Emperor Energy Ltd’s (ASX:EMP) application to extend the primary term of the Vic/P47 Exploration Permit in the Offshore Gippsland Basin, Victoria, by 30 months has been approved.
Approval from the National Offshore Petroleum Titles Regulator (NOPTA) extends the required final date for drilling of the Judith 2 Exploration Well by 30 months from February 2021 to August 2023.
The company’s application for an extension is primarily based on the imminent availability of new seismic data that will be generated from the Multi Client 3D seismic acquisition completed across the Offshore Gippsland Basin.
It has also taken into consideration the impact of COVID-19 on the petroleum exploration industry.
“Accurately assess” new data
Emperor Energy director Phil McNamara said: “It is pleasing to see that NOPTA has recognised 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.”
Funds to continue exploration
Earlier this year, the company raised $656,000 through a share purchase plan (SPP) – more than double the $300,000 target, to continue exploration activities, as it progresses the Judith Gas Field Project.
This field is in the 100% Emperor Energy-owned VIC/P47 Permit Offshore Gippsland Basin.
Net proceeds have strengthened the company’s balance sheet and provided important funding to continue exploration activities.
Last month, APA Group (ASX:APA) started the pre-front end engineering design (pre-FEED) for the provision of midstream infrastructure and services related to gas that will potentially be produced from the Judith field.
The design basis for the pre-FEED is 80 million standard cubic feet per day (MMscfd) of sales gas across a 25-year project life with gas processing to meet the AS4564 gas sales specification.
Emperor Energy and APA have established a Memorandum of Understanding (MOU) relating to the project.