Judith-2 Well Development Faces Regulatory and Funding Milestones Ahead
Emperor Energy has secured $3 million through a share placement to fund the Judith-2 Well development, appointing a suite of technical consultants to accelerate progress in the Gippsland Basin. The company’s strategic moves position it to unlock significant gas resources critical for South-Eastern Australia’s energy supply.
- Raised $3 million via December 2024 share placement at $0.023 per share
- Appointed leading technical consultants to advance Judith-2 Well planning and environmental approvals
- Judith Gas Field holds 198 BCF contingent and 2.2 TCF prospective gas resources
- Secured permit extension and strategic partnerships to leverage existing Gippsland Basin infrastructure
- Cash balance of $3.4 million at end of December 2024 supports ongoing exploration and development
Strategic Funding Boost for Judith-2 Well
Emperor Energy Limited (ASX: EMP) has taken a decisive step forward in its pursuit to develop the Judith Gas Field offshore Victoria, announcing a $3 million capital raise through a share placement completed in December 2024. The placement, priced at 2.3 cents per share, attracted firm commitments and will underpin critical preparatory work for the Judith-2 appraisal well, including environmental plan submissions and detailed well design.
This funding milestone complements a prior tranche raising $810,000, collectively strengthening the company’s financial position to $3.4 million in cash as of the end of last year. These funds are earmarked to advance the exploration permit Vic/P47, located in the prolific Gippsland Basin, a region pivotal to South-Eastern Australia’s domestic gas supply.
Expert Consultants Drive Technical and Environmental Progress
These partnerships not only provide independent validation of the project’s resource potential but also support the strategic process led by Argonaut Securities to attract an investment consortium for drilling and development. The comprehensive technical input is expected to de-risk the project and streamline approvals with NOPSEMA, Australia’s offshore safety regulator.
Judith Gas Field: A Significant Domestic Gas Opportunity
The Judith Gas Field, wholly owned by Emperor Energy, encompasses a 202 square kilometre permit area approximately 200 kilometres east of Melbourne. The field boasts a 198 billion cubic feet (BCF) contingent resource and a prospective resource of 2.2 trillion cubic feet (TCF), based on probabilistic assessments. These figures underscore the field’s potential to contribute meaningfully to Australia’s energy security.
Importantly, the Judith-1 discovery well drilled by Shell in 1989 intersected 189 metres of net gas-bearing sands, though it was never flow-tested. Recent seismic data acquisition and advanced petrophysical analysis have revealed permeabilities and mobile gas columns consistent with productive Gippsland Basin reservoirs, suggesting untapped upside potential.
Emperor Energy has also secured a permit extension from NOPTA, reinforcing its commitment to unlocking the field’s value. The company has established a memorandum of understanding with Amplitude Energy to explore processing and transfer solutions leveraging existing infrastructure at the Orbost Gas Processing Plant, which could accelerate commercialisation timelines.
Looking Ahead: Drilling and Development Plans
With pre-FEED studies completed for a pipeline and gas plant at Orbost, Emperor Energy is targeting mid-February 2025 for the submission of the Judith-2 Environmental Plan. The upcoming appraisal well aims to test high-yielding sands below the Judith-1 well total depth, analogous to the nearby Longtom Gas Field, which has demonstrated strong flow rates.
The company’s strategic focus on securing technical validation, regulatory approvals, and investment partnerships sets the stage for a pivotal phase in the Judith Gas Field’s development. The success of the Judith-2 well will be a critical catalyst for Emperor Energy’s growth trajectory and its role in addressing South-Eastern Australia’s gas supply needs.
Bottom Line?
Emperor Energy’s coordinated funding, expert partnerships, and strategic planning position Judith-2 as a key upcoming catalyst for the Gippsland Basin gas sector.
Questions in the middle?
- Will the Judith-2 well confirm the high permeability and gas volumes suggested by recent seismic and petrophysical data?
- How quickly can Emperor Energy secure an investment consortium to fund drilling and field development?
- What are the potential regulatory hurdles or environmental concerns that could impact the timing of the Judith-2 Environmental Plan approval?
