Amplitude Energy (AEL) Investor Update summary

Strategic vision and market positioning

• Launched a three-horizon strategy focused on maximizing value from existing infrastructure, operational excellence, and cost leadership, with a strong emphasis on the Southeast Australian gas market and government policy alignment.

• The East Coast Supply Project in the Otway Basin is positioned as the largest near-term gas supply opportunity, targeting first gas in 2028 and leveraging existing infrastructure for rapid commercialization.

• The company aims to triple production volumes using organic reserves in the Otway and Gippsland basins, targeting over AUD 1 billion in annual revenue from base gas business in the long term.

• Focused on high-value domestic markets, avoiding frontier basins, utility-scale renewables, hydrogen, and international expansion.

• ESG framework underpins strategy, with zero lost time and environmental incidents, and new emission reduction targets set for 2030.

Operational performance and improvement initiatives

• Achieved record production at Orbost, with ongoing initiatives to stabilize and increase throughput, targeting over 60 TJ/d by end-FY25 and reliability loss reduced to under 2%.

• Athena Gas Plant improvements have reduced inlet pressure, increased production, and lowered operating costs, extending field life.

• BMG wells decommissioned safely, allowing focus to shift to brownfield growth in the Otway Basin.

• Emissions and waste reduction projects have delivered cost savings and reduced carbon footprint, including beneficial reuse of sulfur and energy efficiency upgrades.

• Over 100 cost-saving initiatives identified, with targeted annualized savings of AUD 10 million by mid-2025 and a 20% reduction in G&A expenses in H1 FY24.

Growth projects and market opportunities

• East Coast Supply Project targets a three-well campaign in the Otway Basin, with a 98% chance of at least one gas discovery and up to 90 TJ/day gross through Athena.

• Gippsland Basin farmout underway to bring in partners for further exploration and development, leveraging significant discovered and prospective resources.

• Exploring downstream opportunities such as peaking gas products, gas storage, and partnerships with power generators to capture spark spread value.

• Strong customer demand for new gas, with potential for prepayment contracts to support project funding and increasing spot/uncontracted volumes from 2026.

• Long-term options include carbon capture and storage, biomethane production, and leveraging infrastructure for renewable gas integration.