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- Oil explorer Emperor Energy (EMP) has been given an extension to its exploration permit, Vic/P47, in Melbourne
- The approval came from the National Offshore Petroleum Titles Regulator and will give the company a further 30 months to explore the area
- Emperor said the extra time will allow it to progress the well
- The exploration permit is located in offshore Gippsland Basin, located 200 kilometres east of Melbourne
- On the market this afternoon, Emperor is down 7.69 per cent and is trading at 2.4 cents per share
Emperor Energy (EMP) has received the tick of approval to extend its exploration permit in Melbourne.
The approval came from the National Offshore Petroleum Titles Regulator (NOPTA) for the Vic/P47 exploration permit.
Emperor will now have 30 months to further develop its project, and the extra time will allow the company to progress the well.
The exploration permit is located in offshore Gippsland Basin, located 200 kilometres east of Melbourne. Notably, the Judith prospect is estimated to contain 1.8 trillion cubic feet of gas. It’s located two kilometres north of the Kipper Gas Field, which is owned by Esso and BHP (BHP).
“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,” Director Phil McNamara said.
“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,” he added.
On the market this afternoon, Emperor is down 7.69 per cent and is trading at 2.4 cents per share at 1:16 pm AEDT.
