Amplitude Energy (AEL) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly production of 74.5 TJ/day (6.85 PJe, +18% quarter-on-quarter), 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 plants.

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

• Multiple production records set at Orbost, with significant operational improvements and reliability gains.

Financial highlights

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

• Realized gas sales price averaged AUD 9.41/GJ, up 2% sequentially 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 $25.6 million, up 76% quarter-on-quarter.

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

Outlook and guidance

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

• ECSP targeting first gas supply in 2028, with at least one firm well and options for additional wells.

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

• ECSP 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.