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APA GROUP — Capital/Financing Update 2019
Dec 22, 2019
64398_rns_2019-12-22_42ef6eb2-8dca-4086-ab42-0beb71bbc26f.pdf
Capital/Financing Update
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23rd December 2019
ASX Market Announcements ASX Limited 20 Bond Street Sydney NSW 2000
Update on Memorandum of Understanding with APA Group
The Directors of Emperor Energy Limited are pleased to provide an update on progress made since execution of a non-binding Memorandum of Understanding (MOU) between Emperor Energy and APA Group (ASX:APA) as previously announced on 16th October 2019.
The Parties have now agreed the pre-Front End Engineering Design (FEED) scope of works to be included in an early works agreement that will progress a preliminary design and cost study for the establishment of:
1. A subsea pipeline from Emperor Energy’s Judith Gas Field;
2. A new gas processing train to operate in parallel with APA’s existing Orbost Gas Processing Plant; and
3. An export pipeline to the Eastern Gas Pipeline located to the north of the Orbost Gas Processing Plant.
APA will now progress to determine costs for the scope of the pre-FEED study from suppliers and engineering consulting groups. After costs for the study are determined, APA and Emperor Energy intend to negotiate a binding contract in the 1st Quarter of 2020 for the completion of the pre-FEED study for the Judith Gas Field Project. The parties intend to commence the pre-FEED study in 2nd Quarter 2020.
Completion of this pre-FEED study will add certainty to a future Judith Gas Field project feasibility study. It will also provide clarity on the scope and shorten the timeframe required for the completion of the project FEED that would be carried out after drilling of the Judith 2 Exploration and Appraisal Well.
About the Judith Gas Field
The 100% Emperor Energy owned Judith Gas Field is located within the VIC/P47 Permit in the offshore Gippsland Basin, Victoria.
On 11th July 2019 Emperor Energy advised that an Independent Resource Statement had been completed for the Judith Gas Field within the 100% Emperor Energy owned VIC/P47 Exploration Permit located in the offshore Gippsland Basin, Victoria (Figure 1). The Resource Statement Highlighted:
-
2C Contingent Gas Resource of 150 Bcf
-
P50 Unrisked Prospective Gas Resource of 1.226 Tcf
Level 32, 1 Market Street, Sydney, NSW, 2000 Ph +02 9275 8878
GPO Box 5360 emperorenergy.com.au Sydney, NSW, 2001 ABN: 56 006 024 764
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Figure 1: Location of 100% Emperor Energy owned VIC/P47 offshore Gippsland Basin showing regional permits along with oil and gas fields
| Judith Gas Discovery | Judith Gas Discovery | Contingent Resources | Contingent Resources | Contingent Resources |
|---|---|---|---|---|
| Low Estimate 1C |
Best Estimate 2C |
High Estimate 3C |
||
| GIIP | Bcf | 180 | 278 | 386 |
| Salesgas | Bcf | 97 | 150 | 209 |
| Condensate | MMbbl | 1.4 | 2.2 | 3.2 |
| Greater Judith Area | Greater Judith Area | Unrisked Prospective Resources | Unrisked Prospective Resources | Unrisked Prospective Resources |
|---|---|---|---|---|
| P90 | P50 | P10 | ||
| Judith Deep | Bcf | 38 | 62 | 92 |
| West | Bcf | 83 | 127 | 176 |
| Central | Bcf | 37 | 333 | 628 |
| North | Bcf | 29 | 166 | 315 |
