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Extension of Vic/P47 Permit Term

Source: www.gulfoilandgas.com 12/30/2020, Location: Not categorized

Emperor Energy Limited is pleased to announce that the National Offshore Petroleum Titles Regulator (NOPTA) has approved the Company’s application to extend the primary term of the Vic/P47 Exploration Permit by a period of 30 months. The approval from NOPTA extends the required final date for drilling of the Judith 2 Exploration Well by 30 months from February 2021 to August 2023.

Emperor Energy’s application for extension of the permit term has been based on 2 factors:
• The imminent availability of new seismic data that will be generated from the Multi Client 3D seismic acquisition completed across the Offshore Gippsland Basin, including the Judith Gas Field in Vic/P47, in July 2020 by global seismic acquisition and processing company CGG
• The combined impact of COVID-19 on the petroleum exploration industry

Management Comment
Emperor Energy Director Phil McNamara said: “It is pleasing to see that NOPTA has recognized the volume of work already completed by Emperor Energy towards progressing the exploration of the Judith Gas Field by providing this extension of the Permit Term. 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”

This announcement has been authorised for release to the market by the Board of Directors of Emperor Energy Limited

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