Amplitude Energy (ASX:AEL) said that drilling at its Elanora-1 exploration well in the Offshore Otway Basin has concluded after intersecting a water-bearing reservoir.
While the well reached its total depth of 1,857m TVDSS ahead of schedule and without incident, preliminary logging data confirmed no elevated gas readings within the primary Waarre A target.
Despite the disappointing result at the primary target, the company is moving swiftly to its next objective.
Elanora-1 will be plugged to allow for a planned sidetrack into the adjacent Isabella prospect. This next phase is estimated to take between 14 and 18 days.
Unlike Elanora, which targeted the Waarre A sands, Isabella focuses on the Waarre C reservoir, a separate geological formation that management remains optimistic about.
Managing Director and CEO Jane Norman emphasised that the outcome at Elanora-1 does not diminish the potential of the broader East Coast Supply Project.
"The result at Elanora was intended to inform our long-term exploration plans, but it does not impact our view on the probability of success for Waarre C targets like Isabella, Juliet, or Nestor," Norman stated.
If the Isabella sidetrack proves successful, Amplitude plans to conduct immediate evaluation via logging while drilling and flow testing.
At the time of reporting, Amplitude Energy's share price was $2.50.