viewEmperor Energy Ltd

Emperor Energy engages AGR to plan and design exploration well in Judith Gas Field offshore Victoria

The initial scope of work will begin next month and requires one month to complete.

Emperor Energy Ltd - Emperor Energy advances farm-in talks with potential drilling partners as it picks AGR to plan and design Judith 2 Exploration Well, offshore Gippsland Basin, Victoria
The energy company raised $500,000 in a well-supported placement

Emperor Energy Ltd (ASX:EMP) has engaged global well management company AGR to plan and design the Judith 2 Exploration Well in Judith Gas Field in the offshore Gippsland Basin, Victoria.

Judith Gas Field, which is 100%-owned by EMP and hosts a P50 unrisked prospective resource of 1.2 Tcf and a 2C contingent resource of 150 Bcf, is strategically positioned to supply high-demand east-coast energy markets in Australia.

The company is also advancing farm-in talks with potential drilling partners and starting pre-FEED work with APA Group (ASX:APA), which is scheduled to commence in July.

Scope of work

AGR's scope of work, which will start in July and take one month to complete, will include:

  • A project execution plan outlining well operations, equipment, resources, regulatory approvals required and definition of the key dates;
  • Development of a regulatory timeline which will map out the various stages of preparation of the Environmental Plan for the well;
  • A drill rig expression of interest to clearly identify opportunities for a rig sharing agreement to minimize mobilisation costs;
  • Preparation of a preliminary well design that can be further developed with detailed engineering; and
  • An analysis of well costs and well operation cost risks.

The initial scope of work will commence in July and require one month to complete.

Judith Gas Field

Emperor Energy’s 100%-owned Judith Gas Field lies within the VIC/P47 Permit, which is near existing gas production facilities operated by APA.

The independent resource statement released on July 11, 2019, highlighted:

  • 2C Contingent Gas Resource of 150 Bcf; and
  • P50 Unrisked Prospective Gas Resource of 1.226 Tcf.

Last month, Emperor Energy raised $500,000 in a well-supported placement to professional, sophisticated and other exempt investors with funds to help support the company's exploration efforts.

There were 18 million new fully paid ordinary shares issued at of 2.75 cents per new share, representing a discount of 32% to the company’s 15-day VWAP of 4.1 cents, and only a slight discount to the last traded price of 2.9 cents.

Quick facts: Emperor Energy Ltd

Price: 0.022 AUD

Market: ASX
Market Cap: $2.19 m

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