Amplitude Energy's (ASX:AEL) resumption of the East Coast Supply Project drilling will be the market's primary focus in the second half, and additional upside from further debottlenecking at Orbost and increased production from Otway/Cooper Basin should result in a record fiscal 2026 fourth quarter performance, Euroz Hartleys said in a Monday note.

Amplitude reported fiscal third-quarter production of 6.9 petajoules equivalent, up from 6.1 petajoules equivalent in the year-ago period. It 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 revenue was around 10% below consensus, driven by softer spot market pricing during the quarter through lower residential demand in southern markets during the summer/autumn shoulder season and increased supply flows from Queensland.

The investment firm retained its buy recommendation and its AU$3.25 price target on Amplitude Energy, but placed the price target under review.

Amplitude Energy's shares plunged 5% in recent Monday trade.