Earnings call transcript: Amplitude Energy Q4 2025 sees revenue rise, stock dips

Amplitude Energy Limited (AEL) reported a robust financial performance for Q4 2025, with a 12% increase in revenue compared to the previous quarter. Despite this growth, the company’s stock experienced a slight decline of 1.09% in recent trading, closing at $0.23. According to InvestingPro analysis, AEL is currently trading near its 52-week high of $0.16, with a market capitalization of $393.8 million. The decline comes amid a broader market environment and specific challenges faced by the company.

Key Takeaways

• Amplitude Energy’s Q4 revenue rose by 12% from the previous quarter.
• Full-year sales revenue for FY 2025 increased by 22% compared to FY 2024.
• The average realized gas price improved by 10% year-over-year.
• The stock price decreased by 1.09% following the earnings report.

Company Performance

Amplitude Energy demonstrated strong growth in Q4 2025, with revenue reaching $70.7 million, marking a significant improvement over the previous quarter. For the full fiscal year 2025, the company achieved sales revenue of $267.7 million, a 22% increase from the prior year. InvestingPro data shows the company maintains a healthy current ratio of 1.87, indicating strong short-term liquidity. This performance underscores the company’s successful execution of its strategic initiatives, particularly in enhancing production capabilities and optimizing operational efficiencies. Get access to 8 more key financial health indicators with an InvestingPro subscription.

Financial Highlights

• Revenue: $70.7 million for Q4 2025, a 12% increase from the previous quarter.
• Full Year Sales Revenue: $267.7 million, representing a 22% increase from FY 2024.
• Average Realized Gas Price: $10.11 per gigajoule, a 10% year-over-year increase.

Outlook & Guidance

Amplitude Energy remains optimistic about its future prospects, with plans to continue debottlenecking its Orbost plant and exploring the restart of the Patricia Baleen project. The company is also focusing on increasing its production reserves and has initiated a marketing campaign for its East Coast Supply Project. Looking further ahead, the company forecasts an EPS of 0.0 USD for FY 2025 and 0.01 USD for FY 2026, with revenue projections of $178.12 million and $196.73 million, respectively. InvestingPro analysis indicates the company is quickly burning through cash, with a negative free cash flow yield, though analysts predict profitability this year. Discover detailed valuation metrics and 10 additional ProTips with an InvestingPro subscription.

Executive Commentary

CEO Jane Norman emphasized the company’s commitment to providing lower-cost and lower-emission gas to the local Southeastern market. She stated, "Gas produced and consumed in the local Southeastern market is significantly lower cost and multiple times lower emission than supply imported elsewhere." Chief Operating Officer Chad Wilson highlighted the company’s cautious approach to increasing production, noting, "We’re incrementing up in a couple petajoules a day steps over time just to see that we can do that in a reliable and safe manner."

Risks and Challenges

• Market Volatility: The energy market remains susceptible to fluctuations, impacting gas prices and demand.
• Supply Chain Constraints: Potential disruptions in supply chain logistics could affect production and delivery schedules.
• Regulatory Changes: Changes in environmental regulations could impose additional costs on operations.
• Economic Conditions: Broader economic uncertainties may influence industrial and retail demand for gas.

Q&A

During the earnings call, analysts inquired about the progress of the Minerva decommissioning and the potential restart of the Patricia Baleen project. Executives confirmed contract pricing for the East Coast Supply Project and discussed potential reserve upgrades for the Sole field, highlighting the company’s focus on expanding its resource base and enhancing production capabilities.

Amplitude Energy’s Q4 2025 performance reflects strong operational achievements and strategic advancements, though market reactions suggest investor caution amid broader economic and sector-specific challenges.

Full transcript - Amplitude Energy Ltd (AEL) Q4 2025:

Conference Operator: Thank you for standing by, and welcome to the Amplitude Energy Limited Q4 FY ’twenty five Quarterly Report Conference Call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. I would now like to hand the conference over to Ms. Jane Norman, Managing Director and Chief Executive Officer.

Please go ahead.

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Good morning. This is Jane Norman. I’m joined this morning by our acting Chief Financial Officer, Eddie Glavis and our Chief Operating Officer, Chad Wilson. This morning, we released our FY ’twenty five June quarter report. I will start with a short summary of my take on the quarter before opening the call for questions.

