Amplitude Energy Limited · ASX:AEL
Amplitude Energy — Corporate Update (March 2025)
31 slides from Amplitude Energy's corporate update, Mar 24, 2025
Slide 1: East Coast Supply Project
East Coast Supply Project 24 March 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: Strategically-aligned partner for the East Coast Supply Project (ECSP) secured
Strategically-aligned partner for the East Coast Supply Project (ECSP) secured Three-well program approved, aiming to deliver up to 90 TJ/day1 to the domestic gas market from 2028 O.G. Energy is a strategically-aligned and well funded partner, validating the attractiveness of ECSP Additional gas sup
Slide 4: Joint venture alignment in the offshore Otway Basin
Joint venture alignment in the offshore Otway Basin Unlocking the preferred three well brownfield development in the Otway Basin and delivering on our strategy Summary of the Otway Basin JV agreements Amplitude Energy Otway Basin interests O.G. Energy to acquire Mitsui’s1 50% Otway Basin assets, i
Slide 5: AEMO forecasts robust gas demand for Southeast Australia for decades to come
AEMO forecasts robust gas demand for Southeast Australia for decades to come… Industrial demand remains flat as it is difficult to electrify and GPG demand is expected to grow to firm more renewables Southern States domestic demand forecast, PJ p.a.1 500 Industrial Residential & Commercial GPG Other
Slide 6: Leading to urgent demand for new domestic gas supply
… leading to urgent demand for new domestic gas supply Significant market opportunity to close the supply gap Southern States supply forecast, PJ p.a.1 Legacy Gippsland Basin fields, historically the largest and lowest cost Existing & Committed Supply Anticipated Supply source of gas supply, are d
Slide 7: Additional domestic gas and LNG imports needed to replace declining supply
Additional domestic gas and LNG imports needed to replace declining supply Lower cost and lower emissions domestic gas supports energy security for Australian customers and benefits the Australian economy through jobs and taxes East Coast contracted gas prices, A$/GJ Emissions intensity, kgCO2-e/GJ4
Slide 8: Brownfield project unlocking value of existing infrastructure
Brownfield project unlocking value of existing infrastructure World class exploration success rates in the Offshore Otway Basin delivering on our strategy into the next decade Otway Basin Low-risk 3-well exploration & development program Prioritising backfill for the Athena Gas Plant of up to ~90
Slide 9: ECSP drilling and development is phased over 2025—2028
ECSP drilling and development is phased over 2025—2028 The ECSP will be executed in two phases, with well completion conducted in the first phase, maximising cost efficiency Phase 1 Phase 2 Phase 1 estimate A$240-270mm1 Phase 2 preliminary cost indication A$140-185mm2 (three well success case) Upon
Slide 10: With exploration success, ECSP is transformational for Amplitude Energy
With exploration success, ECSP is transformational for Amplitude Energy From 2028, ECSP has the potential to: Increase Group production to >100 TJ/d Double Group revenue from FY24 levels Grow Group earnings ~3x from FY24 levels Increase Group reserves & resources by more than 60% Extend the life of
Slide 11: ECSP subsurface review
#1 ECSP subsurface review >
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 Otway Basin, top Waarre Formation prospective resource highlights1 ECSP prospects identified using modern seismic interpretation techniques on the same 3D dataset as the
Slide 13: Elanora/Isabella: largest potential resource booking
Elanora/Isabella: largest potential resource booking Targeting >300 Bcf gross mean unrisked prospective resource with 90% chance of discovering gas Twin exploration well to test Waarre Formation reservoir targets at Elanora and Isabella prospects from a single surface location Both prospects are
Slide 14: Juliet: low risk, directly under existing pipeline
Juliet: low risk, directly under existing pipeline 49 Bcf gross mean unrisked prospective resource with an 84% chance of discovering gas Juliet-1 A B Waarre C Amplitude 4km east of Casino gas field in ~63 metres High water depth Casino (WaC) Juliet (WaC) Located directly under the CHN pipeline L
Slide 15: Annie: 2019 discovered resource
