Amplitude Energy Limited

FY26 group production increased 3% to 27.6 petajoules equivalent, or 75.5 terajoules equivalent per day. Sales revenue rose 7% to $285.8 million, average realized gas price increased to $10.36 per gigajoule, and group unit production costs fell to $2.07 per gigajoule. Underlying EBITDAX increased 12% to $191.8 million, with an underlying EBITDAX margin of around 67%; adjusted cash from operations was $191 million and operating cash flows were $180.3 million. FY26 CapEx came in a little below the guided $125 million to $150 million range, and net debt at June 30 was $37.6 million, with cash of approximately $138 million. For FY27, production guidance is 26.6 to 28.5 petajoules equivalent, production expenses are guided to $58 million to $64 million, other cash expenses and cost of sales to $27 million to $31 million, and capital expenditure to $250 million to $310 million; the planned Orbost shutdown is 10 days.

Jane Norman framed FY26 as another strong year of delivery, emphasizing record operational and financial results, continued Orbost improvement, and a stronger resource base for the ECSP after the Artisan acquisition. She said the company remains on track for first gas in 2028 and expects a final investment decision on the development phase in the near term. Her tone was confident but measured, acknowledging the unsuccessful first exploration well while stressing that the drilling program was executed safely, on budget, and to best practice.

Ian Bucknell focused on margin expansion, operating leverage, and cash generation. He pointed to 3% production growth, a 5% rise in average realized prices, $57 million of production expenses, unit production costs of $2.07/GJ, and $191.8 million of underlying EBITDAX. He also highlighted $180.3 million of operating cash flow, $191 million of adjusted cash from operations, cash of about $138 million, and net debt of $37.6 million, noting $480 million available under the RBL with $175 million drawn plus a $25 million working capital facility.

Analysts focused on the optional Nestor well, the treatment of exploration spend, the impact of domestic gas reservation policy, and the economics/timing of Artisan and Patricia Baleen. Management said Nestor will be decided after Juliet results, with the JV partner wanting to wait and one rig slot available; geology was said not to be the main issue, with cost and timing more important. They also said exploration costs from offshore drilling campaigns are treated below the line as a lumpy item, while Artisan is viewed as strategically attractive and unlikely to be derailed by gas reservation policy. On Patricia Baleen, management described the restart as a low-cost, phased opportunity that reuses existing infrastructure.