Our business has had an exceptional end to FY ’twenty five with record production, spot gas sales and revenue for the June. For the first time in the plant’s history, production from the sole field in this August averaged the nameplate capacity of 68 terajoules per day in the month of June. Together with our existing Otway And Cooper Basin production, the group production group produced the equivalent of over 77 terajoules per day in June, well above the target we set ourselves twelve months ago, which was for group production to exit FY ’25 above 70 terajoules per day. For FY ’25 as a whole, the group produced at 73 terajoules equivalent per day, the top end of our guidance range, which was increased twice over FY ’25. Group production for FY ’twenty five was in aggregate 17% higher than FY ’twenty four.

I’m very pleased with the operational performance at August and the collective focus within our engineering and operational teams on improved reliability, efficiency and continuous improvement. With the new base net line now set, we are confident that production near the nameplate capacity can be maintained and potentially improved. Another highlight for the quarter was our spot sales and trading performance. With a new record of two petajoules of gas sold into spot markets or 21 terajoules per day on average over the quarter. Roughly a third of the average production for Mobis is now going into the spot market or a little over one quarter of our average group production.

June

: was

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: an interesting case study in power markets, highlighting the important role that gas plays in delivering energy security to all Australians. A recent outage at the Uborne Brown Coal Power Station in Victoria has seen a significant increase in demand for gas power generation in the electricity system to ensure the lights stay on. This, combined with the usual variability of renewable power generation and the seasonal impacts of winter, saw spot gas prices rise and become more volatile throughout the month. Our commercial teams were able to take advantage of the trends emerging in spot markets and the disparity between the markets to maximize sale prices we achieved for our spot gas. Improved gas production drove revenue up to a new quarterly record of £70,700,000 up 12% from the prior quarter.

For the full FY ’twenty five year, sales revenue came in at $267,700,000 up 22% on FY ’twenty four. We continue to build cash and reduce our net debt levels ahead of the East Coast supply project, with net debt down to $242,800,000 by the end of the quarter. Net debt is now over $35,000,000 below its peak in the ’5 despite the investments we have made in long lead items for East Coast supply project over the last financial year. On a cash basis, we spent around £5,000,000 in the quarter to progress the East Coast supply project and a further £19,000,000 on restoration costs, the vast majority of which was for our 10% share of the Minerva decommissioning project, where the program to abandon the wells is now complete. Our cash generation was also impacted by movements within working capital, which we expect will unwind this quarter.

Progress on ECSP continues at pace ahead of our first well at the Eleonora and Isabella fields later this calendar year. We continue to closely manage the project budget and time line with long lead item orders and approvals on track to hit key milestones. We recently commenced front end engineering design work on the gas processing plant and subsea development phase of the project. Together with our JV partner, OG Energy, we intend to proceed to final investment decision on the development phase in the first half of calendar 2026. Throughout the quarter, we remain focused on our four business priorities for FY ’twenty five, and I will briefly touch on each of these now.

Firstly, to production performance. August production averaged a record of 67.1 terajoules per day for the quarter or 6.1 petajoules in total, up 17% from the prior quarter and capping off its great turnaround from prior years. Over the full FY ’twenty five financial year, Orbis produced at an average of 62 terajoules per day or 22 petajoules in total, a 25% increase on FY ’twenty four. Modifications to the internal configuration of the absorbers undertaken during the March shutdown, combined with the use of stainless steel packing in the absorber beds, significantly reduced foaming and fouling in the absorber unit. The number of absorbent unit cleans has undertaken during the quarter was reduced to only two, including a trial of a new chemical clean in place system.

Both absorbent units have smashed previous records for run times between clean, with the first absorbing unit last cleaned nine weeks ago and the second unit cleaned over sixteen weeks ago. Strong absorber performance and the additional redundancy provided by the h two s scavenger injection has enabled us to defer replacement of the media and the polishing unit, which we will now look to do in the months after winter. With sulfur processing no longer creating a regular constraint on the plant production, we are assessing the potential to increase the plant’s instantaneous nameplate capacity above 68 terajoules a day through debottlenecking of the plant and inlet pipeline. Internal technical work on this is largely complete, and we are now working through the required regulatory steps. In the Otway, we continue to see good reliability performance from the production at the Athena gas plant, which averaged 8.7 terajoules per day for our 50% share, representing a 0.8 petajoules or a 5% increase over the prior quarter.

