East coast gas producer Amplitude Energy has announced a $150 million equity raising to fund the expansion of a project in Victoria and pursue other opportunities aimed at meeting the surging demand for gas in the constrained market. Amplitude Energy focuses on gas exploration and production, aiming to deliver reliable energy solutions to the Australian market. The company is committed to sustainable development and responsible resource management.
The fully underwritten raising comprises a $100 million entitlement offer for existing shareholders and a $50 million placement to institutional investors. The new shares will be issued at 24¢ per share, reflecting a discount of just over 11 per cent compared to Monday’s closing price of 27¢. Euroz Hartleys and Macquarie Capital are jointly underwriting the offer.
The funding will enable Amplitude to drill a fourth well at its East Coast Supply Project, in partnership with OG Energy, targeting the Nestor exploration prospect in the offshore Otway Basin. Amplitude anticipates achieving first gas production from this project as early as 2028, contingent upon securing necessary approvals.
Furthermore, the company is planning to restart the Patricia Baleen field in the Gippsland Basin. This initiative aims to supply additional gas to the east coast market later this decade, further contributing to alleviating the region’s energy pressures.
