• Amplitude Energy announces proposed expansion of the East Coast Supply Project (ECSP+) with a fourth well targeting the Nestor prospect
• Company also evaluating potential restart of Patricia Baleen field in the Gippsland Basin
• Launching a $150 million fully underwritten equity raising to fund growth initiatives

Amplitude Energy Limited (ASX: AEL) announces its proposed expansion of the East Coast Supply Project ('ECSP+') in the Otway Basin. Subject to final joint venture approvals, the ECSP+ will involve the addition of a fourth well to the existing ECSP program, targeting the Nestor prospect which sits in the VIC/P76 exploration licence. Adding Nestor to the program creates an opportunity to increase gas supply in periods of high demand and high pricing. The company is also evaluating other accretive growth opportunities, primarily the potential restart of Patricia Baleen in the Gippsland Basin. This represents a strategic opportunity to leverage existing infrastructure. To fund these additional growth initiatives, Amplitude Energy is launching a $150 million fully underwritten equity raising, comprising a 1-for-6.35 accelerated non-renounceable entitlement offer to raise $100 million and a placement to raise $50 million. The proceeds will be used to support the expansion of the ECSP, fund the potential restart of Patricia Baleen, and cover costs associated with the equity raising.

Amplitude Energy is working with its joint venture partner towards an investment decision to drill the Nestor well in Q1 2026. The development of ECSP+, including Nestor, will be subject to a subsequent investment decision.

The proposed restart of the Patricia Baleen field is expected to deliver additional gas supply to the east coast market before the end of this decade. In the longer-term, the project has the potential to unlock valuable storage capacity that is already connected to gas processing and transportation infrastructure in Victoria.