Highlights

  • Emperor Energy shares rose 4.17% to AUD 0.10 during the afternoon session on 5 June 2026.
  • The company submitted a revised Environmental Plan for the Judith-2 Appraisal Well to NOPSEMA.
  • Management said it remains confident of obtaining final approval following extensive revisions.
  • Key drilling support service tenders have been released as project preparations continue.
  • Contractors have been selected for both the site geophysical survey and well flow testing programs.
  • Negotiations for the Valaris-107 drilling rig have progressed into the final stages.

Emperor Energy Ltd (ASX:EMP) shares gained 4.17% to AUD 0.10 during the afternoon session on 5 June 2026 after the company provided a technical update on preparations for the Judith-2 Appraisal Well in the offshore Gippsland Basin. The announcement outlined progress across environmental approvals, drilling preparations, contractor selection and rig contracting activities, offering investors further visibility into the development pathway for the company's flagship gas project.

The latest gain adds to an already favourable longer-term performance, with Emperor Energy shares remaining up 233.33% over the past year.

About Emperor Energy

Emperor Energy is an Australian energy company with interests across both Upstream and Downstream Assets. The company focuses on identifying and developing energy opportunities within Australia, with particular emphasis on oil and gas exploration, appraisal and development projects.

Its primary asset is the wholly owned Judith Gas Field Project, located within permit Vic/P47 in the offshore Gippsland Basin of Victoria. The permit covers approximately 202 square kilometres and sits around 40 kilometres offshore from the Orbost Gas Plant.

Beyond Judith, Emperor Energy also holds the Backreef block in Western Australia's Canning Basin and maintains interests in several Mining leases in North Queensland. However, the Judith Gas Field remains the company's principal focus and the centrepiece of its current development strategy.

Judith Gas Field Remains a Key East Coast Energy Asset

The Judith Gas Field is regarded by the company as the largest undeveloped conventional gas field on Australia's East Coast.

Emperor Energy owns 100% of the Vic/P47 permit that contains the field, providing shareholders with full exposure to any future project development.

According to the company's previously released resource estimates, the field contains an independently assessed 166 billion cubic feet (BCF) of 2C Contingent Recoverable Gas Resource based on deterministic estimates.

In addition, the project holds a significantly larger P50 Prospective Recoverable Gas Resource estimate of 1,859 BCF under probabilistic assessment methodologies.

These resource figures continue to underpin investor interest in the project as the company works through the appraisal and regulatory approval process required before any potential future development decisions can be considered.

Environmental Plan Submission Marks Important Step

One of the most significant updates contained within the announcement was confirmation that Emperor Energy has submitted a revised Environmental Plan (EP) for the Judith-2 Appraisal Well to the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).

The revised submission follows an earlier request from the regulator seeking additional information.

According to the company, the updated Environmental Plan addresses all matters previously raised by NOPSEMA and incorporates extensive modifications developed during a comprehensive review process.

The work included contributions from key service providers as well as the incorporation of response planning documentation and supporting operational material.

Management noted that it has maintained ongoing engagement with NOPSEMA throughout the process and expressed confidence that the revised plan is progressing toward final approval.

For a project of this nature, environmental approvals represent one of the most important regulatory milestones, making the submission a notable development in the overall project timeline.

Preparations Continue Ahead of Planned 2027 Appraisal Well

The Judith-2 Appraisal Well is currently targeted for late Q1 of calendar year 2027.

While the drilling campaign remains some distance away, the latest update indicates that Emperor Energy is continuing to advance multiple workstreams in preparation for the operation.

The company reported that it has already secured critical long-lead drilling equipment required for the well.

This includes the surface wellhead, surface conductor casing and multiple casing strings that will be required during drilling operations.

Securing these components in advance is often considered an important element of project planning, particularly in an environment where specialist equipment can involve lengthy procurement lead times.

With these items now secured, the company has shifted greater attention toward supplier engagement and operational planning activities.

Tender Process Expands Across Key Services

Emperor Energy also provided details regarding progress on the procurement front.

