Amplitude Energy reported record FY26 production of 27.6 PJe and revenue of $285.8 million, boosted by strong gas prices and operational gains. The company’s East Coast Supply Project (ECSP) progresses with the Artisan gas field acquisition and upcoming drilling at Juliet and Annie wells.
- FY26 production rises 3% to 27.6 PJe
- Revenue hits $285.8 million, up 7%
- Orbost plant sets new daily production records
- Artisan acquisition enhances ECSP economics
- ECSP drilling to start late July, FID expected Q1 FY27
Record Production and Revenue Highlight FY26
Amplitude Energy (ASX:AEL) closed FY26 with a new group production record of 27.6 petajoules equivalent (PJe), marking a 3% increase over FY25. Quarterly production remained steady at 6.81 PJe, despite a slight 1% dip from the prior quarter. The company also posted a 7% rise in revenue to $285.8 million, driven by a 4% lift in average realised gas prices to $10.35 per gigajoule (GJ).
The Orbost Gas Processing Plant (OGPP) was a standout, setting new production highs post quarter-end with a daily output of 74.7 terajoules (TJ) and a 7-day average of 73.8 TJ/day. These gains followed operational improvements including debottlenecking and maintenance activities, underscoring the engineering teams’ effectiveness.
Artisan Acquisition Bolsters East Coast Supply Project
In a strategic move, Amplitude Energy acquired a 50% stake in the Artisan gas field from Beach Energy, consolidating resources alongside its Annie field in the Offshore Otway Basin. This acquisition is expected to accelerate production timelines and improve the economics of the East Coast Supply Project (ECSP), which targets first gas in calendar year 2028.
The deal involves a $58.3 million upfront payment and a capped royalty on production, with funding sourced from existing cash reserves and cash flow. The Artisan acquisition, combined with planned exploration at the Juliet prospect; scheduled to spud in late July or early August; and the Annie development well, positions the ECSP for a final investment decision (FID) in Q1 FY27.
Operational Stability Across Key Basins
Amplitude Energy’s Gippsland Basin operations, centred on the Sole gas field, delivered 24.3 PJ for FY26, a 7% increase year-on-year. The OGPP’s stable performance was briefly interrupted in June to align production with contractual sales amid subdued spot gas prices, but subsequent plant upgrades restored output to record levels.
In the Otway Basin, gas production rose 12% quarter-on-quarter to 0.72 PJ, aided by resumed activity at the Casino-4 well and effective well-cycling. Meanwhile, Cooper Basin oil production increased 18% to 20,000 barrels in the quarter, driven by contributions from three new wells at Callawonga.
Financial Position and Capital Deployment
Amplitude Energy ended the quarter with a strong liquidity position, holding $138 million in cash and cash equivalents and net debt reduced slightly to $37.2 million. Capital expenditure for Q4 FY26 was $31.2 million, predominantly directed towards exploration in the Otway Basin and development activities across all basins.
The company’s gas sales remain heavily contracted, with approximately 80% of 2026 volumes secured under fixed-price agreements, including multi-year deals with EnergyAustralia and AGL. Spot gas sales were strategically managed during periods of low prices, minimising revenue impact. Additionally, Amplitude finalised a five-year sulphur sales agreement to monetise by-products from the OGPP.
Advancing Development and Exploration Milestones
Looking ahead, the arrival of the Transocean Equinox rig in Q1 FY27 will enable Amplitude Energy to commence the committed Juliet exploration well and Annie development well. The decision on drilling the Nestor prospect will follow the Juliet results, reflecting a measured approach to resource expansion.
Amplitude is also progressing the Patricia Baleen Restart Project in the Gippsland Basin, focusing on low-cost options to resume production from existing wells with a view to entering the front-end engineering design (FEED) phase in the second half of 2026.
Bottom Line?
Amplitude Energy’s FY26 performance and strategic Artisan acquisition set a solid foundation for the East Coast Supply Project, but upcoming drilling results and the Q1 FY27 FID will be critical to confirm the project’s trajectory.
Questions in the middle?
- Will the upcoming Juliet well deliver exploration success to justify further ECSP development?
- How will spot gas market dynamics affect Amplitude’s revenue resilience beyond contracted volumes?
- What impact will the Artisan acquisition have on the timing and cost profile of ECSP production?