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Amplitude Energy ( (AU:AEL) ) has issued an update.
Amplitude Energy has begun drilling the Elanora-1 exploration well, the first well in its East Coast Supply Project, using the Transocean Equinox rig in the VIC/L24 permit area of the offshore Otway Basin, close to existing Casino, Henry, Netherby pipeline infrastructure. The well is targeting a gross mean prospective gas resource of 161 Bcf in the Waarre A reservoir, with Amplitude holding a 50% interest alongside joint venture partner O.G. Energy, and management highlighting a relatively high estimated chance of geological success that could underpin future tie-backs into the company’s established infrastructure and support gas supply to Australia’s East Coast domestic market. Drilling and evaluation of Elanora-1 are expected to run for several weeks before the well is plugged and a sidetrack is drilled into the nearby Isabella prospect, which, if successful, will be logged, flow-tested, and completed with a subsea tree for future development, potentially strengthening Amplitude’s resource base and strategic position in the tight East Coast gas market.
The most recent analyst rating on (AU:AEL) stock is a Hold with a A$3.00 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 producer focused on supplying the southeast domestic gas market. The company owns and operates offshore gas fields in Commonwealth waters and onshore gas processing plants in the Otway and Gippsland Basins near major demand centres, holds non-operated oil production in the Cooper Basin, and maintains a portfolio of long-term gas supply contracts alongside exposure to the East Coast spot gas market and a substantial pipeline of exploration and development prospects, including the undeveloped Annie and Manta gas fields.
YTD Price Performance: 5.14%
Average Trading Volume: 607,447
Technical Sentiment Signal: Buy
Current Market Cap: A$920.6M
For a thorough assessment of AEL stock, go to TipRanks’ Stock Analysis page.