Emperor Energy has raised AU$17.5 million in a share placement to advance the Judith-2 appraisal well, issuing approximately 145.8 million new shares at 12 cents per share.
The funds will be used towards ongoing activities to advance the well and securing the Valaris 107 jack-up drill rig for February 2027.
The company will also complete the environmental plan approval process for drilling and the required geophysical survey of the well site.
Emperor Energy Managing Director Tim Handley said: “The successful outcome validates the scale and strategic potential of the Judith gas field amidst compelling market conditions for new scalable gas field developments, and positions Emperor Energy to advance towards drilling the Judith-2 appraisal well.”
“Judith is potentially the largest new gas field on the East Coast of Australia in over a decade and is ideally positioned to contribute to domestic energy security.”
Following the placement, Emperor Energy is now focused on unlocking value as it progresses towards drilling the well to prove commercial gas flow rates and reserves within the Judith gas field.
Gas was discovered in the Judith gas field in 1989 by Shell Australia, but at the time, the resource was not considered for further development, given market conditions and an abundance of existing gas supply from other fields.
Emperor Energy has reassessed all available data from the Judith gas field including that of a recent 3D seismic survey and now concludes that a substantial economic gas resource exists at Judith.