Amplitude Energy has delivered a standout half-year performance with record gas production and a 246% jump in profit, while advancing key projects and strengthening its balance sheet.
- Record H1 FY26 production at 75.5 TJe/d, up 2.7%
- Profit after tax soars 246% to $26.2 million
- Raised approximately $150 million through equity placement
- Progress on East Coast Supply Project and Patricia Baleen restart
- Net debt reduced significantly with strong liquidity position
Robust Operational Performance
Amplitude Energy Limited has reported a strong half-year financial result for the six months ending 31 December 2025, underpinned by record production levels and improved commodity prices. The company achieved a gas and oil production rate of 75.5 terajoules-equivalent per day (TJe/d), marking a 2.7% increase over the prior corresponding period. This milestone was largely driven by enhanced output from the Orbost Gas Processing Plant (OGPP) and the Sole gas field in the Gippsland Basin, where production rose 8% to 66.3 TJ/d.
Despite natural declines in oil production from the Cooper Basin and some disruption from 2025 floods, Amplitude Energy’s overall revenue climbed 6% to $141.5 million. The company’s profit after tax attributable to members surged 246% to $26.2 million, reflecting operational efficiencies and higher realised gas prices.
Strategic Project Advancements
Amplitude Energy continues to advance its key growth initiatives, notably the East Coast Supply Project (ECSP) and the Patricia Baleen Restart Project. The ECSP, focused on developing offshore Otway Basin gas resources, is progressing towards a final investment decision expected in the third quarter of FY26. Front-end engineering and design (FEED) for the Athena Gas Plant upgrades and subsea infrastructure are nearing completion, with development orders substantially in place.
The Patricia Baleen gas field, currently shut-in, is being assessed for potential restart and gas storage capabilities. Engineering studies and regulatory applications are underway, with a decision on moving to front-end engineering design anticipated within the financial year. Collaboration with SGH Ltd aims to explore synergies in gas processing from the Longtom field.
Capital and Financial Strength
In September and October 2025, Amplitude Energy successfully completed a fully underwritten institutional placement and an accelerated non-renounceable entitlement offer, raising approximately $150 million. These funds are earmarked to support the ECSP expansion, including the Nestor prospect, and other accretive growth opportunities such as Patricia Baleen’s potential restart.
The company’s balance sheet has strengthened considerably, with net debt reduced by over $190 million during the half-year. Cash and cash equivalents stood at $81.3 million at 31 December 2025, complemented by $364.8 million of undrawn capacity under a senior secured reserve-based lending facility. This liquidity position provides ample flexibility to fund ongoing operations and development projects.
Operational Excellence and Sustainability
Amplitude Energy maintained an excellent health, safety, and environmental record, achieving over two years without a lost time injury and no reportable environmental incidents in the period. The company retired nearly 111,000 carbon credits in 2025 to offset its scope 1, 2, and relevant scope 3 emissions, underscoring its commitment to sustainability.
Outlook and Market Positioning
With an upward revision to FY26 production guidance to 73–77 TJe/d, Amplitude Energy is well positioned to capitalise on strong gas demand in southeast Australia. The company is actively negotiating gas sales agreements to underpin the ECSP expansion and is focused on operational efficiency and margin enhancement. While natural declines in oil production and ongoing legal proceedings against PT Pertamina Hulu Energi for decommissioning cost recovery present challenges, the company’s strategic focus remains on delivering reliable Australian gas supply aligned with national energy security objectives.
Bottom Line?
Amplitude Energy’s record half-year sets the stage for growth, but upcoming project decisions and market dynamics will be critical to watch.
Questions in the middle?
- Will the East Coast Supply Project secure final investment decision and gas sales agreements as planned?
- How will the company manage natural declines in oil production amid flood recovery?
- What impact will the ongoing legal dispute with Pertamina have on future decommissioning costs?