Amplitude Energy (AEL) Q1 2027 TU earnings summary

Executive summary

• Record Q1 FY27 production of 7.51 PJe (81.7 TJe/day), up 10% QoQ; record revenue of $83.3m, up 18% QoQ.

• Juliet-1 made a commercial gas discovery; FID was taken on the ECSP development phase, targeting first gas in CY2028.

• Orbost operated above its prior nameplate capacity, while cash generation reduced net debt despite elevated quarterly capex.

Financial highlights

• Q1 FY27 sales revenue was $83.3m, up 18% QoQ and 19% YoY; gas revenue was $78.7m and oil and condensate revenue was $4.6m.

• Average realised gas price was $10.69/GJ, up 4% QoQ; average oil and condensate realisation was $166.76/boe, up 40% QoQ.

• Sales volume was 7.53 PJe, up 11% QoQ; total production was 7.51 PJe, up 10% QoQ and 9% YoY.

Outlook and guidance

• ECSP first gas remains targeted for CY2028; Annie, Juliet and Artisan are designed for gross production up to ~90 TJ/day for at least four years from first gas, subject to assumptions and Artisan acquisition completion.

• FY27 capex guidance increased to $320–390m from $250–310m following Nestor sanction; otherwise, FY27 market guidance was unchanged from 18 August 2026.

• Nestor may be commercialised as early as CY2028 following a successful discovery, subject to regulatory approvals and licences; its point-forward 50% net drilling and completion cost is expected at $70–80m.

• Patricia Baleen restart entered FEED during the quarter, with FID targeted for early CY2027.