Amplitude Energy greenlights East Coast Supply Project development

Amplitude Energy has approved a final investment decision for the development phase of the East Coast Supply Project, a venture that will build production infrastructure to link discovered gas resources in Victoria's Otway Basin to existing facilities.

The Adelaide-based gas producer expects to spend between A$190 million and A$210 million on its share of the development across fiscal 2027 and 2028. The company said the costs would be met from existing cash reserves and operating cash flow.

The project is an equal joint venture with O.G Energy and is operated by Amplitude. It covers the Annie, Juliet and Artisan fields, along with the Nestor field, subject to exploration success. Gross production from the fields is expected to reach up to 90 terajoules per day, with first gas targeted in 2028.

The Otway Basin is a major offshore gas-producing hub and a critical source of supply for Australia's southeastern domestic energy market. The project is designed to channel gas from the basin into the east coast market at a time when Australia is weighing rules that would require gas exporters to set aside up to 20% of output for local users.

Amplitude's shares were down 2.3% at A$1.675, their lowest level since September 7.