Amplitude Energy's (ASX:AEL) AU$80 million increase and extension of its existing debt facility will provide the company flexibility to execute its east coast supply growth project, Euroz Hartley said in a Dec. 11 note.
The domestic gas producer said in June that it is preparing for its next phase of growth in the Otway Basin along the Southern coast of Australia, a project known as the East Coast Supply Project.
In November, Amplitude Energy disclosed that to manage project risks and funding, it does not intend to pursue the three-well program at the project without a partner, and discussions with Japan-based Mitsui are ongoing to secure the partnership.
Euroz Hartleys said the market is still awaiting clarity on the program, with details of a potential funding partner expected to be revealed in the second half of the fiscal year.
The financial services firm reaffirmed its buy rating and price target of AU$0.33 on Amplitude Energy.
Amplitude Energy's shares fell nearly 3% in recent Monday trade.
Price (AUD): $0.20, Change: $-0.01, Percent Change: -2.50%
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