Amplitude Energy Limited · ASX:AEL
Amplitude Energy — FY2025 Earnings Presentation
41 slides from Amplitude Energy's earnings presentation, Aug 19, 2025
Slide 1: FY25 full year results
FY25 full year results 19 August 2025
Slide 2: Disclaimer
Disclaimer This document contains summary information about Amplitude Energy and its activities as at the date of this document and should not be considered to be comprehensive or to comprise all the information which a shareholder or potential investor in Amplitude Energy may require in order to de
Slide 3: FY25 business priorities delivered
FY25 business priorities delivered Group production run-rate of >70 TJe/d June 2025 group production run-rate >77 TJe/d by end-FY25 FY25 total group production 73 TJe/d JV alignment established; 3 well drilling programme Progress 3 well ECSP drilling program, locked in and on-track targeting b
Slide 4: Building a track record of performance
Building a track record of performance Delivering production growth and cost reductions to drive earnings and cash generation Production, TJe/d Production expenses1, $m \ $ per GJ produced 73.0 85.0 80.4 80.0 $4.10 75.0 70.0 $3.97 $3.60 62.1 65.0 61.1 62.1 59.2 $3.10 59.8 60.0 55.0 $2.60 55.5 $2.80
Slide 5: FY25 in review
#1 FY25 in review »
Slide 6: Health, safety, environment and community performance
Health, safety, environment and community performance Results ahead of industry benchmarks through disciplined operations Safety FY24 FY25 Excellent safety performance Hours worked 689,398 297,854 Ahead of industry benchmark TRIFR1 Over 18 months without a lost time injury Lost time injuries (
Slide 7: Orbost performance improved to nameplate
Orbost performance improved to nameplate New production records set at Orbost Gas Processing Plant (OGPP), with improved sulphur removal performance and reliability loss <1% OGPP average processing rate, TJ/d Select OGPP operational KPIs Number of absorber cleans Max absorber run length (days) 65.0
Slide 8: Athena & Cooper Basin
Athena & Cooper Basin Production impacted by short-term issues in H2 FY25 AGP average processing rate & Cooper Basin production, TJe/d1 Athena Gas Plant — Excellent plant reliability performance over FY25 — Planned maintenance shutdown in March 2025 completed 1.8 2.3 — Regular well cycling restore
Slide 9: Reserves & Resources at 30 June 2025
Reserves & Resources at 30 June 20251 Sole performing ahead of previous expectations, with 100% 1P reserves replacement and material 2P increase Change in 2P Reserves from 30 June 2024, PJe Annual movement in 2P Reserves — FY25 production 201.6 0.3 16.6 190.6 — Material upwards revision to Sole 1.
Slide 10: Continuous improvement programme
Continuous improvement programme ~$20m of cashflow improvement realised in FY25, with further improvement & cost reduction expected in FY26 FY25 success FY26 targets & example focus areas 70 initiatives completed or in delivery, over half newly added in FY25 Complete outstanding actions from FY2
Slide 11: Investment in Otway Basin growth
Investment in Otway Basin growth A number of operators have identified the Otway Basin as a strategic gas supply source for Australia’s domestic market Strategic, yet underexplored, gas supply basin for the tight domestic market Offshore Otway Basin, all operators Basin reinvigorated with upcoming
Slide 12: Exploration success rates in the Offshore Otway Basin are world class
Exploration success rates in the Offshore Otway Basin are world class 94% success rate for seismic amplitude-supported prospects in Otway Basin licences Otway Basin, top Waarre Formation prospective resource highlights1 ECSP prospects identified using modern seismic interpretation techniques on th
Slide 13: Unlocking the latent potential of our existing assets
Unlocking the latent potential of our existing assets Maximising value by utilising our existing installed infrastructure Backfilling Athena via ECSP Increasing OGPP production Progressing Patricia Baleen options 6m average production1 70 60 50 40 Jul '23 Jan '24 Jul '24 Jan '25 Jul '25 PB restart
Slide 14: FY25 financial highlights
#2 FY25 financial highlights
Slide 15: Record production & financial metrics
Record production & financial metrics Higher production growth and gas price realisations driving earnings, margin growth and cash generation $m unless indicated FY24 FY25 Change Record production driven by OGPP turnaround Production, TJe/d 62.1 73.0 ▲ 17% — Top end of the twice-increased guidance
Slide 16: Record u-EBITDAX - bridge from FY24
Record u-EBITDAX - bridge from FY24 Record underlying earnings driven by greater gas sales volumes, higher realised prices and ongoing cost reductions A$ million (7.9) 2.5 (7.9) 2.8 23.5 Increased sales volumes and average realised gas prices 33.4 Reduced crude oil production from Cooper Basin d
Slide 17: AEL is generating strong underlying organic cashflow
AEL is generating strong underlying organic cashflow FY25 financial results demonstrate AEL’s ability to generate >A$150m of annual underlying organic cashflow, with a largely fixed cost base supporting stronger cash generation and margin expansion at higher production rates A$ million 5.3 160.5 63.
