Amplitude Energy (ASX:AEL) said it expects an increase to its share of restoration costs for the offshore Minerva gas field, located in Commonwealth waters, following an update of the program from the operator, Woodside Energy (ASX:WDS), according to a Monday Australian bourse filing.
Woodside informed Amplitude that its total estimate for the decommissioning program's cost rose 100% from the original budget and that it expects a significant increase in the timeframe and cost of the decommissioning program's execution, logistics, and weather allowances.
The budget increase for the field will result in an additional pre-tax restoration expense of around AU$24 million in the firm's fiscal 2025 consolidated statement of comprehensive income, with the cash costs to be spread across fiscal 2025 and fiscal 2026, based on the current schedule of activity.
Amplitude holds a 10% non-operating interest in the Minerva field, a legacy, minority asset position acquired as part of its acquisition of multiple assets in 2017.
Amplitude Energy's shares fell 6% in recent Tuesday trade, while Woodside Energy's shares gained 1%.
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