The Directors of Emperor Energy Limited (Emperor) advised that an Independent Resource Statement has been completed for the full Latrobe sequence (Golden Beach and Emperor Sub-groups) within the 100% Emperor Energy owned Vic/P47 Exploration Permit located in the offshore Gippsland Basin, Victoria (Figure 1). Independent geological consultants 3D-GEO Pty Ltd. have previously (March 2022) assessed the gas-in- place and recoverable gas volumes in the Kipper and Golden Beach sands overlying the Judith-1 gas discovery, and now recently have revised the resource estimates within the Judith and Longtom sandstones within Vic/P47. This revision for the Judith and Longtom reservoir sands follows receipt of additional reservoir and development engineering data from the nearby Longtom and Kipper analogue gas fields and subsequent further interpretive analysis undertaken.

3D-GEO has now completed its revised assessment of the Prospective Resources contained in the Judith and Longtom sands. The resources presented are 100% attributable to Vic/P47, of which Emperor Energy holds 100% equity. An Independent Technical Specialist's Report comprising the Judith and Longtom Sand revised Contingent and Prospective Resources was provided to Emperor Energy on 11 October 2022 by 3D-GEO Pty Ltd. Judith-1 was drilled and operated by Shell Company of Australia in 1989 and is contained within the Vic/P47 Permit held 100% by Emperor Energy and located on trend to the Longtom and South East Longtom analogue gas fields and within close proximity of the Esso operated Kipper Gas Field (Figure 2).

On 5 July 2019 after extensive technical evaluation studies, 3D-GEO provided Emperor Energy with a Resource Statement relating to the Judith and Longtom Gas Sands within the Judith Gas Field. The statement evaluated 7 separate reservoirs (4 Judith gas sands and 3 Longtom sands) within seven separate fault blocks (Figure 3). This statement assessed a P50 Unrisked Prospective Gas Resource of 1.226 Tcf along with a 150 Bcf Contingent Resource (probabilistic assessment) within the Vic/P47 Permit area.

On 30 December 2020 Emperor Energy announced that the National Offshore Petroleum Titles Regulator (NOPTA) has approved the Company's application to extend the primary term of the Vic/P47 Exploration Permit by a period of 30 months requiring the drilling of the Judith-2 Exploration/Appraisal Well by August 2023. During 2020, global seismic acquisition company CGG acquired a Multi-Client 3D seismic volume over a large portion of the Gippsland Basin, including the Judith Gas Field. Emperor Energy purchased a license to access part of this seismic volume and the final processed data covering the Judith and Kipper Gas Fields was made available to Emperor Energy in November 2021.

Emperor Energy and 3D-GEO subsequently carried out extensive interpretation and modelling with the new seismic data (Figure 4). In March 2022, 3D-GEO provided Emperor Energy with a Resource Statement relating to the Kipper and Golden Beach Sandstones, tied back to the Kipper-1 gas discovery. This statement assessed a P50 Unrisked Prospective Gas Resource of 622 Bcf (probabilistic assessment) within the Vic/P47 Permit area.