Amplitude Energy (ASX:AEL) proposed the expansion of the East Coast supply project in Australia's Otway basin, which will potentially involve the addition of a fourth well to the existing program, targeting the Nestor prospect, which sits in the VIC/P76 exploration license, according to a Tuesday Australian bourse filing.

Amplitude Energy and its joint venture partner, O.G. Energy, plan to order a subsea tree for the drilling and completion of the Nestor well.

The expansion of the project with the Nestor well is subject to final joint venture approvals. Engineering and design work for the well is progressing, and all necessary regulatory approvals to drill the well are in place, per the filing. The joint venture partners are working towards an investment decision in the first quarter of 2026.

Subject to further studies and a subsequent investment decision, the proposed restart of the Patricia Baleen field in the Gippsland basin is expected to deliver additional gas supply to the east coast market. Amplitude is currently undertaking a SELECT phase study on the project and expects to move to the front-end engineering and design phase in 2026. Engineering tenders for the Orbost gas processing plant and pipeline restart work are underway.

Amplitude Energy launched a AU$150 million fully-underwritten equity raising, comprising a 1-for-6.35 accelerated non-renounceable entitlement offer to raise AU$100 million and a placement to raise AU$50 million. Around 625.9 million new fully paid ordinary shares will be issued under the raising at AU$0.24 per share. The placement will result in the issuance of 208.3 million new shares.

The institutional component of the entitlement offer will take place on Tuesday, along with the placement. Meanwhile, the retail entitlement offer will open on Sept. 30 and close on Oct. 9.