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FINWIRES

Emperor Energy Secures Valaris 107 Rig for Gippsland Basin Appraisal Well

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Emperor Energy (ASX:EMP) secured the Valaris 107 jack-up rig from a subsidiary of Valaris to drill the Judith-2 appraisal well, targeted for April 2027, according to a Tuesday Australian bourse filing.

The company will pay $1.5 million upfront, with a further $2 million due when the full drilling contract is signed by Oct. 31, per the filing.

The rig, currently operating in the Gippsland Basin, is expected to become available in March 2027, following the completion of its existing commitments, the filing said.

The company has resubmitted the Judith-2 environmental plan to the National Offshore Petroleum Safety and Environmental Management Authority with additional information and expects to receive final approval by the end of September, the filing added.

The company's shares fell 1% in recent Tuesday trade.

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