Slide 18: Gas trading & marketing opportunities
Gas trading & marketing opportunities Spot sales increased to 31% of total gas sales in FY25 vs. 15% in FY24 Spot market gas prices1 and AEL realised gas prices since July 2024, A$/GJ Amplitude Energy is generating 20 additional value for its gas 18 sales due to improved production performance and
Slide 19: East Coast Supply Project
#3 East Coast Supply Project »
Slide 20: ECSP: Brownfield project on track to supply the market in 2028
ECSP: Brownfield project on track to supply the market in 2028 Unlocking supply from the Offshore Otway Basin through highly-prospective gas fields and use of existing infrastructure Otway Basin Low-risk 3-well exploration & development program Prioritising backfill for the Athena Gas Plant of up
Slide 21: Indicative cost estimate profile
ECSP is a phased near-field tie-in campaign Appropriate levels of activity allowance and contingency are embedded in cost estimates rapidly de-risking as phases are completed $450,000 $400,000 From the first year of plateau production, ECSP FID $350,000 Juliet-1 Annie-2 has the potential1 to: $300,0
Slide 22: FY26 outlook
#4 FY26 outlook »
Slide 23: FY26 guidance
FY26 guidance Focus on higher gas production driving cost efficiencies, cash generation and deleveraging, ahead of ECSP FY26 production: 69 – 74 TJe/day FY26 production expenses: $54 – 60mm1 FY26 capex: $125 – 150mm3 Annual PJ-equivalent 21.8 22.7 26.6 25.2 – 27.0 Development & exploration 74 60 SIB
Slide 24: FY26 focus areas
FY26 focus areas Shareholder returns to be driven by increasing production into a tight market, operational leverage and de-risking growth Elanora / Isabella drilling Progress the ECSP on schedule and budget Development FEED to achieve FID Foundation GSAs Increase OGPP capacity to >70 TJ/d i
Slide 25: Appendix A
#4 Appendix A »
Slide 26: Strong progress on sustainability targets
Strong progress on sustainability targets Delivery against our priorities Scope 1: Reduce flaring by 40% by FY30 from Scope 2: Integrate renewable electricity to Maintain carbon-neutral status FY23 on an equity basis support Amplitude Energy operations Carbon neutral status maintained1 59% reduc
Slide 27: Abbreviations
Abbreviations $ Australian dollars Amplitude Energy or the Company Amplitude Energy Limited ABN 93 096 170 295 AGP Athena Gas Plant ASX Australian Securities Exchange bbl Barrels Bcf Billion cubic feet of gas boe Barrel of oil equivalent CHN Casino, Henry and Netherby fields EBITDAX Earnings before
Slide 28: Appendix B: East Coast Domestic Gas Market
#4 Appendix B: East Coast Domestic Gas Market
Slide 29: Urgent demand for new domestic gas supply
Urgent demand for new domestic gas supply Federal agencies highlight risks of supply shortfalls during peak demand periods from 2026 and an ongoing supply gap from 20281 Southern States AEMO domestic demand forecast, PJ p.a.2 Southern States AEMO supply forecast, PJ p.a.3 Industrial Residential & Co
Slide 30: Increasing role of gas in the electricity market
Increasing role of gas in the electricity market Gas is already proving its critical role in firming the national electricity grid; its role will become more important as coal retires. Victorian electricity supply by type (average ~40% renewables over FY25), MW1 10,000 Coal Gas Battery (Discharging)
