Amplitude Energy to Acquire 50% of Artisan Field for $58.3M, Boosting ECSP
AMPL•Amplitude Energy will pay $58.3 million upfront and a $3.75/GJ royalty capped at 31 petajoules to acquire a 50% interest in the Artisan gas field, adding to its ECSP alongside the Annie resource. The deal leverages existing Otway Basin infrastructure to accelerate targeted 2028 production start and improve project economics.
1. Transaction Structure
Amplitude Energy has signed a binding agreement to buy 50% of the Artisan gas field from Beach Energy for $58.3 million upfront, funded from existing sources, plus a $3.75/GJ royalty on future production capped at 31 petajoules net to the company.
2. ECSP Impact
Adding Artisan to the East Coast Supply Project alongside the Annie resource broadens the project’s base of discovered gas and enhances supply certainty ahead of the planned 2028 production start, potentially improving overall project economics.
3. Infrastructure Synergies
Artisan lies just 17 kilometres from Amplitude’s existing Otway Basin pipeline network and the Athena Gas Plant, allowing for a lower-cost development route using existing flowlines, tee pieces and processing capacity.
4. Development Timeline and Upside
The company anticipates moving to final investment decision within months while drilling of the Juliet and Annie wells starts by late July or early August, with potential further resource upside from Juliet and Nestor exploration.
