Emperor Energy Ltd (ASX:EMP) has completed the final payment of delayed settlement terms with consultants 3D-Geo via the allocation of a total of 3.5 million shares at $0.033 per share to a total value of $115,500.
This finalises all payments for detailed geological studies and associated work carried out by 3D-Geo across a three-year time frame in relation to the Judith Gas Field in the offshore Gippsland Basin, Victoria.
The company looks forward to an ongoing technical support relationship with 3D-Geo as work on the Judith Gas Field progresses.
Exploration permit extension
Late last year, Emperor Energy was granted an extension of the primary term of the Vic/P47 Exploration Permit in the Offshore Gippsland Basin by 30 months, extending the required final date for drilling of the Judith 2 Exploration Well out to August 2023.
The extension was granted mainly due to the imminent availability of new seismic data that will be generated from the Multi-Client 3D seismic acquisition.
The additional time will allow Emperor Energy to accurately assess the new seismic data, further develop planning of the well, and progress securing an exploration and development partner for the project without the threat of a pending permit deadline.