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The latest update is out from Amplitude Energy ( (AU:AEL) ).
Amplitude Energy has reported that its Elanora‑1 exploration well in the offshore Otway Basin reached total depth safely and ahead of schedule, but logging data showed no elevated gas readings in the primary Waarre A reservoir, which is interpreted as water‑bearing. The well will now be plugged, and the company will proceed with a planned sidetrack into the nearby Isabella prospect, which targets a different reservoir and remains central to its East Coast Supply Project.
Management said the disappointing Elanora outcome does not alter its assessment of the prospectivity of Waarre C sands targets such as Isabella, Juliet and Nestor. A successful Isabella sidetrack would be logged, flow‑tested and completed with subsea infrastructure for future development into the regional gas supply project, underscoring Amplitude’s continued push to secure new domestic gas volumes despite the Elanora setback.
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 processing plants in the Otway and Gippsland basins, alongside non‑operated oil production in the Cooper Basin, and holds long‑term gas contracts plus exposure to East Coast spot gas prices.
YTD Price Performance: 3.77%
Average Trading Volume: 746,789
Technical Sentiment Signal: Buy
Current Market Cap: A$908.6M
See more data about AEL stock on TipRanks’ Stock Analysis page.