Emperor Energy

Offshore Gippsland Basin – Exploration Permit – Vic/P47

• Australia’s premier hydrocarbon province
• Located 200 km east of Melbourne
• Exploration commenced in 1924
• Over 400 exploration wells drilled
• Some 90,000 line km of 2D seismic
• More than forty 3D seismic surveys
• Regional gas infrastructure is well developed with a network of pipelines to onshore gas processing facilities at Longford and Orbost.
• Gas delivered across southeastern Australia as far as Sydney, Adelaide and Tasmania
• Regional operators include Woodside Energy (Bass Strait), Beach Energy, 3D-Oil and Amplitude Energy

Exploration Permit Vic/P47

• • EMP holds 100% of the 202 km2 Vic/P47 Exploration Permit located in the Offshore Gippsland Basin
  • EMP is Operator of the Permit
  • Water depths: 20 – 85 m
  • Two-gas discovery wells previously drilled within the permit:
    • • Judith-1 was drilled by Shell in 1989
      • Moby-1 was drilled by Bass Strait Oil in 2004
    • New 3D seismic data acquired across the Judith Gas Field in 2021.
    • • Emperor Energy has since progressed with mapping and seismic interpretation of the acquired data.
    • Petrophysical evaluation of the Judith-1 exploration well, offshore Gippsland, Victoria, Australia that has been completed by respected industry expert Steve Adams at TPL (The Petrophysicist Limited), September 2023.
    • Judith Gas Field Independently assessed by Gaffney Cline as containing:
    • • 166 Bcf 2C Contingent Gas Resource
      • 1.86 Tcf P50 Prospective Gas Resource in the Judith and Longtom Gas Sands
      • 622 Bcf P50 Prospective Gas Resource in the Kipper and Golden Beach Gas Sands (Separate sssessment by 3D-GEO)
    • Longtom gas field located15 km to the West of Vic/P47 provides a good analogy for successful appraisal, potential development and production from the Emperor Group Reservoirs identified at Judith
    • Orbost Gas Plant operated by Amplitude Energy is located 40km to the North
    • Judith is located 5km North-West of the Kipper Gas Field that is currently in production and operated by Woodside Energy (Bass Strait)
    • Emperor Energy has a Co-operation Memorandum of Understanding with Amplitude Energy
    • Emperor Energy has no commercial arrangements with Woodside Energy (Bass Strait)

Vic/P47 Volumetrics Summary

Emperor Formation Reservoir	Contingent Resources
	Low 1C (Bscf)	Best 2C (Bscf)	High 3C (Bscf)
Emperor Sand 1	7.8	23.4	41.6
Emperor Sand 2	12.6	41.8	66.4
Emperor Sand 3	23.7	85.2	117
Emperor Sand 4	5.6	15.4	34.8
TOTAL	49.6	165.7	259.8

Note: Arithmetic summation of Contingent Resources by category. The audited volumes presented above have been estimated utilising deterministic 3D Model scenarios with additional uncertainty checks performed utilising 2D maps with tops and base reservoir surfaces, Fluid contacts and petrophysical parameters audited by GaffneyCline  

Table 1.2: Summary of Prospect Prospective Resources for Judith area of VIC/P47 Judith and Longtom Sandstones (Gaffney Cline, as of 20 June 2025) (Probabilistic Estimation)

Greater Judith Area		Unrisked Prospective Resources
		P90	P50	P10
Judith Deep	Bcf	89	142	209
West	Bcf	88	135	192
Central	Bcf	40	364	879
North	Bcf	64	252	455
North East	Bcf	51	379	688
North West	Bcf	13	118	281
South	Bcf	102	469	919
Total	Bcf	447	1,859	3,616

Note: Gaffney Cline reviewed the above Unrisked Prospective Resources by assessing and reported by individual Gas Sand within each Fault block. Arithmetic summation of the Prospective Resources by category in this table has been completed by Keven Asquith who is the Director of 3D-GEO Pty Ltd and competent person for this release.  

Petrophysics Evaluation

Zone	Depth	Interpretation	Net Thickness	Porosity %	Av. Permeability mD	Av.Gas Saturation  %
Gas Sand 1	2370m to 2441m	Mobile Gas	40.5	14.1	12.3	52.2
Gas Sand 2	2489m to 2543m	Mobile Gas	38.8	15.0	24.2	63.8
Gas Sand 3	2626m to 2720m	Mobile Gas	63.1	13.6	5.2	61.1
Gas Sand 4	2778m to 2839m	Mobile Gas	47.1	12.6	1.6	56.4

Table 1.3:Key outcomes from Judith-1 Petrophysics Evaluation, Steve Adams 7th September 2023

Location