Pleasingly, both plants operated at near 100% reliability over the June and demonstrated reliability loss well below the 1% for the whole of FY twenty five. Bear in mind that we set ourselves a target for reliability loss of below 2% by the end of FY twenty six, So it’s great to see both plants beating those targets already. Our second FY ’twenty five business priority was to progress the East Coast Supply project. The project maximises the use of existing off offshore and onshore Otway Basin invested infrastructure to bring much needed new gas supply to the southeast Australian market in 2028. As we previously announced, the Transocean Equinox drilling rig arrived in the offshore Otway Basin in April and is expected to commence drilling of our first well in its campaign for Amplitude Energy, being the Eleonore exploration well with the sidetrack to Isabella in late calendar year twenty twenty five.

Drilling at the second and third wells in the program targeting the Juliet prospect, followed by the Annie discovery, is expected to take place in the second half of calendar year 2026. This timing remains subject to a number of variables. Detailed planning and engineering for the East Coast supply project continued with multiple contracts awarded during the quarter to progress with the drilling of the three well program. Site survey work was undertaken at the drilling locations for confirmation of mooring line deployment for rig activities. Key long lead items, including the subsea trees, are on track to be delivered ahead of our drilling windows.

We also received the key approvals required to proceed with the drilling phase of the project. We understand that OG Energy, our incoming JV partner in the Otway Basin, has made considerable progress with transaction approvals for their Otway sales transaction with Mitsui and now expect to complete the remaining approvals in the current quarter. Planning for the plant modifications and subsea development phase of the East Coast supply project is also progressing, with FEED having commenced on this phase of the project and tenders for the subsea tie in scope to be issued over coming months. Amplitude Energy and OG Energy intend to proceed to final investment decision to undertake the development phase of the project in the first half of calendar year twenty twenty six. In the June, we commenced a marketing campaign with potential gas customers regarding the foundation contract for the East Coast Supply Project, which include marketing gas on behalf of OG Energy.

Project CapEx is expected to be funded from the existing cash on hand, underlying organic cash generation over 2025 to 2028 and the company’s existing bank debt facilities. Our third priority is to increase the realized gas price through increased exposure to spot and peaking product opportunities. We realized an average price for spot gas of $11.6 per gigajoule during the quarter, translating to $10.11 per gigajoule for our average realized gas price overall. This is 10% above our average realized gas price for the same quarter last year. Our average realized gas price for whole of FY ’twenty five was $9.91 a gigajoule, an increase of 12% over FY ’twenty four.

We generated additional margin by optimizing the profile of spot sales during high gas demand periods. This has been achieved by using pipeline storage to shape spot sales to the highest priced markets where possible. The ability to optimize spot sales has been made possible by Orbis’ improved, consistent and stable performance. Fourth and finally, we drove further cost and emission reductions through continuous improvements and efficiencies. Our continuous improvement program demonstrates what can be achieved with a collective mindset of thinking differently to keep identifying opportunities to do things better, reduce costs and improve output.

Building on the success of the FY ’twenty four transformation program, this year’s program focused on delivering further value and cash flow improvement through cost and emissions reductions, improved productivity and margin expansion. Over 70 separate initiatives across the business were identified over FY ’twenty five and were either completed or remain in delivery as of the June 30. In aggregate, the continuous improvement program resulted in improved cash flow of around $20,000,000 in FY ’twenty five, with the completion of remaining initiatives expected to realize significant benefits into FY ’twenty six and beyond. Like last year, the program outperformed our expectations with buy in across the organization. Over half of the realized value in FY ’twenty five came from new operational improvements at Orbis, primarily associated with the absorber cleaning and polisher treatment improvements.

These have driven near term value through increased sales volume, reduced contracted costs and reduced consumable costs. The continuous improvement focus will remain in FY ’twenty six, with a number of mature initiatives nearing value realization, including finding a beneficial use for the sulphur produced from the Orbis gas processing plant. As we have discussed before, we have been working with a local farming cooperative, the good Bippsland Agriculture Group. We conducted a trial in 2024 to determine the viability and effectiveness of the plant sulfur when applied to crop soil. Our sulphur was found to exhibit properties identical to other commercially available sulphur products.

