Amplitude Energy (ASX: AEL) Reports 26.7 MMboe in 2P Reserves

Amplitude Energy assessed its proved and probable gas and oil reserves at 26.7 million barrels of oil equivalent at June 30, 2026.

That compares with 31.1 million barrels of oil equivalent one year earlier. Fiscal 2026 production accounted for 4.5 million barrels of oil equivalent of the reduction.

The company also reported 50.8 million barrels of oil equivalent in 2C contingent resources. That was up 2.5 million barrels from the previous year.

The figures separate volumes considered commercially recoverable from known resources that still face development or commercial contingencies. This distinction helps explain the company’s current production base and its potential development inventory.

Production Drives Reserve Reduction

Amplitude’s 2P reserves comprised 159.7 petajoules of sales gas and 0.6 million barrels of oil and condensate. Together, these volumes equal 163.4 petajoules of energy.

Almost all 2P reserves were classified as developed. Developed reserves totalled 26.6 million barrels of oil equivalent, while undeveloped reserves were 0.1 million barrels.

The Gippsland Basin remained the largest contributor, holding 24.1 million barrels of oil equivalent in 2P reserves. Otway contributed 2.0 million barrels, while Cooper held 0.6 million barrels.

Gippsland reserves declined by 4.0 million barrels through production. A further 0.1 million-barrel downward revision reflected reconciliation between forecast and actual production.

In contrast, Cooper received a net upward revision of 0.1 million barrels. Amplitude attributed this to successful Callawonga development drilling and lower operating costs. Those costs extended the fields’ economic production life.

Amplitude’s proved reserves ended the period at 16.4 million barrels of oil equivalent. Proved, probable and possible reserves stood at 36.1 million barrels.

Sole-5 Lifts Contingent Resources

The increase in 2C contingent resources was led by the Sole-5 infill development opportunity. Amplitude booked an additional 3.1 million barrels of oil equivalent from that opportunity.

Updated technical evaluation of the Patricia Baleen restart project added another 0.4 million barrels. However, permit relinquishments in the Otway Basin removed 1.0 million barrels.

Those relinquishments covered PEL 494 and VIC/L34. They led to the removal of Dombey and the VIC/L34 portion of Black Watch from the resource estimate. The Black Watch resource within VIC/L33 remains booked.

Gippsland accounted for 40.9 million barrels of the company’s 2C resources. Otway held 9.5 million barrels, while Cooper contributed 0.4 million barrels.

Asset Position and Methodology

Amplitude supplies Australia’s southeast domestic gas market through offshore fields and onshore processing infrastructure. Its operated assets are located in the Gippsland and Otway basins, near major gas demand centres.

The company also has non-operated oil production in the Cooper Basin. Its portfolio includes long-term gas supply contracts and exposure to East Coast spot markets.

The estimates follow the Society of Petroleum Engineers’ 2018 Petroleum Resources Management System. Amplitude said all assets with booked reserves are reviewed internally each year. A full independent technical review of all reserves was completed in 2025.