How Emperor Energy’s Judith Gas Field Could Shift East Coast Gas Supply

Resource Validation and Upgrade

Emperor Energy has announced a material upgrade to the resource base of its Judith Gas Field offshore Victoria, following an independent audit by international petroleum consultancy GaffneyCline. The audit validated previous petrophysical analysis and confirmed a 2C Contingent Resource of 166 billion cubic feet (Bcf) within the Judith East Block, alongside a P50 Prospective Resource of 142 Bcf in the deeper Longtom Gas Sands. This brings the total unrisked prospective resources across the field to 1.86 trillion cubic feet (Tcf), up from 1.63 Tcf previously.

The audit incorporated modern 3D seismic data and rigorous petrophysical evaluations, reinforcing confidence in the presence of mobile gas and reservoir quality that could support commercial flow rates. This independent validation is a significant milestone for Emperor, underpinning the strategic value of the Judith Gas Field in the context of Australia's tightening domestic gas market.

Capital Raising and Funding Progress

To advance the next phase of development, Emperor successfully completed a $3.7 million placement, attracting support from existing shareholders as well as new institutional and sophisticated investors. These funds are earmarked for progressing the Judith-2 appraisal well, including securing long lead-time equipment and negotiating the use of the Valaris 107 jack-up rig, which is currently operating nearby in the Gippsland Basin.

Emperor has also initiated a farm-in process to bring in strategic partners to share funding and development risks for the Judith-2 well, scheduled for drilling in the second half of 2026. The well will target both the 2C Contingent Resource and the underlying prospective resources, with the aim of proving commercial viability.

Strategic Appointments Strengthen Execution

In preparation for the upcoming drilling campaign, Emperor appointed Steven Marshall as Chief Operating Officer. Marshall brings over 25 years of offshore drilling and project leadership experience, including recent roles in the Gippsland Basin and Australia’s North-West Shelf. His expertise spans well engineering, regulatory approvals, rig contracting, and operational delivery, positioning Emperor to effectively manage the Judith-2 well program.

Additionally, Malcolm King joined the board as a Director. King is a seasoned oil and gas executive with deep technical and commercial experience, notably having served as Shell’s wellsite geologist during the original Judith-1 gas discovery well in 1989. His return to the project underscores confidence in the field’s potential and Emperor’s commitment to advancing development.

Positioning for East Coast Gas Supply

The Judith Gas Field’s proximity to existing infrastructure, including the Tuna Platform owned by Exxon and Woodside, and the Orbost Gas Plant operated by Amplitude, enhances its attractiveness as a domestic gas supply source. With East Coast Australia facing tightening gas supplies, success at Judith-2 could establish a new cornerstone project, contributing materially to regional energy security.

Emperor’s current cash balance of $5.1 million, combined with the recent capital raise and ongoing farm-in discussions, provides a solid financial footing as the company moves toward final investment decisions and regulatory approvals.