Amplitude Energy (AEL) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly production of 74.5 TJ/day (6.85 PJe), up 17–18% sequentially, driven by Orbost/OGPP improvements and higher spot gas sales.

• Sales revenue reached AUD 65.8 million, up 15% quarter-on-quarter and 30% year-over-year, a company record.

• OGPP operated at or near nameplate capacity for the first time since 2020, with reliability improvements at both Orbost and Athena.

• Progressed East Coast Supply Project (ECSP) with long-lead equipment orders and ongoing customer engagement.

• Focused on cost and emissions reductions, leveraging transformation program and new commercial initiatives.

Financial highlights

• Quarterly sales revenue: AUD 65.8 million, up 15% sequentially and 30% year-over-year.

• Realized gas sales price: AUD 9.41/GJ, up 2% from June quarter and 13% year-over-year.

• Net debt peaked at AUD 279.4 million at September end, expected to decline over FY25.

• Cash and cash equivalents at AUD 25.6 million, up 76% quarter-on-quarter.

• Total capital expenditure was AUD 13.1 million, mainly for ECSP subsea trees.

Outlook and guidance

• Targeting group exit rate above 70 TJ/day by FY25 end; tracking above top end of 62–69 TJ/day guidance.

• Full Orbost plant shutdown planned for March shoulder period; guidance to be reassessed in H2.

• ECSP targeting first gas supply in 2028, with at least one firm well and options for additional wells; drilling to commence late 2025, subject to rig arrival and partner arrangements.

• Project funding expected from organic cash generation, customer prepayments, and existing bank facilities.

• Bank facility maturity extension to 2029 underway to optimise funding.