Amplitude Energy (ASX:AEL) said its revenue is set to triple to AU$616 million, after raising AU$150 million through a placement and entitlement offer to fund the expansion, according to a Sept. 26 report by Euroz Hartleys.

Euroz expects the investment to provide a total risked developed gas resource of 130.9 billion cubic feet across four wells at the project, to extend the project's production life to end-2036, and lower operating costs to AU$1.50 per gigajoule, down from AU$1.80 per gigajoule.

The firm also values the project at AU$646 million, with additional upside of AU$344 million on successful exploration outcomes.

The expansion also provides the company with a second major East Coast production hub, reducing asset risk for the company, Euroz said.

The firm maintained Amplitude's buy rating and its AU$0.40 price target.