Amplitude Energy deems Otway basin prospect non-commercial

Amplitude Energy Ltd. deemed an Isabella field prospect non-commercial in Otway basin permit VIC/L24 offshore southeast Australia, southwest of Casino field.

The prospect was drilled as a sidetrack (ST 1) from an earlier Elanora-1 well. In early March the ST-1 8 ½-in. hole section intersected gas in the primary Waarre C reservoir target. Following initial wireline tests, ST-1 was cased and completed followed by a flow test and pressure build-up period to inform resource volume estimates.

Pressure depletion during the testing period does not support commercial development of Isabella field in the present location of the sidetrack prospect. The ST-1 well will now be plugged and abandoned. Amplitude Energy will release the Transocean Equinox drilling rig to the next member of the offshore Otway Basin rig consortium, and the company will assess Elanora and Isabella drilling and flow test data over coming months.

The Elanora-1/ST-1 well program remains within the company’s budget. A final investment decision for the development phase of the East Coast Supply Project (ECSP) will be deferred to follow drilling of subsequent wells, expected in second half 2026.

As the project is well-advanced, there is no change to the ECSP drilling program, with the project budget or target for first gas in 2028.

Otway basin is about 500 km long and covers 155,000 sq km from Cape Jaffa in South Australia to north-west Tasmania. About 80% of the basin is offshore and 20% onshore. The ECSP intends to help meet East Coast domestic gas demand by developing subsea gas reserves to replace existing wells as they run out. Under the ECSP—Wells Connection Environment Plan, production wells will be tied into the existing subsea pipeline to allow hydrocarbons to be transported to the Athena gas plant.

Amplitude Energy is operator in VIC/L24 (50%) with O.G. Energy holding the remaining 50% interest.