The company has released tenders for a range of specialist drilling support services, including drilling consumables, mudlogging, Directional Drilling, wireline logging and logging-while-drilling (LWD) services.

These services play important roles during drilling campaigns, helping operators gather geological information, monitor well conditions and optimise drilling performance.

In addition to the tenders already released, Emperor Energy stated that further tenders are expected shortly for cementing operations and shore-based support services.

The expansion of procurement activities suggests project planning is moving into increasingly detailed stages as the company prepares for the anticipated drilling schedule.

Key Contractors Selected for Critical Operations

Alongside the tendering process, Emperor Energy confirmed that it has already selected contractors for two important components of the Judith-2 program.

The first involves a planned geophysical survey of the drilling site.

The survey is currently scheduled for August and is designed to identify any potential seabed hazards or shallow gas risks before drilling activities commence.

Such surveys are commonly undertaken as part of offshore project planning and help improve understanding of site-specific conditions.

The second contractor appointment relates to flow testing, also known as Drill Stem Testing (DST), for the Judith-2 Well.

Flow testing is an important component of appraisal programs as it can provide information regarding reservoir performance and production characteristics.

By securing contractors for both activities, Emperor Energy has continued to advance operational readiness ahead of future drilling.

Valaris-107 Rig Negotiations Enter Final Stages

Another notable development relates to the drilling rig that is expected to be used for the Judith-2 campaign.

Emperor Energy reported that negotiations with Valaris regarding the Valaris-107 jack-up drilling rig have progressed further and are now entering the final stages.

The company stated that revisions to draft contract terms have been advancing between the parties and discussions are now occurring on a regular basis as they work toward finalising a drilling contract.

The Valaris-107 rig is currently operating within the offshore Gippsland Basin and, according to Valaris, is expected to be available in March 2027.

Securing an appropriate drilling rig is one of the key operational requirements for any offshore appraisal program, making the progress of these negotiations a closely watched component of project planning.

The move into final-stage negotiations may provide investors with greater confidence regarding scheduling certainty as the company works toward its drilling objectives.

Multiple Project Workstreams Progress Simultaneously

One of the key takeaways from the announcement is the number of parallel activities currently being advanced by the company.

Rather than focusing solely on a single approval or operational task, Emperor Energy is progressing environmental approvals, equipment procurement, contractor selection, tender processes and rig contracting simultaneously.

This coordinated approach is intended to support project readiness ahead of the planned drilling campaign.

The latest update demonstrates continued activity across both regulatory and operational fronts, helping maintain momentum within the broader Judith-2 appraisal program.

For investors, such updates can be important because they provide insight into whether project timelines remain on track and whether key milestones are being achieved as anticipated.

Why the Market Appeared Encouraged

The market reaction suggests investors viewed the update favourably.

Although the announcement did not contain a new resource estimate or commercial discovery result, it provided evidence of continued progress toward the Judith-2 appraisal well.

The submission of the revised Environmental Plan, advancement of rig negotiations, release of key tenders and appointment of specialist contractors collectively indicate ongoing movement toward future drilling activities.

For a company whose valuation is closely linked to the development potential of the Judith Gas Field, incremental progress across these areas can attract investor attention.

The update also reinforced management's confidence regarding the pathway toward obtaining final environmental approval, which remains a critical step before drilling can proceed.

What This Means for Investors

Emperor Energy's latest announcement highlights continued advancement of the Judith-2 Appraisal Well program, which remains the company's primary development focus.

The submission of a revised Environmental Plan to NOPSEMA, selection of key contractors, release of drilling service tenders and progress toward securing the Valaris-107 rig all indicate that preparations are continuing ahead of the planned late Q1 2027 drilling schedule.

The Judith Gas Field's independently assessed 166 BCF 2C Contingent Recoverable Gas Resource and 1,859 BCF P50 Prospective Recoverable Gas Resource continue to underpin the project's significance. Investors will likely monitor upcoming developments, particularly any decision from NOPSEMA regarding environmental approvals and further updates on rig contracting and operational readiness.