Amplitude Energy Says Victoria Well Reservoir Target Showed No Elevated Gas Readings; Shares Down 21%

MT Newswires Live

02/10

Amplitude Energy (ASX:AEL) said drilling operations at the Elanora-1 exploration well in the Offshore Otway Basin, Victoria, reached the the primary Waarre A reservoir target, which recorded no elevated gas readings, according to a Tuesday filing with the Australian bourse.

Preliminary drilling and logging data showed that the reservoir is water-bearing, the filing said.

The well will now be plugged and a sidetrack will be drilled into the adjacent Isabella prospect, per the filing.

Shares fell nearly 21% in midday trade Tuesday.

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