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Amplitude Energy Intersects Gas-Bearing Reservoir at Victoria Well; Shares Up 8%

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Amplitude Energy (ASX:AEL) intersected a high-quality gas-bearing reservoir at the Juliet-1 exploration well in the Offshore Otway Basin, Victoria, according to a Tuesday filing with the Australian bourse.

The Juliet-1 8 1/2-inch hole section penetrated the primary Waarre C reservoir target and reached a total depth of 2,299 meters true vertical depth subsea, with initial drilling and logging data showing elevated gas readings, the filing said.

Wireline logging operations will be conducted over the coming days to inform resource volume estimates and determine initial gas composition, per the filing.

Shares rose 8% in morning trade Tuesday.

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