Emperor Energy has initiated a farm-in process to fund the Judith-2 appraisal well, aiming to unlock substantial gas reserves offshore Victoria and address tightening East Coast gas supply.
- Farm-in process commenced to fund Judith-2 appraisal well
- Potential to increase 2P gas reserves to 672 billion cubic feet
- Judith Gas Field 100% owned by Emperor Energy with strategic flexibility
- Drilling scheduled for mid-2026 with rig negotiations underway
- Located near existing Gippsland Basin gas infrastructure
Strategic Move to Unlock Gas Potential
Emperor Energy (ASX – EMP) has taken a significant step forward in developing the Judith Gas Field offshore Victoria by commencing a farm-in process to secure funding for the Judith-2 appraisal well. This move aims to convert substantial contingent and prospective gas resources into commercial reserves, potentially transforming the field into a major domestic gas supplier amid a tightening East Coast Australian market.
The Judith Gas Field, fully owned by Emperor, holds a combined contingent and prospective resource base that could yield up to 672 billion cubic feet (Bcf) of 2P gas reserves if the appraisal well and a potential sidetrack well prove successful. This represents a rare opportunity to tap into a large-scale gas source strategically located near existing infrastructure, including the Exxon and Woodside-owned Tuna Platform and the Amplitude-operated Orbost Gas Plant.
Resource Potential and Market Context
The Judith-2 well targets the Judith East 2C contingent resource of 166 Bcf and an additional 142 Bcf prospective resource in the deeper Judith East block. Success here could establish a 308 Bcf 2P reserve. Furthermore, a sidetrack well into the Northeast fault block could add another 364 Bcf, bringing the total to 672 Bcf. These volumes are significant given the forecast decline of over 30% in production from Southern Gas Fields over the next five years, intensifying supply pressures on the East Coast.
Emperor Energy’s Executive Director Phil McNamara highlighted the strategic importance of Judith’s location and timing, noting that success at Judith-2 could provide substantial value to shareholders and contribute to long-term energy security in the region. The company is actively negotiating to secure a jack-up rig currently operating nearby, with drilling planned for mid-2026.
Farm-In Process and Partnerships
To facilitate the farm-in process, Emperor has appointed Argonaut Corporate Finance Limited as exclusive financial advisor and Mumford Commercial Consulting for specialist commercial expertise. This approach underscores Emperor’s intent to attract a partner or partners to share the financial and operational risks of appraisal drilling, while retaining flexibility given its 100% ownership of the asset.
The farm-in process is a critical step in advancing the Judith project from resource estimation to commercial development. It reflects a broader industry trend where collaboration and capital partnerships are essential to progress large-scale gas projects amid evolving market dynamics and infrastructure considerations.
Looking Ahead
As the East Coast gas market faces tightening supply and sustained strong pricing, the Judith Gas Field stands out as a promising candidate to bolster domestic gas availability. The upcoming drilling campaign and farm-in outcomes will be closely watched by investors and industry observers, as they will shape Emperor Energy’s growth trajectory and the region’s energy landscape.
Bottom Line?
The Judith-2 appraisal well could redefine Emperor Energy’s role in Australia’s gas supply amid a tightening market.
Questions in the middle?
- Who will partner with Emperor Energy in the Judith-2 farm-in process?
- What are the technical risks associated with reaching the deeper Judith East (Deeps) resources?
- How will evolving East Coast gas market dynamics influence the commercial viability of Judith?