Emperor Energy announced that Judith Gas Field production well modelling has been revised using a total of five (5) vertical production wells from commencement of gas production to produce 125mmscf/day sustained across a minimum period of 12 years. This is a 50% increase from the previous production modelling at 80mmscf/day using a 4-well field development. In the revised modelling, production rates decline gradually after 12 years remaining at 87mmscf/day after 20 years.

The revised modelling also incorporates higher gas saturations in the Judith and underlying Longtom gas sands as determined by recent corrections to the Judith-1 Well petrophysical log interpretation. This variation to gas saturations was detailed in the Judith Gas Field Resource Statement released by Emperor Energy on 13th October 2022. Emperor Energy also advises that the respected global natural resources research and consultancy business, Wood Mackenzie, have been commissioned to provide an updated independent economic modelling analysis of the Judith Gas Field project.

The analysis will be carried out for the new base case of 125mmscf/day production rate. Results of the economic analysis will be available in January 2023. Emperor Energy further advises that in the Company's opinion, the recent gas price cap imposed by the Australian Government does not detract from the economic viability of developing the Judith Gas Field.

The Judith gas field is located in a prime position with respect to the Eastern Australia gas market, being proximal to the domestic gas demand state (Victoria) where gas supply will be critical to support the transition to renewal energy sources and the reduction in the high emissions generated by brown coal fired electricity generation. Emperor Energy considers that the Judith Gas Field presents a great opportunity to develop a new, competitively priced domestic gas supply when compared to LNG imports or gas transported over long distances.