Amplitude Energy’s $150M Equity Raise Includes $20M Retail Entitlement Offer at $0.24 Share Price

Amplitude Energy Launches Retail Entitlement Offer

Amplitude Energy Limited (ASX, AEL) has officially opened the retail component of its fully underwritten 1-for-6.35 accelerated non-renounceable entitlement offer. The offer price is set at $0.24 per new share, with the retail offer expected to raise approximately A$20 million. This follows a successful institutional placement and entitlement offer that raised around A$131 million, bringing the total equity raising to A$150 million.

Funding Growth Projects in Key Australian Basins

The proceeds from the equity raising will be directed towards funding Amplitude Energy’s growth projects, notably the expansion of the East Coast Supply Project (ECSP+) through the addition of a fourth well targeting the Nestor prospect in the Otway Basin. This expansion aims to increase gas supply capacity during periods of high demand, leveraging existing infrastructure at the Athena Gas Plant.

In addition, the company is advancing the potential restart of the Patricia Baleen project in the Gippsland Basin. This initiative is expected to deliver additional gas supply to the east coast market before the end of the decade and unlock valuable storage capacity connected to Victoria’s gas processing and transportation infrastructure.

Offer Details and Shareholder Participation

Eligible retail shareholders registered in Australia or New Zealand as of 7, 00 pm Sydney time on 25 September 2025 are invited to participate. They may subscribe for one new share for every 6.35 shares held at the record date. The retail offer closes at 5, 00 pm Sydney time on 9 October 2025, with new shares expected to be allotted on 16 October 2025 and commence trading on 17 October 2025.

Shareholders who take up their full entitlement and are not related parties of Amplitude Energy may apply for additional shares up to 50% of their entitlement under a retail oversubscription facility. Allocation of additional shares is discretionary and subject to scale-back by the company.

Underwriting and Advisory Support

The retail entitlement offer is fully underwritten by Macquarie Capital and Euroz Hartley, who also acted as joint lead managers for the overall equity raising. Rothschild & Co serves as financial advisor. The new shares issued under the offer will rank equally with existing shares, and the offer price represents an 11.1% discount to the last closing price and a 9.2% discount to the theoretical ex-rights price.

Strategic Outlook and Market Context

Amplitude Energy’s Managing Director and CEO, Jane Norman, highlighted the strong support from institutional investors and the strategic importance of the ECSP+ expansion and Patricia Baleen restart. These projects are positioned to address forecast gas supply shortfalls in Australia’s southern states, where demand for reliable, affordable, and lower emissions domestic gas remains robust.

The company’s growth strategy leverages its existing infrastructure in the Otway and Gippsland Basins, aiming to deliver increased gas supply to the tightly constrained east coast market. The equity raising provides the financial foundation to accelerate these initiatives, with key investment decisions and drilling activities planned over the coming year.