Winners and Losers: Amplitude an outlier as oil project abandoned
With all eyes hyper-fixated on the energy crisis, a local player in the gas space has abandoned a project. The company was punished on the share market as a result.
Adelaide-based company Amplitude Energy has abandoned an offshore gas project off the coast of Victoria after it was deemed to be “not commercial”.
The decision to plug and abandon the well in the Otway Basin, Victoria, sent the company’s shares into a tailspin – an outlier for oil and gas firms that continue to climb on the back of a booming crude oil price amid the Middle East war.
It was the second failure in a row for the firm, and the next chance for a commercial discovery for Amplitude won’t be until the second half of the year.
Shares dove 41.76 per cent in the week, with the company’s market capitalisation falling to $484 million from $818 million (a loss of $334 million in one week).
That placed Amplitude on the top of the Losers pile last week, during which trading continued to be defined by the Iran conflict and its impact on energy supply.
The ASX 200 index finished the week up 1.04 per cent – its first winning week since before the war kicked off.
Video games firm Fortifai surged on the back of half-yearly results, with losses falling 70 per cent to $517,000 (from $1.7 million). The company’s shares are up a huge 1595 per cent on the year.
Another US Navy contract sent AML3D up too, while 1414 Degrees rose 21.05 per cent after raising $2.7 million.
And Micro-X was a loser after the company announced a new chief financial officer – Mr Peter Dickman – who was previously the chief performance officer at Domino’s Pizza Enterprises.
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The full list of Winners and Losers for the week ended March 27:
Data via Baker Young analysts.
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