Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Amplitude Energy ( (AU:AEL) ) has issued an announcement.
Amplitude Energy has reported that a sidetrack well into the Isabella prospect in the offshore Otway Basin has intersected a gas-bearing Waarre C sandstone reservoir. Preliminary drilling and logging data show elevated gas and resistivity readings, indicating a probable hydrocarbon presence with about 10.7 metres of gross gas-bearing interval and 8.2 metres of high-quality net pay.
The company will now conduct wireline logging to gather pressure and sample data to refine resource estimates and gas composition, after which it will decide whether to complete the well with a subsea tree and proceed to flow testing. While the find suggests potential for future development within its existing infrastructure plans, Amplitude stresses that commercial recoverability is not yet confirmed and further evaluation is required before any reserves can be booked.
The most recent analyst rating on (AU:AEL) stock is a Hold with a A$2.50 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, and also holds non-operated oil interests in the Cooper Basin and a portfolio of nearby exploration and development prospects.
YTD Price Performance: -12.67%
Average Trading Volume: 1,051,135
Technical Sentiment Signal: Hold
Current Market Cap: A$764.7M
Learn more about AEL stock on TipRanks’ Stock Analysis page.