Amplitude Energy Takes FID on Otway Gas Project, Sanctions Nestor Well
September 30, 2026
Amplitude Energy has taken a final investment decision (FID) on the development phase of its East Coast Supply Project (ECSP) in Australia's Otway Basin, targeting first gas in 2028 and gross production of up to about 90 terajoules per day.
The development phase includes subsea installations and modifications to the Athena Gas Plant during fiscal 2028, with FID starting formal project execution and authorizing the award of key contracts.
Subject to completion of Amplitude Energy's acquisition of the Artisan field, the development will comprise the discovered Annie, Juliet and Artisan fields, with Nestor to be included if the upcoming exploration well is successful.
The Annie, Juliet and Artisan fields are designed to deliver gross production of up to about 90 TJ/day through the Athena Gas Plant for at least four years from first gas.
Amplitude Energy expects point-forward development costs of $135 million and $150 million (A$190 million to A$210 million) for its net 50% share over fiscal 2027 and 2028. The estimate covers subsea infrastructure installation, modifications to the Athena Gas Plant and control systems, pipeline re-lifing, approvals and project management, as well as the Nestor subsea tie-in if the exploration well is successful.
The ECSP joint venture partners, Amplitude Energy and O.G. Energy, have also sanctioned the Nestor exploration well, which will be drilled after the Annie development well using the Transocean’s Equinox semi-submersible drilling rig.
The company has already signed gas sales agreements with EnergyAustralia and AGL covering a combined 35 petajoules of its share of ECSP production, with the FID satisfying a key condition of those agreements.
Amplitude Energy has also completed the Juliet-1 well, which reached a peak surface-constrained flow rate of 56.7 million standard cubic feet per day during testing. The well is being suspended for future development, while the Transocean Equinox is due to move to the Annie discovery to begin operations on the Annie-2 development well.
“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 maximizes capital efficiency by allowing the well to be completed during the current campaign if a discovery is made,” said Jane Norman, Amplitude Energy Managing Director and CEO.
