Amplitude Energy Hits 73 TJe/d Production and $160.5M Cash Flow in FY25

Record Production and Financial Performance

Amplitude Energy has reported a standout FY25, achieving a group production run-rate surpassing 70 terajoules equivalent per day (TJe/d), with total production reaching 73 TJe/d. This marks a significant step up from prior years, reflecting operational improvements and strategic focus on core assets. The company also realised an average gas price of around $10 per gigajoule (GJ), a 12% increase over FY24, contributing to record sales revenue of $268 million.

Underlying EBITDAX, a key earnings measure, rose to $174 million, with margins expanding to 65%, well above global exploration and production averages. Adjusted cash from operations hit a record $160.5 million, underscoring strong cash generation amid a tight domestic gas market.

East Coast Supply Project Advances

The East Coast Supply Project (ECSP), Amplitude Energy’s flagship growth initiative, remains on track with a three-well drilling program scheduled to commence in December 2025. Targeting first gas in 2028, the project aims to backfill the Athena Gas Plant with up to 90 TJ/day gross production, leveraging existing infrastructure to unlock substantial value. The ECSP is expected to significantly increase group production and reserves, potentially doubling revenue and free cash flow upon successful development.

With a 98% probability of gas discovery across prospects like Elanora, Isabella, Juliet, and Annie, the project is positioned as a low-risk, high-reward venture. The recent acquisition of Otway Basin assets by O.G. Energy and their $28 million cost carry further de-risks the development phase.

Operational Excellence and Sustainability

Amplitude Energy’s operational discipline is evident in the Orbost Gas Processing Plant’s improved reliability and record throughput, with sulphur removal performance reaching new highs. The company maintained an excellent safety record, with no lost time injuries over 18 months and performance ahead of industry benchmarks. Environmentally, Amplitude continues its carbon-neutral certification, with no reportable environmental incidents during FY25.

Cost management remains a priority, with production expenses per gigajoule falling 10.5% to $2.33/GJe despite increased production volumes. The company realised approximately $20 million in cash flow improvements through efficiency initiatives, with further cost reductions and margin expansion targeted for FY26.

Financial Position and FY26 Outlook

Net debt has decreased by over $35 million since its peak in Q1 FY25, supported by strong operating cash flows and disciplined capital expenditure. The reserve-based loan facility was extended to September 2029, with $475 million available, providing ample liquidity for growth and deleveraging.

Looking ahead, FY26 guidance targets production between 69 and 74 TJe/d and capital expenditure of $125 to $150 million, focused on ECSP development and sustaining operational improvements. The company aims to increase OGPP capacity beyond 70 TJ/d instantaneous rate and reduce production costs below $2/GJ, while progressing the Patricia Baleen restart and expanding gas marketing initiatives.