Amplitude Energy Limited has released an update on its petroleum reserves and contingent resources as of 30 June 2025. The announcement details that the company’s 2P gas and oil reserves now stand at 31.1 million barrels of oil equivalent (MMboe). This figure takes into account production of 4.4 MMboe during the 2025 financial year, along with upward revisions in the offshore Gippsland Basin—where updated subsurface modelling and improved history matching of the Sole gas field have increased reserves by 2.7 MMboe—and a modest 0.1 MMboe upward revision in the offshore Otway Basin. These gains were partly offset by a 0.2 MMboe reduction in the onshore Cooper Basin due to production performance challenges and field economic limits. In addition to its proved and probable reserves, the company reported 2C contingent resources amounting to 48.2 MMboe. The detailed breakdown shows that the Gippsland Basin contributes the bulk of both reserves and contingent resources, while resources from the Otway and Cooper Basins also support the overall portfolio. The conversion factors applied—1 petajoule (PJ) equating to approximately 0.163417 MMboe for sales gas and 1 MMbbl of crude oil or condensate corresponding to 1 boe—reflect the technical rigor underpinning these estimates. According to the announcement, the evaluations were fully prepared in line with the Society of Petroleum Engineers’ 2018 Petroleum Resources Management System guidelines, with data from both internally conducted assessments and independent operator reports. For investors and traders, the news offers a mix of positive and cautionary signals. On the bullish side, the upward revisions in the offshore Gippsland and Otway Basins, combined with an established portfolio of long-term gas supply contracts and a steadily managed production base, underline Amplitude Energy Limited’s potential for future growth in a key domestic market. However, some bearish sentiment may arise from the impact of FY25 production on the overall reserve numbers and the minor setbacks experienced in the onshore Cooper Basin, which could hint at challenges in sustaining reserve growth under current economic conditions. This blend of strong technical revisals and measured production outcomes positions the company at an interesting crossroads for investors keeping a close watch on Australia’s energy sector.