Amplitude Energy Says Flow Test Results Do Not Support Commercial Development of Victoria Prospect Well; Shares Reach Two-Year Low

MT Newswires Live

03/25

Amplitude Energy (ASX:AEL) completed a sidetrack flow test at the Isabella prospect in permit VIC/L24 in the offshore Otway Basin, Victoria, and said that pressure depletion during the testing period does not support a commercial development of the Isabella field in the present location, according to a Wednesday Australian bourse filing.

The ST-1 well at the prospect will be plugged and abandoned, the filing said.

Amplitude Energy is the operator and holds a 50% stake in VIC/L24, while OG Energy holds the remaining 50% interest.

The final investment decision for the development phase of the East Coast Supply Project will be conducted after the drilling of subsequent wells, expected in the second half of the year.

The company's shares fell past 36% in recent trading on Wednesday and earlier reached a two-year low point.

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