Amplitude Energy Reports $69.9M Revenue and 6.85 PJe Production in Q1 FY26
Amplitude Energy reported steady Q1 FY26 production and strong revenue, backed by a $150 million equity raise to fuel expansion projects including the East Coast Supply Project and Patricia Baleen restart.
- Q1 FY26 production steady at 6.85 PJe with robust $69.9 million revenue
- Orbost Gas Processing Plant nearing regulatory approval to boost capacity above 68 TJ/day
- East Coast Supply Project expansion includes planned Nestor well and January 2026 drilling start
- $150 million equity raising completed to fund growth initiatives
- Net debt reduced to $229 million pre-equity raise, approximately $84 million post-raise
Steady Production and Strong Financials
Amplitude Energy has maintained a solid operational footing in the first quarter of fiscal year 2026, delivering production of 6.85 petajoules equivalent (PJe), consistent with its guidance range. The company generated $69.9 million in revenue, supported by an average realised gas price of $10.16 per gigajoule, reflecting a resilient market position amid tight domestic gas supply conditions.
Despite a slight 2% dip in production from the previous quarter, performance at key assets like the Orbost Gas Processing Plant (OGPP) remained robust. The OGPP operated above 66 terajoules per day on nearly 90% of days during the quarter, with notable operational improvements such as record absorber runtimes and zero absorber cleans, underscoring enhanced plant reliability.
Expansion and Growth Initiatives
The company is advancing its East Coast Supply Project (ECSP) with plans to add a fourth well at the Nestor prospect, aiming to increase production capacity and extend plateau production. Preparations are underway to commence drilling at the Elanora well in January 2026, with all key regulatory approvals secured and long-lead equipment delivered. The ECSP expansion is positioned to deliver additional gas supply to the domestic market by 2028, a critical timeline given ongoing supply constraints.
Amplitude Energy also completed a $150 million equity raising in September and October 2025, fully underwritten and comprising institutional and retail components. The proceeds will primarily support the ECSP expansion and other accretive growth opportunities, notably the potential restart of the Patricia Baleen field, which could provide further production upside and gas storage potential.
Financial Health and Leadership
Net debt was reduced to $229 million by the end of September 2025, prior to the equity raise proceeds, and further declined to approximately $84 million post-raise, strengthening the company’s balance sheet. Cash reserves increased to $76.2 million, providing liquidity to fund ongoing capital expenditure, including $7 million invested in the quarter primarily on ECSP development.
In a strategic leadership move, Amplitude Energy appointed Ian Bucknell as Chief Financial Officer, effective January 2026. Bucknell brings over 35 years of experience in finance and resources sectors, expected to bolster the company’s financial and strategic capabilities as it navigates growth and market challenges.
Portfolio Focus and Market Position
Amplitude Energy is streamlining its portfolio by exiting certain Onshore Otway Basin interests, allowing greater focus on offshore Otway and Gippsland Basin assets, which are central to its growth strategy. The company continues to engage with potential gas customers to secure foundation contracts for the ECSP expansion, signalling confidence in market demand and project viability.
Overall, Amplitude Energy’s Q1 FY26 update reflects a company balancing steady production, financial discipline, and strategic expansion to capitalize on a tight domestic gas market. The upcoming drilling campaign and regulatory milestones will be key to watch as the company seeks to convert its growth ambitions into tangible supply increases.
Bottom Line?
With strong operational momentum and fresh capital, Amplitude Energy is poised to accelerate growth, but drilling success and regulatory approvals remain critical next steps.
Questions in the middle?
- Will the Nestor well deliver the expected production uplift and extend plateau output as planned?
- How quickly can regulatory clearance be secured to increase OGPP capacity beyond 68 TJ/day?
- What are the prospects and timelines for restarting production at Patricia Baleen?