Slide 31: Domestic gas is the cheapest & lowest emissions option
Domestic gas is the cheapest & lowest emissions option LNG imports to Victoria would be more expensive and ~2-6x more emissions intensive than Amplitude Energy’s domestic gas Australian Southern States contracted gas prices, A$/GJ Emissions intensity of producing LNG vs. domestic gas, kgCO2-e/GJ4 Hi
Slide 32: Appendix C: Additional Financial Information
#4 Appendix C: Additional Financial Information
Slide 33: Increasing exposure to spot and current market prices
Increasing exposure to spot and current market prices Indicative uncontracted volumes assuming group average production of 70 TJe/day (equity gas) from CY2025 onwards Gas contract stack, existing reserves only1 PJ/annum Excludes any volumes from East Coast ~TJe/d 30 Assumes group production of Suppl
Slide 34: Significant capacity within debt facilities
Significant capacity within debt facilities Reserve-based loan (RBL) provides financing flexibility and liquidity as the company enters its next leg of growth Bank facilities overview Liquidity overview Senior, secured RBL increased and extended in December 2024 — Facility limit of $480mm, $475m a
Slide 35: Group cash— bridge from June 2024 to June 2025
Group cash— bridge from June 2024 to June 2025 Strong operating cash flows allowing reduction in net debt, following one-off payments in Q1 FY25 A$ A$million million Movements in cash and cash equivalents 30 June 2025 vs 30 June 2024 57.0 (63.3) Includes ECSP long-lead Includes ECSP Total cash and c
Slide 36: Illustrative Group net debt trajectory to first gas
Illustrative Group net debt trajectory to first gas (indicative only, not guidance) Based on preliminary indicative ECSP cost estimates (three well success case) & illustrative underlying organic cashflow generation Net debt A$mm Indicative only and does not constitute net debt 400 guidance or cas
Slide 37: Reconciliations
Reconciliations Reconciliation To Underlying EBITDAX Reconciliation To Underlying Profit $mm FY24 FY25 $mm FY24 FY25 Underlying net profit after tax 1.4 11.4 Statutory net loss after income tax (114.1) (41.3) Adjusted for: Adjusted for: OGPP acquisition and integration costs 0.1 - Net finance costs
Slide 38: Decommissioning provisions & impairment summary
Decommissioning provisions & impairment summary The vast majority of decommissioning provisions relate to work expected beyond 5 years from today Major items for next 5 years (<17% of the total decommissioning provision) Non-cash impairment related to Onshore Otway Basin Minerva (10% interest) $
Slide 39: Appendix D: Reserves and Resources Information
#4 Appendix D: Reserves and Resources Information
Slide 40: Otway exploration opportunities
Otway exploration opportunities High quality, low risk prospects in amplitude-supported play Otway Basin, Top Waarre Formation Prospective Resource Summary1 AEL Low (P90) Best (P50) Mean High (P10) Prospect Permit Pg4 equity (%) Gross2 Net3 Gross2 Net3 Gross2 Net3 Gross2 Net3 Elanora VIC/L24 50 56.1
Slide 41: Notes on calculation of reserves and contingent resources
Notes on calculation of reserves and contingent resources Amplitude Energy prepares its petroleum Reserves and Contingent Resources in accordance with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). The estimates of petrol