Amplitude Energy Reports Higher Fiscal Q3 Production, Sales; Shares Down 4%

MT Newswires Live04-20

Amplitude Energy (ASX:AEL) reported fiscal third-quarter production of 6.9 petajoules equivalent, up from 6.1 petajoules equivalent in the year-ago period, according to a Monday filing with the Australian bourse.

The company also reported a sales volume of 6.8 petajoules equivalent for the March quarter, up from 6 petajoules equivalent a year earlier, as well as "record quarterly revenue" of AU$74.1 million, compared with AU$63.4 million in the prior-year period.

The production capacity for Amplitude's Orbost Gas processing plant in Victoria has increased with successful production trials above previous nameplate capacity, and further production improvement is expected in the fiscal fourth quarter, the company said.

It has also completed maintenance at the Otway Basin and development work at the Cooper Basin, with additional gas and liquids production expected from those operations, respectively, per the filing.

The company's shares were down nearly 4% in recent Monday trade.

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