Winners and Losers: ‘Disappointing’ results send gas producer sliding
The value of Amplitude Energy fell more than $200 million after it announced “disappointing” results from preliminary drilling of a prospective gas well.
Adelaide-based gas company Amplitude Energy was the week’s biggest Loser, with shares collapsing after it announced preliminary well drilling results.
The Elanora-1 exploration well in the Otway Basin off the Victorian coast delivered “disappointing” results for the firm, with no elevated gas readings and the reservoir interpreted to be water-bearing.
Managing director and CEO Jane Norman said that while the results were disappointing, the company would continue to develop its East Coast Supply Project.
But shares in Amplitude fell 22 per cent after the company made the announcement.
This meant that during the week, about $200 million was wiped off the company’s market capitalisation, which closed at $707 million on Friday afternoon. But shares in Amplitude remain up 11.71 per cent on a year-on-year comparison.
It came amid a volatile trading where investors gravitated to safe-haven stocks like big banks, including Commonwealth Bank, which posted a $5 billion half year profit.
South Australian Winners included Prophecy International (up 23.6 per cent), Papyrus Australia (up 20 per cent) and games developer Fortifai (up 16.67 per cent).
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Australian Rare Earths followed Amplitude on the top of the Losers list, while Andromeda Metals, H3 Energy and Sparc Tech rounded out the ranks.
The full list of Winners and Losers for the week ending February 13:
Data via Baker Young Limited analysts.