After engagement with the Victorian EPA and potential off takers in the East Gippsland region, we have committed to a six month pilot sales agreement under which our sulphur is being distributed to farmers as a fertilizer additive. Late last month, our first load of elemental sulphur was delivered as a product to DevCo Australia, to manufacture a range of sulfur based products for the agriculture and industrial markets across Australia. In its pilot phase,

: the sulfur from Orbis will

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: be distributed to local Gippsland farmers, contributing to a new era of sustainable agricultural practices in the region, while at the same time reducing our waste costs and transport emissions. Our strong focus on organisational emissions remains, and the improvements at August mean we are ahead of our target for a 40% flaring reduction by FY 02/1930. We will have more to say on the continuous improvement program and expenses overall in the August results. So to summarize, as we look back on FY ’twenty five, we can genuinely say that we delivered well ahead of our four business priorities. We produced 77.1 terajoules equivalent per day at a group level and 67.1 terajoules per day at August over the quarter.

We continue to set production records and other operational records at August with our focus now turning to debottlenecking production and optimizing production costs. Record spot sales volumes into the tight East Coast gas markets drove improved average sales prices and margins. Revenue has materially stepped up and net debt continues to decline, now over $35,000,000 below its peak in September, despite the investments we have made in long lead items for ECSP over the last financial year. The East Coast supply project remains on track, and we look forward with excitement to the drilling in the first well later this year. Our business has exited FY ’twenty five with excellent momentum and, of course, our attention now turns to continuing growth into FY ’twenty six.

The East Coast domestic gas market remains in dire need of new supply sources, and we are proud to play our part in bringing additional gas supply to market as quickly as possible. Our growth project is one of the most significant new domestic gas supply projects in Australia’s Southeast, large enough to deliver enough gas to meet the demands of over 60,000 homes 600,000 homes. As you may have heard me say in the past, gas produced and consumed in the local Southeastern market is significantly lower cost and multiple times lower emission than supply imported elsewhere. Energy has never been more important to our way of life and to Australia’s economic prosperity, and it is encouraging to see more favorable public recognition of the important role gas plays in our country’s energy future. However, much more needs to be done, and we are hopeful that the gas market review that opened two weeks ago will focus on streamlining market regulation and approval processes to support new domestic gas supply over the long term.

On a final note, we are very pleased that Ian Davies will soon be joining the Board as Chairman-elect, with John Conday, AO, having confirmed that he will retire from the Board following our Annual General Meeting this year. Ian will be well known to many of you, and we’re excited to have someone of his caliber and experience accept a key role on our board. We will be looking to finalize our board and executive team renewal process with the appointment of a permanent CFO and the addition of nonexecutive directors in coming months. Now I’d like to open the line for questions.

Conference Operator: Thank you. Your first question comes from Gordon Ramsay from RBC Capital Markets. Go ahead.

Gordon Ramsay, Analyst, RBC Capital Markets: Hi, Jane and team. Great results with strong operational performance. Really nice to see that. First question relates to the realized gas prices, fell 1% relative to the previous quarter. We thought it might be higher, especially with really strong spot volumes, record levels from the company and the estimated VWG on average 11.5% over the quarter.

Was the new short term contract, was that priced at spot? I’m just trying to figure out reasons why it dropped 1%.

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: The new short term contract is consistent with other pricing we’ve seen this year, in particular with the range that ACCC publishes to the market. It was really the warm weather at the start of the quarter that pushed spot prices down, and we’ve seen that very strong pricing come through in the month of June with the Yvonne outage pushing up gas by power generation demand. We also saw a strong stronger gas prices at the start of this year as retail customers were recharging their positions in Iona as well before the winter. So I think on balance, we have probably had a stronger Q3 third quarter in terms of spot pricing and then slightly weaker start to winter with

Gordon Ramsay, Analyst, RBC Capital Markets: the warm weather, but it certainly ended up with strong pricing at the end of the quarter in June. Next question, just on Minerva. The decommissioning well work was completed, but the subsea facility work was not. Can you comment on the future timing and estimated cost to complete from the nerve of decommissioning?

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Sure. So the the capping of the three wells is now complete, and Woodside are now making arrangements for a work boat to come back and complete the infrastructure removal. And so that work is gonna be targeted to better weather windows over summer, and they’re currently running the process to secure a vessel for that.

Gordon Ramsay, Analyst, RBC Capital Markets: Okay. And lastly, just on Patricia Bellem, you’re looking at potentially commercializing it. What would that involve? And is there any feel for what production levels that might generate? And is that dependent on expanding the robust gas plant nominal production capacity?

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Thanks, Gordon. I’ll hand to Eddie on that.

