The Directors of Emperor Energy Limited announced that an Independent Resource Statement has been completed for the Kipper and Golden Beach sands overlying the Greater Judith Gas Field within the 100% Emperor Energy owned Vic/P47 Exploration Permit located in the offshore Gippsland Basin, Victoria Independent geological consultants 3D-GEO Pty Ltd. have assessed the gas-in-place and recoverable gas volumes in the Kipper and Golden Beach sands overlying the Judith-1 gas discovery within Vic/P47. This follows interpretation of new seismic data over Vic/P47 from CGG's Multi Client 3D seismic survey acquired in 2020. Final processing of the seismic data was completed in November 2021.

3D-GEO has now completed its assessment of the Prospective Resources contained in the Kipper and Golden Beach sands, tied-back to the adjacent Kipper Gas Field. An Independent Technical Specialist's Report comprising the Kipper and Golden Beach Prospective Resources was provided to Emperor Energy on 31 March 2022 by 3D-GEO Pty Ltd. The review of the Judith prospective resources focused on: Interpretation of the newly acquired/processed CGG 3D seismic volume; Remapping and 3D modelling of the Judith and Longtom sands; AVO/Attribute analysis of the CGG seismic volume for gas sands; Review of offset well data, particularly Kipper and Golden Beach Sands in the Kipper Gas Field; Interpretation and mapping of the Kipper and Golden Beach sands over the Greater Judith area and Volumetric assessment of resources in the Kipper and Golden Beach sands in Vic/P47 The new CGG seismic volume has verified the previous modelling of the Judith and Longtom gas sands and the improved data quality allowed for further AVO and attribute work to be completed, subsequently reducing risks on the extent of the gas filled sands. The CGG 3D seismic volume also significantly improved the data quality in the shallower Kipper and Golden Beach sands that overly the Judith Gas sand accumulation.

3D-GEO conducted detailed petrophysical analysis of the Kipper and Golden Beach sands in the Judith-1 and Kipper-1 wells. Gas/Water saturations were analysed and porosity vs depth plots were generated and used to generate the range of reservoir parameters across the Greater Judith Structure. Interpretation of the CGG 3D seismic volume was undertaken by Emperor Energy.

This seismic interpretation extends across the Greater Judith closure and south to cover the Kipper Gas Field. 3D-GEO then took the horizon mapping generated from the seismic interpretation and conducted AVO/Attribute analysis which identified gas presence within the sand units. The Kipper Sandstone as penetrated in the Kipper-1 well is a 157m thick, good quality sandstone that is gas filled.

The seismic shows bright yellow AVO response at the well, extending across the bounding fault into Vic/P47. This sand is not present in the Judith-1 well, however interpretation of the well data and the new 3D seismic volume indicates that the Judith-1 well intersected a fault at this level and the sand was faulted-out. The Upper Golden Beach sequence is 132m thick with approximately 50m of net sand at the Kipper-1 well where it is gas filled.

There is a sand unit at the base of the Upper Golden Beach that extends across the Vic/P47 permit until it subcrops beneath the Kipper Sandstone. This sand is well developed in the Judith-1 well, with gas shows. The log analysis indicates that overweight drilling mud is likely to have invaded this porous sandstone thereby affecting log response of the formation properties, and therefore this prospective section may have been previously overlooked.

The Lower Golden Beach sequence is 164m thick, however has only 8% net sand at the Kipper-1 well. The gas/water contact (GWC) for the main Kipper Field gas accumulation (2285m subsea) is located within the upper part of the sequence. On selective seismic lines the Gas-Water Contact (GWC) can be seen as a flat- spot reflector that appears to cross the Kipper bounding fault.