EMP.ASX: Successful $3.0M Placement and Appointment of Key Technical

Successful $3.0M Placement and Appointment of Key Technical

Stock	Emperor Energy Ltd (EMP.ASX)
Release Time	18 Dec 2024, 1:13 p.m.
Price Sensitive	Yes

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Emperor Energy Raises $3M, Appoints Key Technical Partners

Key Points

Firm commitments to raise $3M via placement at $0.023/share
Funds to advance Judith-2 Well in Vic/P47 permit
Appointment of technical partners including AGR, GaffneyCline, Xodus, Jasco and RPS

Full Summary

Emperor Energy Ltd has received firm commitments to raise $3.0 million (before costs) via a placement of approximately 130,434,783 million fully paid ordinary shares at an issue price of A$0.023 per share. The funds will be applied towards preparation and submission of the Judith-2 Environmental Plan, progression of the detailed Judith-2 Well design and planning, and other ongoing activities to advance the Judith-2 Well within Exploration Permit Vic/P47. The company has also appointed a suite of highly regarded technical partners, including AGR, GaffneyCline, Xodus, Jasco and RPS, to provide independent reports and support the strategic process being undertaken to drill the Judith-2 well and develop the Judith Gas Field. The Judith Gas Field is located 200km east of Melbourne in the Gippsland Basin and holds a 198 BCF (P50) 2C Contingent Resource around the Judith-1 Well, as well as a 2.2 TCF (P50) Prospective Resource in the Judith structure within the Vic/P47 permit.

Outlook

The company is focused on advancing the Judith-2 Well within the Vic/P47 permit, including preparation and submission of the Environmental Plan, progression of the detailed well design and planning, and ongoing activities to support the strategic process to drill the Judith-2 well and develop the Judith Gas Field.