• East Coast Supply Project JV alignment reached with O.G. Energy
• Quarterly production of 67.8 TJe/d, 7% lower than prior quarter
• Record average realised gas price of $10.19/GJ for Q3 FY25

Amplitude Energy has reported its Q3 FY25 quarterly results, highlighting several key developments. The company has reached an alignment with O.G. Energy on the East Coast Supply Project (ECSP) in the Offshore Otway Basin, allowing the 3-well drilling programme to proceed on a 50/50 basis, with O.G. Energy funding its 50% share of all past and future costs. Quarterly gas and oil production averaged 67.8 TJe/d, or 6.10 PJe, 7% lower on a daily average basis than the prior quarter, primarily due to planned maintenance shutdowns at both the Orbost Gas Plant and Athena Gas Plant. However, the company achieved a new 30-day average production record of 67.5 TJ/d at the Orbost Gas Plant and no third-party gas purchases were required during the quarter. The company also reported a record average realised gas price of $10.19/GJ for Q3 FY25, up 2% on the previous quarter and 10% higher than the prior corresponding period, supported by annual inflation-indexation of gas contract prices and continued spot sales into the Sydney and Victorian markets. Net debt was reduced to $248.8 million, down 2% on the previous quarter, despite increased ECSP spend during the quarter. The company continues to progress the ECSP, with the Transocean Equinox drilling rig expected to commence drilling the first well of the campaign in late calendar year 2025. Amplitude Energy is also in discussions with potential gas customers regarding foundation contracts for the ECSP.

Amplitude Energy is targeting to backfill the Athena Gas Plant with up to 90 TJ/day of gross gas supply in 2028, subject to receipt of regulatory approvals.