• Commencement of Farm-In Process to fund the Judith-2 Appraisal Well
• Emperor Energy holds 100% ownership of the Judith Gas Field (VIC/P47)
• Judith-2 Well targets 308 Bcf of 2C Contingent and P50 Prospective Resources

Emperor Energy Ltd (ASX:EMP) has announced the commencement of the farm-in process to fund the Judith-2 Appraisal Well in the Gippsland Basin, offshore Victoria. The company currently holds 100% ownership of the Judith Gas Field (VIC/P47), providing it with full flexibility for a strategic transaction. The Judith-2 Well will target the Judith East 2C Contingent Resource of 166 Bcf and the Judith East (Deeps) P50 Prospective Resource of 142 Bcf, potentially resulting in a total 308 Bcf 2P Gas Reserve from the Judith East block. Upon success of the Judith-2 Well, there may also be an opportunity to drill a sidetrack up-dip into the Northeast fault block, which could access an additional 364 Bcf of identified P50 Prospective Gas Resource, potentially resulting in a total 2P Gas Reserve of 672 Bcf. The Judith Gas Field is strategically located near existing pipeline infrastructure, including the Tuna Platform owned by Exxon and Woodside, and the Orbost Gas Plant owned by Amplitude. The Judith-2 Appraisal Well is scheduled for mid-2026, with Emperor in advanced discussions to secure a jack-up rig currently operating nearby in the Gippsland Basin. This represents a rare opportunity to gain exposure to a potentially large-scale domestic gas supply source in a tightening East Coast Australia gas market.

The commencement of the Farm-In Process for the Judith-2 Appraisal Well represents a pivotal step in unlocking the significant potential of the Judith Gas Field. Success at Judith-2 could establish a material new source of domestic gas supply, providing substantial value to Emperor's shareholders and long-term energy security for the region.