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Emperor Energy in trading halt ahead of capital raising announcement

Published: 06:00 16 Jun 2021 BST

Emperor Energy Ltd - Emperor Energy in trading halt ahead of capital raising announcement
The new seismic data provides a significant step forward to define the Judith Gas Field

Emperor Energy Ltd’s (ASX:EMP) has been granted a trading halt by the ASX ahead of a capital raising announcement. 

The halt will remain in place until the start of regular trading on Friday, June 18, or until an announcement is released to the market, whichever occurs the earliest. 

Encouraged by new seismic data

Earlier this month, the company’s analysis of multi-client 3D seismic data of its wholly-owned Judith Gas Field offshore Victoria, acquired from global seismic company CGG in mid-2020, has significantly increased data quality and resolution.

The increased quality has allowed Emperor’s geologists and geophysicists to build an updated and more accurate structural interpretation of the Judith Gas Field.

Emperor has noted a dramatic improvement in data resolution across the entire gas field except for relatively small areas at the top of the structure close to the major Rosedale Fault where the combination of steep dips and fault shadow effects still leaves these high areas with some reduction in seismic resolution.

The new data provides a significant step forward to define the Judith Gas Field and contributes significantly to the de-risking of the proposed Judith-2 Well.

In its quarterly report, director Phil McNamara said Emperor Energy is incrementally piecing the Judith Gas Field Project together with its next major milestone to be securing an Exploration and Production Partner for the drilling of the Judith 2 Well.

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