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Amplitude Energy ( (AU:AEL) ) has provided an announcement.
Amplitude Energy has reported that flow testing of the Isabella sidetrack well in the offshore Otway Basin has concluded the field is not commercially viable at its current location. The ST-1 well, drilled from the earlier Elanora-1 bore, will now be plugged and abandoned, with the Transocean Equinox rig to be released to other users in the regional drilling consortium.
Despite the setback, the company said its East Coast Supply Project remains on track, with the next well planned for the second half of 2026 and no changes to the project’s drilling schedule, budget or 2028 first-gas target. Management stressed that data from Isabella will inform future exploration and does not alter its confidence in other Otway Basin prospects, which are considered geologically simpler and key to its long-term supply strategy.
The most recent analyst rating on (AU:AEL) stock is a Buy with a A$3.65 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 is an Australian gas producer focused on supplying the southeast domestic gas market. The ASX-listed company owns and operates offshore gas fields in Commonwealth waters and onshore processing plants in the Otway and Gippsland Basins, near major demand centres, and also holds non-operated oil interests in the Cooper Basin alongside a portfolio of long-term gas supply contracts and undeveloped gas resources.
Average Trading Volume: 1,451,182
Technical Sentiment Signal: Hold
Current Market Cap: A$803.7M
For detailed information about AEL stock, go to TipRanks’ Stock Analysis page.