• Firm commitments to raise $17.5M via placement of 145.8M new shares at $0.12 per share
• Funds to advance Judith-2 Appraisal Well, secure rig, and complete approvals
• Judith Gas Field has 1.86Tcf of P50 prospective recoverable gas resource

Emperor Energy has received firm commitments to raise approximately $17.5 million (before costs) via a placement of 145.8 million new shares at $0.12 per share. The funds will be used to advance activities for the Judith-2 Appraisal Well within the 100% owned Exploration Permit Vic/P47, including securing the Valaris 107 jack-up drill rig, tendering for support services, completing the environmental approval process, and conducting a geophysical survey. The Judith-2 Appraisal Well will appraise the commerciality of the previously discovered Judith East 2C Contingent Resource (166 Bcf) and the underlying Longtom Deeps P50 Prospective Resource (142 BCF). The total P50 Judith Gas Field Prospective Recoverable Gas Resource has been assessed by Gaffney Cline as 1,859 Bcf (1.86Tcf). Emperor Energy is also progressing a strategic funding process for the Judith-2 Appraisal Well, with positive engagement from domestic and international gas market participants interested in gas pre-sales agreements and/or asset farm-in opportunities.

The funds raised will be used to advance activities for the Judith-2 Appraisal Well, including securing the drilling rig, completing approvals, and progressing the strategic funding process for the well.

A positive appraisal well result will progress the Judith Gas Project towards commercialisation in the heavily under-supplied Australian East Coast Gas Market.