Key Highlights

  • Emperor Energy Limited (ASX:EMP) reported on its 2026 operating activities, financial position and project developments. Its recent disclosures address Judith-2 rig arrangements, environmental authorisation and the proposed well programme.
  • The company signed a term sheet for the VALARIS 107 jack-up rig to drill the Judith-2 appraisal well in the offshore Gippsland Basin.
  • The company disclosed an existing Judith contingent-resource estimate with a best 2C total of 165.7 billion standard cubic feet across four Emperor Sand intervals.
  • The company secured a term sheet for the VALARIS 107 rig targeting Judith-2 drilling in April 2027.
  • Its Judith-2 drilling Environment Plan was accepted by NOPSEMA, while quarterly closing cash was AUD 10.9 million.

Emperor Energy Limited (ASX:EMP) is advancing an offshore gas appraisal programme in Victoria’s Gippsland Basin, where the Judith project remains its principal operational focus. Its shares were quoted at AUD 0.083, up 1.22%, on 4 November 2026. The company’s recent work has involved rig arrangements, regulatory authorisations and preparations for the proposed Judith-2 well.

The quarterly activities report released on 30 October 2026 described a term sheet for the VALARIS 107 drilling rig and acceptance of the Judith-2 environment plan. The targeted drilling timetable remains subject to equipment availability and completion of the relevant pre-drilling requirements.

Rig and Well Preparation

The company signed a term sheet for the VALARIS 107 jack-up rig to drill the Judith-2 appraisal well in the offshore Gippsland Basin. The rig was expected to become available following existing regional commitments in April 2027. The arrangement contemplated approximately 30 days for drilling followed by 15 days of flow testing.

The company continued procurement of long-lead items, including wellhead equipment, casing and liner components. Its September-quarter programme also included preparation of a Well Operations Management Plan and a revision of the rig safety case. These planning items support the proposed drilling campaign but are not equivalent to commencing drilling.

Environmental Approval

The Judith-2 drilling environment plan received acceptance from the National Offshore Petroleum Safety and Environmental Management Authority on 30 September 2026. The company identified this as the key environmental approval required for the proposed offshore appraisal well.

A well-site geophysical survey was scheduled to begin on 23 November 2026. Logistics tenders covered vessels, aviation and other supporting services, while shore-based activities were expected to operate from the Barry Beach Marine Terminal. The company continued work on the associated permits and service arrangements.

Judith Resources and Funding

The company disclosed an existing Judith contingent-resource estimate with a best 2C total of 165.7 billion standard cubic feet across four Emperor Sand intervals. Its low 1C and high 3C estimates were 49.6 and 259.8 billion standard cubic feet respectively. These are contingent-resource estimates, not production or reserves.

The company continued discussing strategic funding for the appraisal well with energy retailers, industrial gas users, LNG exporters and potential data-centre energy customers. It also described possible funding approaches involving pre-sales, farm-ins and industry partnerships. The company had AUD 10.9 million in cash at the end of September.

Development Context and Key Insights

The company submitted proposals to the Commonwealth gas-policy review process and continued engaging with Victorian and federal authorities about the potential Supply role of Judith gas. These submissions form part of the company’s regulatory and commercial activities rather than evidence of a final gas sales agreement.

The company’s 2026 activity has concentrated on rig availability, environmental approval, equipment procurement and funding discussions. The planned 2027 appraisal is intended to gather additional subsurface and flow-test information before further development decisions. The company had not reported results from the proposed Judith-2 well in its September-quarter update. Contract evaluations for support vessels and aviation services were continuing, alongside preparations for well-testing equipment and offshore logistics.

Operational plans discussed in the quarter remain subject to their stated funding, technical, regulatory and scheduling requirements. These planned activities should be distinguished from completed work and reported quarter-end balances.