compared to imported alternatives, aligning with broader energy transition goals.

Operational Highlights and Asset Management

Operationally, the OGPP’s performance improvements have reduced maintenance downtime and increased absorber unit runtimes, enabling the company to explore capacity enhancements beyond the current nameplate. Meanwhile, the Athena Gas Plant in the Otway Basin demonstrated stable operations post-maintenance, with a slight production increase quarter-on-quarter.

In contrast, oil production in the Cooper Basin declined due to natural field depletion and flooding impacts, reflecting the challenges of mature assets. The company is also advancing commercialisation of sulphur by-products from OGPP, now supplying elemental sulphur to Devco Australia for agricultural use, illustrating innovative resource utilisation.

Corporate Developments and Legal Matters

Amplitude Energy announced key board changes, including the appointment of Ian Davies as a Non-Executive Director and his forthcoming succession as Chairman following John C Conde’s retirement at the 2025 Annual General Meeting. Elizabeth Donaghey will also retire from the board, marking a period of governance transition.

On the legal front, the company continues to pursue a claim against PT Pertamina Hulu Energi for its share of decommissioning costs related to the BMG oil project, with mediation ongoing and court proceedings scheduled. Additionally, Amplitude Energy agreed to exit certain onshore Otway Basin interests, allowing a sharper focus on offshore growth opportunities.