Amplitude Energy Limited · ASX:AEL
Amplitude Energy — H1 2025 Earnings Presentation
31 slides from Amplitude Energy's earnings presentation, Feb 25, 2025
Slide 1: FY25 half year results
FY25 half year results 25 February 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: H1 FY25 in review
#1 H1 FY25 in review »
Slide 4: H1 FY25 highlights
Unlocking Amplitude’s value Amplitude has moved past historical challenges and is now focused on growing supply into the tight East Coast domestic gas market Major decommissioning spend complete OGPP improvement & margin growth Progressing Otway growth H1 FY25 highlights 61.5 51.6 47.5 46.6 47.4 43.
Slide 5: Health, safety, environment and community performance
Health, safety, environment and community performance Results ahead of industry benchmarks through disciplined operations Safety H1 FY24 H1 FY25 Excellent safety performance Hours worked 216,782 129,058 Ahead of industry benchmark TRIFR1 No Tier 1 or Tier 2 process safety events Recordable inj
Slide 6: Orbost performance improvement
Orbost performance improvement New production records set at Orbost with further improvements targeted for H2 FY25 Orbost Gas Processing Plant (OGPP) average processing rate, TJ/d Production improvement in H1 FY25 driven by — Innovative engineering solutions to historical sulphur processing issues
Slide 7: Stable performance at Athena & Cooper Basin
Stable performance at Athena & Cooper Basin Targeting group production run-rate of >70 TJe/d by end-FY25 AGP average processing rate & Cooper Basin production, TJe/d1 Steady AGP production — Natural field decline offset by excellent plant reliability performance over the half 1.8 2.3 — Production
Slide 8: Gas trading & marketing opportunities
Gas trading & marketing opportunities Amplitude is generating additional value for its gas sales due to improved production performance and gas market tightness Spot market gas prices1 and AEL realised gas prices since Jan 2024, A$/GJ H2 FY24 OGPP volume split H1 FY25 OGPP volumes split 30 Spot Spot
Slide 9: Continuous improvement programme
Continuous improvement programme On track to realise around $12mm in cashflow improvements by the end of FY251 FY25 success - year-to-date and full year targets FY25 targets & example focus areas 59 initiatives company-wide, over half newly added in FY25 Complete outstanding actions from FY24 pr
Slide 10: East coast supply project (ECSP) targeting first gas in 2028
East coast supply project (ECSP) targeting first gas in 2028 Unlocking gas resources in established basins to backfill existing infrastructure Otway Basin Negotiating terms with O.G. Energy for its participation in the preferred three well ECSP programme on a 50% basis Amplitude’s firm rig slot
Slide 11: Domestic gas is the cheapest & lowest emissions option
Domestic gas is the cheapest & lowest emissions option LNG imports to Victoria would be more expensive and ~2-6x more emissions intensive than Amplitude Energy’s domestic gas East Coast contracted gas prices, A$/GJ Emissions intensity of producing LNG vs. domestic gas, kgCO2-e/GJ4 High Low High Low
Slide 12: Urgent demand for new domestic gas supply
Urgent demand for new domestic gas supply Risk of supply shortfalls during peak winter demand periods from 2025, and larger seasonal shortfalls from 2026 onwards Southern States AEMO domestic demand forecast, PJ p.a.1 Southern States AEMO supply forecast, PJ p.a.2 Industrial ResidentialCommercial GP
Slide 13: H1 FY25 financial highlights
#2 H1 FY25 financial highlights
Slide 14: 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 expenses, $mm \ $ per GJ produced OGPP improvement trial 73.5 36.0 34.2 opex + pipeline restrictions 34.0 32.2 $3.30 32.0 3.20/GJ 28.9 63.4 30.0
Slide 15: Record production & financial metrics
Record production & financial metrics Higher production growth and gas price realisations driving earnings and cash generation $mm unless indicated H1 FY24 H1 FY25 Change Record production due to improved OGPP performance Production, TJe/d 60.8 73.5 ▲ 21% — Tracking above guidance, ahead of plant
