Emperor Energy Secures $3.5M Cash, Advances Judith-2 Well Prep
Emperor Energy has appointed Tim Handley as Managing Director and is making significant progress on funding and preparing the Judith-2 appraisal well in the Offshore Gippsland Basin.
- Tim Handley appointed as Managing Director with extensive energy sector experience
- Strategic funding discussions underway with potential gas pre-sales and farm-in partners
- Engineering design and procurement of long lead time drilling equipment progressing
- Environmental Plan resubmitted to NOPSEMA, response expected February 2026
- Cash balance at $3.5 million with exploration costs of $1.193 million for the quarter
Leadership Change Signals New Phase
Emperor Energy has welcomed Tim Handley as its new Managing Director, effective January 2026. Handley brings over two decades of leadership in the energy sector, corporate development, and investment banking, including recent roles at AusNet and Viva Energy. His appointment comes at a pivotal moment as the company advances its flagship Judith Gas Project, aiming to drill the Judith-2 appraisal well in the third quarter of 2026.
Strategic Funding Efforts Gain Momentum
The company is actively progressing a strategic funding process for the Judith-2 well, engaging with large downstream gas users interested in gas pre-sales agreements or farm-in arrangements. A dedicated data room is operational, with several parties advancing through due diligence. These funding avenues could significantly offset the costs of the upcoming drilling campaign, reflecting growing market interest in new gas supply solutions amid East Coast energy transition challenges.
Technical and Procurement Milestones Achieved
Engineering design for the Judith-2 well, targeting the Judith and Longtom sands, is well underway in collaboration with AGR, the contracted well management provider. Emperor Energy has secured contracts for critical long lead time equipment, including the surface wellhead system, conductor, and casing strings, with delivery expected by June 2026. These steps reduce execution risk and position the company to meet its drilling timeline.
Regulatory and Operational Progress
Emperor Energy has resubmitted modifications to its Environmental Plan to NOPSEMA, with a response anticipated in February 2026. Meanwhile, the company’s application to extend the primary term of the Vic/P47 exploration permit is progressing through federal approval channels. To support operational activities, a new Melbourne office has been established as the headquarters for the Judith-2 drilling campaign.
Financial Position and Outlook
At the end of December 2025, Emperor Energy held $3.5 million in cash, having incurred $1.193 million in exploration costs during the quarter. Payments to directors and management totalled $194,000. While the company maintains sufficient funds for near-term operations, the cash runway is under two quarters, underscoring the importance of securing strategic funding to sustain the project’s momentum.
Bottom Line?
With leadership in place and key funding discussions advancing, Emperor Energy’s next steps will be critical in transforming the Judith Gas Project from appraisal to development.
Questions in the middle?
- Will Emperor Energy secure binding gas pre-sales or farm-in agreements to fund Judith-2 drilling?
- How will NOPSEMA’s response to the Environmental Plan impact the drilling schedule?
- What are the company’s plans to extend its cash runway beyond the next two quarters?