Annie: 2019 discovered resource 65 PJ gross 2C discovered gas resource, 10 km from existing pipeline tie-in point Annie-2 Annie-1 A B Waarre C Amplitude Annie-1 (2019) discovered a 70 metre High thick, high-quality gas-bearing Waarre C reservoir Annie (WaC) Regional Seal Low Seismic amplitudes d
Slide 16: ECSP execution
#2 ECSP execution »
Slide 17: ECSP execution planning well progressed
ECSP execution planning well progressed Rig contracted as part of the Otway Basin Vast majority of drilling costs and rates now Engineering and approvals for ECSP consortium to reduce risk and costs known or contracted development phase underway Transocean Equinox semi-submersible rig Budget inc
Slide 18: ECSP timeline aims to achieve rapid commercialisation and optimise economics
ECSP timeline aims to achieve rapid commercialisation and optimise economics H1 CY2025 H2 CY2025 H1 CY2026 H2 CY2026 H1 CY2027 H2 CY2027 CY2028 Subsea tree and drilling long lead item orders campaign Drilling AEL 1st well drilling window Expected 2nd and 3rd well drilling window Develop Development
Slide 19: ECSP will reduce Athena emissions
ECSP will reduce Athena emissions ECSP will increase production and reduce Athena Gas Plant Scope 1 emissions, significantly lowering emissions intensity Current Athena emissions ~60kt CO2-e per annum, 100% gross Breakdown of FY24 net organisational emissions2 — Scope 1 + Scope 2 well below Safegu
Slide 20: ECSP commercialisation & funding
#3 ECSP commercialisation & funding
Slide 21: ECSP gas commercialisation
ECSP gas commercialisation ECSP gas is expected to be highly valued given its proximal location to major demand centres (VIC & SA) and Iona gas storage De-risk investment and optimise cost of funding Contract volumes Contracting ~70% of ECSP production under foundation GSAs of ~4–6 year duration
Slide 22: Significant committed undrawn funding under the existing RBL
Significant committed undrawn funding under the existing RBL Amplitude Energy’s reserves based loan (RBL) facility provides financial flexibility and liquidity Liquidity overview Reserves based loan (RBL) increased & extended in Dec 2024 — Facility limit increased to $480mm; committed and availabl
Slide 23: Indicative sources & uses of ECSP funding
Indicative sources & uses of ECSP funding Existing funding sources are sufficient to fund the preliminary indicative cost estimate of the ECSP three well success case Phase 1 sources & uses Phase 2 funding sources A$mm 500 Expected underlying organic FCF Surplus capital following Phase 1 is greate
Slide 24: Illustrative Group leverage trajectory to first gas
Illustrative Group leverage trajectory to first gas (indicative only, not guidance) Based on preliminary indicative ECSP cost estimates (three well success case) & illustrative underlying organic FCF generation Indicative only and does not constitute net debt guidance or free cashflow guidance A
Slide 25: ECSP next steps
#4 ECSP next steps »
Slide 26: Plans in place to manage and mitigate key elements of ECSP project risk
Plans in place to manage and mitigate key elements of ECSP project risk Vast majority of drilling contracts Risk mitigation through rig FX hedging locked in consortium Allowances for weather, non- Appropriate risk controls in Detailed engineering productive time based on contracting terms historical
Slide 27: ECSP is the next step in unlocking value embedded in Amplitude Energy
ECSP is the next step in unlocking value embedded in Amplitude Energy On exploration success, this project could deliver >10 years of reliable production from 2P reserves and 2C resources1 in the Otway Targeting >350 Bcf in gross mean unrisked resources2 High margin conventional production Value
Slide 28: Appendix
#4 Appendix
Slide 29: About O.G. Energy
About O.G. Energy O.G. Energy is the oil & gas arm of Ofer Global Deep experience in the Otway Basin: 40% non-operating partner with Beach Energy in its offshore Otway Basin interests, where that JV has drilled nine new wells since O.G. Energy joined the project in 2019, the largest ever drilling
Slide 30: AEL is now generating strong underlying organic free cashflow
AEL is now generating strong underlying organic free cashflow H1 FY25 financial results demonstrate an ability to generate ~A$150mm of underlying organic free cashflow on an annualised basis What does Amplitude Energy’s H1 FY25 underlying unlevered free cashflow (FCF) generation suggest for annual F
Slide 31: 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