Emperor Energy applies for extension and updates petrophysical evaluation

Emperor Energy Limited (ASX: $EMP) has applied for a 2-year extension of the Vic/P47 Exploration Permit, awaiting a final decision from the Federal Resources Minister. The extension will allow completion of the NOPSEMA approval process for the planned Judith-2 well, firming up an exploration partner, contracting a drill rig, and organizing long lead time equipment. The company remains confident of a positive outcome for the offshore Gippsland Basin project.

Executive Commentary on Vic/P47 Exploration Permit and Petrophysical Evaluation

The company is confident that the application for the 2-year extension of the Vic/P47 Exploration Permit will provide the necessary time to progress key activities for the Judith-2 well and secure exploration partners. The updated petrophysical evaluation has significantly increased permeabilities and confirmed the presence of mobile gas columns, leading to ongoing discussions with interested companies. The additional verification of petrophysical results has further strengthened our confidence in the project's potential.

Outlook for Emperor Energy

Emperor Energy's application for a 2-year extension of the Vic/P47 Exploration Permit reflects its commitment to advancing the offshore Gippsland Basin project. The company's confidence in a positive outcome and the significant increase in permeabilities from the updated petrophysical evaluation indicate a promising outlook. Additionally, the acquisition of gold mining leases in North Queensland presents an opportunity for early cash flow, aligning with the company's strategic goals. With ongoing discussions and verifications, Emperor Energy is poised for further advancements in its exploration and production endeavors.