Amplitude Energy Hits 49m Net Pay at Juliet-1 Pointing to Viable Otway Gas Field
Key Takeaways
- Juliet-1 has confirmed hydrocarbons in the Waarre C reservoir with at least 60 metres of gross pay and 49 metres of net pay — a substantial productive interval in one of Australia's most established gas provinces.
- CO₂ is estimated below 2 mol%, pointing to lower processing costs and stronger commercial gas quality, pending laboratory confirmation expected within approximately two weeks.
- The well programme is currently ahead of schedule and budget, a positive early signal for development cost discipline ahead of formal economics assessment.
- Juliet-1's location in permit VIC/L24 is adjacent to the existing Casino, Henry, Netherby pipeline, materially reducing the capital required to bring the field into production.
- Amplitude Energy and joint venture partner O.G. Energy have approved well completion, with clean-up, suspension, and integration into the East Coast Supply Project development pathway as the defined forward sequence.
Juliet-1 well confirms high-quality gas reservoir in the Otway Basin
Amplitude Energy has delivered a significant exploration result in the Otway Basin, with its Juliet-1 well confirming the presence of hydrocarbons in a high-quality gas reservoir. On 7 September 2026, the well penetrated the primary Waarre C reservoir target, reaching a corrected Total Depth (TD) of 2,199 metres TVDSS (True Vertical Depth Sub-Sea). This corrects the figure of 2,299 metres stated in the company’s ASX announcement of 8 September 2026.
Preliminary data from wireline logging conducted between 8 and 9 September 2026 indicates excellent reservoir quality, with high deliverability and CO₂ estimated at below 2 mol%. The Juliet-1 well programme is currently ahead of schedule and budget.
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What the Waarre C reservoir result means
The Waarre C formation is a well-known sandstone reservoir unit in the Otway Basin, one of Australia’s most productive gas provinces. Reaching this target and confirming the presence of hydrocarbons is a material step forward — it moves Juliet-1 from a drilling prospect into a confirmed reservoir with measurable characteristics.
To understand the result, a few terms are worth unpacking.
Gross pay refers to the total thickness of a rock interval that contains hydrocarbons. Net pay is the portion of that interval with sufficient porosity and permeability to actually produce gas at commercial rates. Think of it as the difference between a sponge that contains water and a sponge that can actually release it when squeezed. At Juliet-1, wireline testing identified at least 60 metres of gross pay, including 49 metres of net pay — a substantial thickness that supports a meaningful accumulation.
Deliverability describes how quickly gas can flow from the reservoir rock to the surface under production conditions. High deliverability means the reservoir can supply gas at rates that make development economically attractive, rather than requiring intensive stimulation to coax production.
CO₂ content matters commercially because gas with high carbon dioxide levels requires additional processing before it can enter pipelines and reach end customers. At an estimated below 2 mol%, Juliet-1’s gas composition points to lower processing costs and a cleaner product well-suited for domestic supply.
The testing programme used Modular Dynamic Testing (MDT), a wireline technique that collects pressure and fluid sample data from specific depth intervals without flowing the well to surface. 17 valid tests were conducted across zones between 2,127 and 2,186 metres TVDSS.
| Parameter | Detail | Why It Matters | Status |
|---|---|---|---|
| Gross Pay | At least 60 metres | Indicates the total hydrocarbon-bearing interval thickness | Preliminary |
| Net Pay | 49 metres | Productive portion capable of delivering gas at commercial rates | Preliminary |
| CO₂ Composition | Estimated below 2 mol% | Low CO₂ reduces processing costs and improves gas quality for domestic supply | Preliminary (to be confirmed by lab analysis) |
| Reservoir Type | Waarre C formation sands | A known productive sandstone unit in the Otway Basin | Preliminary |
| Well Status | Ahead of schedule and budget | Positive signal for development economics | Current |
Completion approved — next steps toward East Coast supply
Amplitude Energy and joint venture partner O.G. Energy have approved the completion of Juliet-1. The forward plan follows a defined sequence:
- Well completion — the approved next step following the formation evaluation programme.
- Well clean-up — flowing the well to remove drilling fluids and gather further deliverability data.
- Suspension — the well is temporarily suspended in a state ready for future development.
- Development readiness — Juliet-1 becomes part of the East Coast Supply Project development pathway.
Information gathered during the clean-up phase is expected to further inform reservoir deliverability assessments. Laboratory analysis of gas samples collected during testing will also be undertaken to confirm gas composition. These activities are expected to be completed within approximately two weeks of the 10 September 2026 announcement date.
The well’s strategic location is commercially relevant. Juliet-1 sits in permit VIC/L24, offshore Otway Basin, adjacent to the existing Casino, Henry, Netherby (CHN) pipeline. Proximity to established pipeline infrastructure reduces the capital investment required to bring the field into production, a meaningful factor when assessing development economics.
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Investment case: an exploration win feeding a domestic gas strategy
Amplitude Energy operates as a domestic gas supplier focused on the Southeast Australia market. The company owns and operates offshore gas fields in the Otway and Gippsland Basins, with onshore processing facilities close to Australia’s largest gas demand centres. The company also holds non-operated oil production in the Cooper Basin and maintains a portfolio of long-term customer gas supply contracts alongside exposure to East Coast spot gas markets.
Juliet-1 sits within a broader portfolio that includes the East Coast Supply Project and undeveloped discovered resources such as the Annie and Manta gas fields. The 50/50 working interest structure sees Amplitude Energy as operator with O.G. Energy holding the remaining 50% interest in permit VIC/L24.
Investors should note that no estimate of petroleum reserves or contingent resources is being reported in this announcement. Interpretation of the data remains ongoing and is subject to further logging, testing, and evaluation.
The key commercial read-throughs from the Juliet-1 result to date are:
- Schedule and budget: The well programme is currently ahead of both, a positive indicator for development cost discipline.
- Reservoir quality: High deliverability and substantial net pay of 49 metres support the case for a viable development asset.
- Gas composition: CO₂ estimated at below 2 mol% points to lower processing requirements and stronger commercial gas quality.
- Infrastructure proximity: Location adjacent to the existing CHN pipeline positions Juliet-1 to benefit from reduced development capital requirements.
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