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: Yes. We’re just looking at the restart of Patricia Bailey now and potential future studies for gas storage. But initially, for the restart, we’re planning to take that project to a select phase, which will involve all of the studies and engineering required in terms of the allergy that could be made available at the client and the rates that will be flowing. As soon as we get through that select phase, we’ll have an idea of rates and allergy and things like that, which we’ll be able to share at that time.

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: The

Conference Operator: next question comes from Nick Burns from Jarden Australia.

: Yes. Hi, Joan and team. Again, congratulations on the record quarter. It feels like the time is getting closer when we don’t talk about soft issues at Orbost anymore. Just in terms of debottlenecking activities there, just wanted to confirm, I think you said your analysis will be complete there and you’re progressing regulatory approvals.

Can you just confirm that? And then just talk about what level of debottlenecking you’ve been trialing, the time frame you think will be needed to obtain the necessary approvals and any investment required to achieve consistently high rates? Thanks.

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Yes. Thanks, Nick. Yes. We’ve we’ve completed the technical work, and it’s now going through the regulatory approvals, and I’ll I’ll hand to Chad to follow-up on the rest.

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: Yeah. So for regulatory approval time lines, that’s a great question. Working through the application on that now, they’re not very complex applications, but the approval times, we’ll work through those as they go. In terms of what levels we’re talking about is we’re incrementing up in a couple parajoules a day steps over time just to see that we can do that in a reliable and safe manner without impacting the production throughput of the plant.

: Got it. And then just on the East Coast supply project, you mentioned in the quarterly you’ve awarded multiple contracts. Can you just maybe give us an update in terms of how the cost of those contracts compare with your assumptions that underpin your Phase one cost estimate range of $240,000,000 to £270,000,000 you provided back in March?

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: Yes. So I think we’re over 98% of the contracts have been awarded now. They’re all falling within the contractual range that we had in announcement.

: Easy. And then you talked about kicking off gas marketing for the East Coast supply project during the quarter. And recently, Jane, I think you had a release talking about you might be in a position to contract an additional 20 petajoules of gas from solar depending on what happens there with gas reserves. Can you just give us a bit of an update in terms of engagement with gas buyers? How is the market progressing?

You’ve obviously did a small scale contract recently, but as you look ahead, you want to lock in some longer term contracts. You’ve got this evolving situation with either gas imports or further gas from Queensland. How does that engagement look like? Thanks.

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: I’ll take that one, Nick. Yes. So the first part of your question, yes, we have commenced a marketing campaign jointly with OG and we have dialogue with a number of customers there that has commenced and that is a mixture of retail and industrial customers as well. And we’re confident in terms of the pricing range that is going to be at market and when it comes online in 2028 or 2029, depending on when we choose to commence those contracts. With the rates that we’re getting now from Solon and GPP and also the confidence in the reserves, certainly, we’re getting increasingly confident with the reserve coverage there.

So at the right time, we may announce some more contracts for Seoul towards the back end. The contract stacks now really sort of opening up into that better pricing range. So we’ll wait and see in terms of how we go with this next round of ECSP as a priority and then follow-up with some more sold contracts. But certainly, the sentiment from the customers, the demand is there. There is a clear shortfall, particularly from 2028 onwards.

And it’s just about getting the right conversations with the customers in terms of the dynamics that are happening in the market. And as you mentioned as well with LNG imports. Now industrial, they look for 20 fourseven loads, so they won’t get their heads around LNG imports. And certainly, it’s our what we can offer and suits the industrial customer a lot more and it’s much closer to where they may be gas.

: That’s great. Thanks, Eddie. Appreciate it.

Conference Operator: Thank you. Your next question comes from Henry Meyer from Goldman Sachs. Please go ahead.

Henry Meyer, Analyst, Goldman Sachs: Just expanding on the potential sole reserves uplift. Could you elaborate on what data you’re seeing there that’s giving you confidence? And whether we should simply assume that 20 PJ sales uplift opportunity is indicative of the upside or potentially more?

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Thanks, Henry. We’ll provide more detail in our August results when we release the reserves report. And but at this stage, it’s looking positive in terms of risks doing their insurance work on this. And and at at this stage, it’s looking like probably another year equivalent production will be added to the reserve. So it’s really just pointing to the reserves being at the higher end of the range that was announced to the market.

And at the moment, our two p is around that twenty thirty two level, so potentially pushing it back a year. And if we see another year of strong production data for the plant and consistent wellhead pressures, then potentially, there’s an opportunity to do a crease again in another year’s time. And as Eddie said, that that gap is currently not contracted later in the decade. So it gives us a bit more flexibility to contract the volume towards the end of the decade.

