Emperor Energy Ltd (ASX:EMP) has skyrocketed on delivering a 50% gas resource increase to 1.848 Tcf (trillion cubic feet) at its Vic/P47 Permit within the Judith Gas Field offshore Gippsland Basin in Victoria.
The company’s interpretation and AVO analysis of the recently acquired CGG Multi-Client 3D Seismic survey highlighted the significant additional potential of the Kipper and Golden Beach sands, overlying the Judith gas sands.
Notably, the gas resource in these upper sands is assessed at 622 Bcf (billion cubic feet) within Vic/P47 tied back to the adjacent Kipper Gas Field.
This new seismic survey data significantly reduces risk on the previously reported 1.226 Tcf prospective and 150 Bcf contingent resources in the Judith and Longtom sands at Judith.
Investors welcomed the news with shares as high as $0.086, up 91.2% from the previous close, a new high of more than seven years and with almost 70 million changing hands.
Seismic survey
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 the interpretation of new seismic data over Vic/P47 from CGG’s Multi-Client 3D seismic survey acquired in 2020.
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.
Judith prospective resources
The high-quality CGG 3D seismic volume has allowed for detailed mapping and AVO/Attribute analysis of the Kipper and Golden Beach sandstones overlying the Judith and Longtom reservoir units that were analysed in 2019.
Utilising the 3D structural model for gross rock volumes and reservoir properties from the Kipper-1 Gas well, 3D GEO conducted a probabilistic assessment for each of the four prospective sand sequences
Notably, the prospective resources are identified in the Kipper and Golden Beach sandstones over the Greater Judith Structure within Vic/P47.
The cumulative P50 Prospective Resource in the Kipper and Golden Beach sands is estimated as 622 Bcf.
This is to be added to the 1.226 Tcf Prospective Resource in the Judith and Longtom sands previously reported in July 2019.
Summing up, the combined result is a total unrisked P50 Prospective Resource within the Vic/P47 Permit of 1.848 Tcf.