Emperor Energy : Independent Resource Statement Vic/P47

6th April 2022

ASX Market Announcements ASX Limited

20 Bridge Street Sydney NSW 2000

Independent Resource Statement - Vic/P47 Permit, Judith Gas Field

Total P50 Un-risked Prospective Gas Resource increases by 50% to 1.848 Tcf

Highlights

• • Interpretation and AVO analysis of recently acquired CGG Multi Client 3D Seismic Survey has highlighted the significant additional potential of the Kipper and Golden Beach sands, overlying the Judith gas sands

• • P50 Un-risked Prospective Gas Resource in these upper sands assessed at 622 Bcf (Billion Cubic Feet) within Vic/P47 (tied-back to the adjacent Kipper Gas Field)

• • Total P50 Un-risked Prospective Gas Resource within Emperor Energy's 100% owned Vic/P47 permit increases by 50% to 1.848 Tcf (Trillion Cubic Feet)

• • New Seismic Survey data significantly reduces risk on previously reported 1.226 Tcf Prospective and 150 Bcf Contingent Resources in the Judith and Longtom sands within the Judith Gas Field

• • Revised Resource Statement completed by 3D-GEO Pty Ltd, Melbourne

1. Summary

The Directors of Emperor Energy Limited (Emperor) wish to advise that an Independent Resource Statement has been completed for the Kipper and Golden Beach sands overlying the Greater Judith Gas Field 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 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 interpretation of new seismic data over Vic/P47 from CGG's Multi Client 3D seismic survey acquired in 2020. Final processing of the seismic data was completed in November 2021.

3D-GEO has now completed its assessment of the Prospective Resources contained in the Kipper and Golden Beach sands, tied-back to the adjacent Kipper Gas Field. The resources presented are 100% attributable to Vic/P47, of which Emperor Energy holds 100% equity.

Figure 1: Location of 100% Emperor Energy owned Vic/P47 (offshore Gippsland Basin), showing

Judith Gas Field, other regional permits along with nearby oil and gas fields

An Independent Technical Specialist's Report comprising the Kipper and Golden Beach Prospective Resources was provided to Emperor Energy on 31 March 2022 by 3D-GEO Pty Ltd.

3D-GEO has apportioned resources in accordance with the Society of Petroleum Engineers' internationally recognised Petroleum Resources Management System (SPE-PRMS 2018). The results are provided below in Table 1.

Table 1: Summary of Prospective Resources for Judith area of Vic/P47

(3D-GEO, March 2022)

2. Background

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 within close proximity of the Kipper Gas Field operated by Esso (Exxon Mobil).

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. 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 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.

3. New 3D-GEO Resource Assessment

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

• ▪ Volumetric assessment of resources in the Kipper and Golden Beach sands in Vic/P47

The new CGG seismic volume has verified the previous modelling of the Judith and Longtom gas sands and the improved data quality allowed for further AVO and attribute work to be completed, subsequently reducing risks on the extent of the gas filled sands (Figure 2).

The new seismic data has shown that the previous Static and Dynamic modelling has adequately represented the Greater Judith closure and resource assessment.

Figure 2: Greater Judith Closure with AVO Shuey Fluid Factor from CGG seismic volume showing extensive gas distribution (Judith Gas Sand 2). (3D-GEO, March 2022)

The CGG 3D seismic volume also significantly improved the data quality in the shallower Kipper and Golden Beach sands that overly the Judith Gas sand accumulation.

Figures 3 shows the seismic character of those units from the Kipper-1 well into Vic/P47 while Figure 4 shows the well correlation of the Judith-1 well to the gas sands in the Kipper Field.

Figure 3: CGG seismic (AVO Shuey Fluid Factor) between Judith-1 and Kipper Gas Field

Four separate reservoir sequences were identified and correlated between Judith-1 and Kipper-1, with the uppermost sequence, the Kipper Sand faulted-out from the Judith-1 penetrated section. The Golden Beach sands penetrated by Judith-1 had significant gas shows while drilling. Re-evaluation of the sequence indicates the possibility that these sands may be gas bearing, and part of a larger Judith/Kipper gas accumulation.

Kipper Sandstone

Upper Golden Beach Sandstone

Lower Golden Beach Sandstone

Basal Golden Beach Sst

Figure 4: Kipper and Golden Beach Gas Sand Correlation between Judith and Kipper Gas Field

3D-GEO conducted detailed petrophysical analysis of the Kipper and Golden Beach sands in the Judith-1 and Kipper-1 wells. Gas/Water saturations were analysed and porosity vs depth plots were generated and used to generate the range of reservoir parameters across the Greater Judith Structure.

Interpretation of the CGG 3D seismic volume was undertaken by Emperor Energy. This seismic interpretation extends across the Greater Judith closure and south to cover the Kipper Gas Field.

3D-GEO then took the horizon mapping generated from the seismic interpretation and conducted AVO/Attribute analysis which identified gas presence within the sand units.

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