Amplitude Energy has taken the final investment decision (FID) on the development phase of its East Coast Supply Project (ECSP) in Victoria, Australia, with first gas still targeted for calendar year 2028.
The company expects the project’s Annie, Juliet and Artisan fields in the Otway Basin to produce up to around 90 terajoules per day (TJ/d) of gross gas through the Athena Gas Plant for at least four years from first gas.
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The scope is subject to the completion of Amplitude Energy’s acquisition of Artisan. Nestor could also be added if its exploration well is successful.
Point-forward development costs for Amplitude Energy’s 50% share are estimated at $132.8m (A$190m)–A$210m across fiscal year 2027 (FY27) and FY28.
The estimate covers subsea infrastructure, modifications to the Athena plant, control system upgrades, pipeline re-lifing, approvals and project management. It also includes a potential subsea tie-in for Nestor.
The company said most development costs relate to fixed-cost items or fixed-rate contracts, with subsea contracting outcomes in line with its internal expectations. Funding is expected to come from existing cash reserves and cash flow.
The Nestor exploration well has been sanctioned by the ECSP joint venture partners, Amplitude Energy and O.G. Energy. The well will follow the Annie development well in the current Transocean Equinox campaign.
Amplitude Energy estimates its 50% share of Nestor drilling and completion costs at A$70m–80m.
As a result, the company has increased its FY27 capital expenditure guidance to A$320m–390m, from A$250m–310m. It said there was no other change to its market guidance issued on 18 August 2026.
The ECSP development phase is intended to connect discovered Otway Basin resources to existing infrastructure in Victoria. Annie and Artisan are estimated to contain more than 120 petajoules (PJ) of gross 2C contingent resources.
Amplitude Energy will update its reserves and resources statement after assessing whether those resources meet the criteria for reserves. Work on Juliet reserve estimates will continue.
The company has agreements with EnergyAustralia and AGL covering 35PJ of its share of ECSP production. The FID satisfies a key condition of those agreements.
Juliet-1 has been completed and cleaned up on 27–28 September 2026. The well is being suspended for potential development.
Gas samples showed approximately 1% carbon dioxide and 2% nitrogen. The rig is due to move to Annie this week for the Annie-2 development well.
Amplitude Energy managing director and CEO Jane Norman said: “Following the successful Juliet exploration result, we are pleased to have taken FID on the ECSP development phase, underpinned by Annie, Juliet and Artisan.
“AJA resources provide a very attractive base for the economics of the ECSP. Contracting outcomes and cost estimation work for FID provides greater visibility over expected development expenditure during FY27 and FY28.
“We are also excited to confirm the potential expansion of the ECSP via the Nestor well. The planned ‘one touch’ drilling and completion approach maximises capital efficiency by allowing the well to be completed during the current campaign if a discovery is made.”
In March this year, Amplitude Energy determined that the Isabella gas discovery in the VIC/L24 permit in the Otway Basin offshore Victoria was not commercially viable.
