Latest Otway Basin News

Beach Energy delivered its strongest quarterly revenue result on record, with sales rising 41% to A$565 million as production increased 9% to 5.4 MMboe. Waitsia reliability improved, offshore abandonment work was completed and FY27 guidance remained unchanged.

Amplitude Energy has opened FY27 with record quarterly production and revenue, while a successful Juliet gas discovery and East Coast Supply Project investment decision push its growth plan forward. The trade-off is higher spending, with FY27 capital expenditure guidance rising to A$320 million to A$390 million.

Amplitude Energy has approved development of its East Coast Supply Project, targeting first gas in 2028 and gross production of up to 90 TJ a day. The decision also adds an exploration well to the campaign, lifting FY27 capital expenditure guidance by up to $80 million.

Amplitude Energy has approved completion of its Juliet-1 exploration well after preliminary testing indicated at least 49 metres of net pay, strong reservoir quality and estimated carbon dioxide below 2 mol%. The well is ahead of schedule and budget, but flow rates, gas composition and recoverable resource estimates remain outstanding.

Amplitude Energy has intersected at least 60 metres of gas-bearing Waarre C sandstone at its Juliet-1 exploration well, including 49 metres of interpreted high-quality net pay. The result is ahead of schedule and budget, but commercial recoverability, gas composition and deliverability remain unconfirmed.

An independent expert has pegged 3D Energi’s 20% stake in VIC/P79 at US$19.8 million, setting a September deadline for ConocoPhillips to exercise its buy-out right. The valuation, however, is contested by 3D Energi’s board.

Amplitude Energy (ASX:AEL) posted record production and earnings for FY26, underpinned by strong operational execution and progress on the East Coast Supply Project (ECSP). The company strengthened its balance sheet, reduced net debt by 85%, and targets first gas from ECSP in 2028.

Beach Energy (ASX:BPT) reported a 742% jump in net profit to $281 million for FY26 despite a 9% revenue decline, driven by Waitsia Gas Plant reaching full capacity and stringent cost control. The company declared a fully franked final dividend of 2 cents per share.

Beach Energy delivered a solid FY26 with 19.4 MMboe production, a record 18 months without injuries, and a key Otway Basin asset sale freeing $500 million capital.

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.

Beach Energy has agreed to sell its 60% stake in the VIC/L35 Otway Basin permit, including the Artisan gas discovery, for $70 million upfront plus a production royalty expected to total around $140 million. The deal frees up over $500 million in capital, allowing Beach to focus on higher-return projects.

Amplitude Energy has agreed to buy half of the Artisan gas field from Beach Energy for $58.3 million upfront plus a capped royalty, accelerating gas production and enhancing the East Coast Supply Project’s economics.