Slide 16: Record u-EBITDAX - bridge from H1 FY24
Record u-EBITDAX - bridge from H1 FY24 Record underlying earnings driven by greater gas sales volume and prices A$ million 1.6 (5.5) 3.2 13.9 (0.3) Increased sales volumes and average realised gas prices 19.5 Reduced crude oil liftings Slightly increased cost of sales, with reduced sulphur pha
Slide 17: Group cash—six monthly bridge from June to December 2024
Group cash—six monthly bridge from June to December 2024 Strong operating cash flows allowing reduction in net debt, following one-off payments in Q1 FY25 A$$million million Movements in cash and cash equivalents 31 December 2024 vs 30 June 2024 Total cash and (11.3) cash (1.5) equivalents, other fi
Slide 18: Significant capacity within debt facilities
Significant capacity within debt facilities Amplitude recently increased and extended its secured reserve-based loan (RBL) facility to maximise its financing flexibility and liquidity as the company enters its next leg of growth Bank facilities overview Liquidity overview Senior, secured RBL incre
Slide 19: 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 20: H2 FY25 outlook
#3 H2 FY25 outlook »
Slide 21: FY25 focus areas
FY25 focus areas Shareholder returns to be driven by increasing production into a tight market, operational leverage and de-risking growth Targeting group production run-rate of >70 TJe/d by end-FY25 Progress the preferred drilling program to deliver the East Coast Supply Project and backfill AGP fr
Slide 22: Positive outlook
Positive outlook Amplitude Energy has numerous value catalysts over the near and medium-term Catalysts in FY25 Project catalysts through 2025 and beyond Next stage of OGPP improvement initiatives Confirmation of ECSP drilling programme details in H2 FY25 Higher average realised gas prices thro
Slide 23: Appendix
#4 Appendix
Slide 24: FY25 guidance
FY25 guidance Focus on higher gas production driving cost efficiencies, cash generation and deleveraging, ahead of ECSP FY25 production: Upgraded to 65 – 72 TJe/day FY25 production expenses: $55 – 63mm1 FY25 capex: $50 – 60mm2 72 63 Stay-in- business CHN umbilical maintenance 62.1 65 61.1 59.2 OGPP
Slide 25: Gas plays a critical role in the future electricity market
Gas plays a critical role in the future electricity market “Without GPG, the electricity grid would be unable to cope with peak electricity demand.” Future Gas Strategy, Department of Infrastructure, Science and Resources, May 2024 South Australian electricity supply by type (~71% renewables annuall
Slide 26: Strong progress on emissions reduction targets
Strong progress on emissions reduction targets Delivered significant flaring reduction and progressing behind-the-meter solar PV opportunity Scope 1: Reduce flaring by 40% by FY30 from FY23 on an Scope 2: Integrate renewable electricity to support Amplitude Energy equity basis operations Negotiati
Slide 27: 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 28: Gippsland exploration opportunities
Gippsland exploration opportunities Prolific basin adjacent to existing infrastructure Prospective Resource Estimates for Gummy Deep, Manta Deep, Chimaera East and Wobbegong Prospects, offshore Gippsland Basin1 AEL Low (P90) Best (P50) Mean High (P10) Prospect Permit Pg4 equity (%) Bcf 2 MMbbl 3 Bcf
Slide 29: 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
Slide 30: Reconciliations
Reconciliations Underlying adjustments include restoration and business restructuring/transformation costs $mm H1 FY24 H1 FY25 $mm H1 FY24 H1 FY25 Underlying net profit / (loss) after tax 5.4 8.5 Statutory net profit / (loss) after tax (90.8) 7.6 Adjusted for: Adjusted for: NOGA levy 0.8 1.0 Net fin
Slide 31: Abbreviations
Abbreviations $ Australian dollars Amplitude Energy or 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 GJ Gigajoule JV Joint ventur