• Amplitude Energy holds 10% non-operating interest in Minerva field
• Operator Woodside expects significant increase in decommissioning timeframe and costs
• Minerva budget increase to result in additional A$24 million pre-tax restoration expense in FY25

Amplitude Energy Limited (AEL: ASX) has announced that it expects an increase to its share of Minerva restoration costs, following an update from the Minerva operator, Woodside Energy Limited. Amplitude Energy holds a 10% non-operating interest in the Minerva field, with Woodside holding the remaining 90%. The Operator has informed Amplitude Energy that it expects a significant increase in the timeframe and cost of the decommissioning programme's execution, logistics and weather allowances. The Operator's total estimate for the cost of the programme has resulted in a more than 100% increase versus the budget put forward in November 2024. The Operator expects to have completed decommissioning of the subsea facilities by the end of May 2025 with well abandonment work expected to be completed by August 2025. The Minerva budget increase will result in an additional pre-tax restoration expense of approximately A$24 million in the Company's FY25 Consolidated Statement of Comprehensive Income, with the cash costs to be spread across FY25 and FY26 based on the current schedule of activity.