| North East | Bcf | 49 | 279 | 494 |
| North West | Bcf | 15 | 102 | 226 |
| South | Bcf | 14 | 157 | 565 |
| Total | Bcf | 265 | 1226 | 2496 |
Table 1: Summary of Contingent and Prospective Resources for Judith area of VIC/P47 (3D-GEO, July 2019)
Level 32, 1 Market Street, Sydney, NSW, 2000 Ph +02 9275 8878
GPO Box 5360 Sydney, NSW, 2001
emperorenergy.com.au ABN: 56 006 024 764
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Figure 2: Judith Gas Field, and Greater Judith Compartments (3D-GEO, July 2019)
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Figure 3: Judith Gas Sand 1 Depth Model from Longtom Gas Field to the Greater Judith Structure
Level 32, 1 Market Street, Sydney, NSW, 2000 Ph +02 9275 8878
GPO Box 5360 emperorenergy.com.au Sydney, NSW, 2001 ABN: 56 006 024 764
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Yours faithfully
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Carl Dumbrell Company Secretary
Ph +61 402 277 282 [email protected]
Corporate Directory
Board of Directors
Carl Dumbrell Phil McNamara Nigel Harvey Malcolm King
Company Secretary
Carl Dumbrell
Geological Consultant
Geoff Geary
Registered office & Principle place of business
Level 32, 1 Market Street Sydney NSW 2000
Mailing Address
GPO Box 5360 Sydney NSW 2001
Auditors
ICP Assurance Services Suite 1204, 227 Elizabeth Street Sydney NSW 2000
Lawyers
Hopgood Ganim Level 27, Allendale Square 77 St Georges Tce, Perth WA 6000
Share Registry
Automic Pty Ltd ACN 152 260 814 Trading as Automic Registry Services Level 5, 126 Phillip Street
Investor Relations
Six Degrees Group Level 10, 84 Pitt Street Sydney NSW 2000
Sydney NSW 2000
Phone: 1300 288 664 Overseas callers: +61 2 9698 5414 Email: [email protected]
GPO Box 5360 Sydney, NSW, 2001
Level 32, 1 Market Street, Sydney, NSW, 2000 Ph +02 9275 8878
emperorenergy.com.au ABN: 56 006 024 764
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Capital Structure
The company currently has issued capital (as at 23 December 2019) of: Ordinary fully paid shares (ASX: EMP) 81,583,467 Options expiring 31 March 2020 (Ex $0.075) (ASX: EMPOC) 44,087,608
Top 20 Shareholders – 23 December 2019
| Position | Holder Name | Holding | % |
|---|---|---|---|
| 1 | Citicorp Nominees Pty Limited | 6,923,830 | 8.49% |
| 2 | Scintilla Strategic Investments Limited | 5,400,000 | 6.62% |
| 3 | Sama Zaraah Pty Ltd | 3,257,000 | 3.99% |
| 4 | CraigChapman | 3,166,095 | 3.88% |
| 5 | Daniel J Peters | 3,064,197 | 3.76% |
| 6 | Bond Street Custodians Limited | 2,916,474 | 3.57% |
| 7 | Carl Dumbrell | 2,431,391 | 2.98% |
| 8 | The Australian Special Opportunity Fund LP | 2,222,223 | 2.72% |
| 9 | Martin Rowney | 2,126,441 | 2.61% |
| 10 | Slade Technologies Pty Ltd | 1,833,334 | 2.25% |
| 11 | Littlejohn Embrey Engineering Pty Ltd | 1,798,973 | 2.21% |
| 12 | Harness Pty Ltd | 1,341,667 | 1.64% |
| 13 | H&M Investments PtyLtd | 1,283,502 | 1.57% |
| 14 | Buduci Fond PtyLtd | 1,271,175 | 1.56% |
| 15 | Mark Stephen O'leary | 1,200,000 | 1.47% |
| 16 | Nishant Kumar Misra | 1,144,445 | 1.40% |
| 17 | Arlam Pty Ltd | 1,134,541 | 1.39% |
| 18 | Raplon PtyLtd | 1,112,599 | 1.36% |
| 19 | Craig Pontey | 1,111,112 | 1.36% |
| 20 | Philip McNamara | 1,071,429 | 1.31% |
Level 32, 1 Market Street, Sydney, NSW, 2000 Ph +02 9275 8878
GPO Box 5360 Sydney, NSW, 2001
emperorenergy.com.au ABN: 56 006 024 764