Annie-2 delivers upside: Amplitude cases well ahead of schedule and budget

Amplitude Energy has completed and cased the Annie-2 development well at a measured depth of 2,253 m, with preliminary data indicating better reservoir quality than the original Annie discovery off Victoria, Australia.

The well reached total depth on 28 October in permit VIC/L37, Commonwealth waters. Crews installed a subsea tree and ran clean-up operations on 9 and 10 November. Amplitude is now suspending the well ahead of its planned development within the East Coast Supply Project (ECSP), the company said.

What does the Annie-2 data show?

Data gathered so far indicates higher permeability, porosity and deliverability than at the initial discovery. Gas composition samples from Annie-2 match those taken at Annie-1, which found gas in the Waarre C reservoir in 2019.

The numbers behind the project frame the stakes:

• Gross 2C contingent resource for Annie: 65 PJ, or 32.4 PJ net to Amplitude
• Amplitude holds 50% of VIC/L37; O.G. Energy holds the other 50%
• Annie-2 sits about 10 km north of the planned tie-in point to the existing Casino, Henry, Netherby (CHN) pipeline
• First gas from the ECSP remains targeted for calendar year 2028

Amplitude took final investment decision on the ECSP development phase in September this year, putting Annie-2 firmly in the sanctioned-project column rather than appraisal-stage speculation.

What did management say?

Managing director and CEO Jane Norman said: "It is exciting to see preliminary results from Annie indicate upside to our estimates from the initial discovery."

She added: "Work on both Annie and Juliet Reserve estimates will continue over coming weeks, with results to date consistent with, or above, Amplitude Energy's pre-drill volume expectations. This potentially provides an even stronger resource base for the ECSP, with further upside possible from success at the upcoming Nestor exploration well."

Norman also flagged operational performance: "It is also very pleasing to see excellent safety, environmental and cost performance during the drilling of Juliet and Annie. Costs to date are well below budget for both wells."

How is the rig programme tracking?

The drilling programme is running ahead of planned schedule and budget, according to the company, which has not drawn on any of the general contingency allocated to the ECSP drilling campaign.

Operations at Annie-2 were expected to finish during the week of the announcement. The Transocean Equinox rig then moves to the Nestor exploration prospect, the final well in the ECSP campaign and the one remaining chance to add resource volume before development work accelerates toward the 2028 first-gas target.

For operators watching the Otway Basin corridor, the takeaway is straightforward: Annie-2 has improved the sanctioned ECSP resource base at below-budget cost, and the reserve estimates underpinning the project may rise again once the Annie and Juliet work is complete.