Amplitude Energy (AEL) M&A announcement summary

Deal rationale and strategic fit

• Acquisition of a 50% interest in the Artisan gas field accelerates gas production targets to 2028, supporting the East Coast Supply Project (ECSP) and enhancing supply certainty for domestic markets.

• Consolidation of discovered gas at Artisan and Annie fields improves ECSP economics and de-risks the project, with further upside from potential discoveries at Juliet and Nestor.

• Proximity to existing infrastructure enables faster, lower-cost development and integration with Amplitude's Athena Gas Plant.

Financial terms and conditions

• Upfront cash payment of $58.3 million (net to Amplitude), equivalent to ~$2/GJ, fully funded from existing sources.

• Additional royalty of A$3.75/GJ on future production, capped at 62 PJ gross (31 PJ net to Amplitude), with a top-up payment mechanism if production targets are not met by June 2036.

• O.G. Energy acquires a further 10% on the same terms, aligning both parties at 50% interest.

Synergies and expected cost savings

• Significant cost advantages from leveraging existing pipelines and infrastructure, reducing development costs for Artisan.

• Cost synergies with ECSP and efficient brownfield development route via Athena Gas Plant.

• Acquisition expected to be NAV and earnings accretive from production commencement.