Full Form Contract Executed for VALARIS 107 Drilling Rig

• Emperor Energy executed a contract for the Valaris 107 drilling rig
• Rig will be available in April 2027 after completing current commitments
• $3.5 million paid upfront, with additional payments planned for 2027
• Drilling Environmental Plan approved by NOPSEMA

Emperor Energy Ltd (ASX:EMP) has executed a full form contract with ENSCO Australia Pty. Ltd., a subsidiary of Valaris Limited, to secure the VALARIS 107 jack-up drilling rig for the Judith-2 Appraisal Well. The rig will be available in April 2027 after completing its current commitments in the offshore Gippsland Basin. Emperor has paid Valaris US$2.0 million upon executing the contract, adding to the US$1.5 million paid in September when a term sheet was agreed. The total $3.5 million is credited against the aggregate value of the drilling contract, which has a minimum duration of 30 days at an operating rate of US$165,000 per day. Additional payments will be made in 2027 prior to the rig's mobilization. The Judith-2 Drilling Environmental Plan was approved by NOPSEMA in late September.

Emperor Energy has paid $3.5 million upfront for the VALARIS 107 drilling rig.

Emperor Energy expects the VALARIS 107 rig to be available for the Judith-2 Appraisal Well in April 2027.