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An announcement from Amplitude Energy ( (AU:AEL) ) is now available.
Amplitude Energy has reported encouraging preliminary drilling and formation evaluation results from the Isabella prospect in the offshore Otway Basin, where it operates and holds a 50% interest alongside O.G. Energy. The well is a sidetrack from Elanora-1 and is targeting the Waarre C reservoir, with early data indicating approximately 11 metres of gross pay and 8 metres of net pay in gas-bearing sands.
Wireline logging and sampling conducted in early March suggest high deliverability and relatively low CO2 content of about 5 mol% in the Isabella reservoir. The gas-water contact is currently interpreted to lie below the intersected reservoir, pointing to a potentially larger gas accumulation and supporting the joint venture’s decision to proceed with casing, completion and a planned flow test.
The flow test, expected to take around two weeks, will be used to refine resource volume estimates and confirm gas composition for the field. A final investment decision on whether to develop Isabella will follow this evaluation, with the option to plug and abandon the well if the results do not support commercial development, underscoring the project’s appraisal-stage risk for stakeholders.
The most recent analyst rating on (AU:AEL) stock is a Buy with a A$3.35 price target. To see the full list of analyst forecasts on Amplitude Energy stock, see the AU:AEL Stock Forecast page.
More about Amplitude Energy
Amplitude Energy Limited is an Australian gas production company focused on supplying the southeast domestic gas market. It owns and operates offshore gas fields in Commonwealth waters and onshore processing plants in the Otway and Gippsland basins, near major demand centers, and also holds non-operated oil interests in the Cooper Basin and a portfolio of exploration and development prospects.
YTD Price Performance: -10.27%
Average Trading Volume: 1,144,532
Technical Sentiment Signal: Hold
Current Market Cap: A$785.7M
For a thorough assessment of AEL stock, go to TipRanks’ Stock Analysis page.