Henry Meyer, Analyst, Goldman Sachs: Great. Thanks, Jane. Further west, there’s clearly an attractive opportunity to open Athena to third party tolling as well, subject to your own exploration success. But could you share whether any progress has been made there for potential tolling?

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: Yes, I’ll take that one. Look, we work together in a consortium with the drilling with all the parties in that region. The Athenic gas plant has significant knowledge even at the ECS P base case at 90, there’s still another potentially 60 terajoules a day going through there. So we continue to have conversations with all parties that can access that plant to commercialize their gas. We know how difficult it would be for a greenfield construction of a new plant through there.

And it’s incumbent on all of the parties that work in that region to make sure that we’re getting the gas evacuated to market in the best way. So certainly, there’s many conversations around that happening and certainly open for business to see what can be done most efficiently in the area.

Henry Meyer, Analyst, Goldman Sachs: Excellent. Okay. And last one, if I can, back on Patricia Bailene and potential storage opportunities. Could you comment perhaps on how you see the relative competitiveness of that as a storage field compared to other options in Victoria, Greenfield or Brownfield?

Eddie Glavis, Acting Chief Financial Officer, Amplitude Energy Limited: I think it’s early days at this stage. And it’s not necessarily the size of the reservoirs, right that you can inject and withdraw at. So we’re looking at various options about sort of linking a product to potential power generation as well. And initially, the first thing that we need to do is to ensure that, that production system and the operability of those wells is something that we’d like to get into the market as a priority and then keep studying the storage opportunities. So as I said before, once we get through the select phase, we’ll have more to say on that.

But yes, look, brownfield infrastructure that’s already there in place, we’ve got a good gas plant there and with plenty of compression, it’s always going to be competitive in the scheme of things. I think that on that side of Victoria as well through the Latrobe Valley, you’ve got a lot more capacity to get gas to and from that plant. It’s a lot more tighter over in the Tor Campbell area.

Conference Operator: The next question comes from Ewan Minog from Baron Joey. Please go ahead. Good afternoon, Ewan. You may have yourself on mute.

: Apologies. That’s my bad. Morning, guys, and congrats again on the result. Just a quick one for me. If we look further down the track, is there any opportunity for further debottlenecking at Orbost beyond the several territories a day targeted at this stage?

And if so, what would that look like? And what’s your current thinking there? Thank

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Yes. Thank you. And we’re doing that work at the moment to look at how much we can debottleneck the plant for sole production. And then in addition to that work, we’re doing the work around Patricia Behrling restart. And we’ve also talked before about doing the work with Seven Group to restart the long term field, which produces into that same Patricia Beiling system.

So, there are two separate pieces of work that clearly connected us. They’re going through the same plant. And but the producer bailing restart is potentially storage project and the restart of long term would be a larger expansion of the plant, which requires some capital investment. Whereas the work we’re doing right now on debottlenecking the total production through the Orbis plant that’s not really requiring CapEx. It’s simply around the ability for the plant to operate at that higher throughput and then managing the regulatory changes, which is what we’re working on right now.

Jackson Bonnick, Analyst, Euros Hartleys: Right. Thank you.

Conference Operator: Thank you. Your next question comes from Jackson Bonnick from Euros Hartleys. Please go ahead.

Jackson Bonnick, Analyst, Euros Hartleys: Congrats on the great operational result again. I was just wondering, Gordon touched on it with the Minerva abandonment spend. He asked for a figure on remaining spend, you didn’t give that, Jane. I guess that’s because the rig’s still to be contracted. But maybe you could give a split on spend that’s been done and what’s remaining there.

Like, on my numbers, it appears maybe half half. Is that about right?

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: No. I would say the majority of the spend is the Wells decommissioning. That’s the most complicated and expensive part of the work. So that’s now finished, and the remaining work around lifting infrastructure and removal of infrastructure will be considerably should be considerably lower CapEx.

Jackson Bonnick, Analyst, Euros Hartleys: Okay. If that’s the case, it seems like the the updated guidance there might have quite a bit of contingency. And so so that sounds good if

: the read through read through is correct there.

Jane Norman, Managing Director and Chief Executive Officer, Amplitude Energy Limited: Well, we hope so. Yeah.

Jackson Bonnick, Analyst, Euros Hartleys: Excellent. Good to hear. Thanks.

Conference Operator: Thank you. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.

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