Australia's Emperor Energy gains on securing drilling contract for Victoria project
VAL•Emperor Energy shares rose as much as 3.5% after it signed a drilling contract with a Valaris unit for the VALARIS 107 rig to drill its Judith-2 appraisal project. The company said it had paid a US$2 million deposit, following an initial US$1.5 million payment in September; the rig is expected to be available in April 2027.
1. Drilling contract
Emperor Energy executed a drilling contract with a unit of drilling services provider Valaris for the VALARIS 107 jack-up rig to drill the Judith-2 appraisal natural gas project south of Victoria. The rig is expected to be available in April 2027 and will be used to appraise the Judith gas discovery in the Gippsland Basin.
2. Shares and deposit
Emperor Energy shares rose as much as 3.5% to A$0.088, their biggest intraday percentage gain since October 27. The company said it had paid a US$2 million deposit after an initial US$1.5 million payment in September. More than 447,000 shares traded, about 1.2 times the 30-day average; the stock was down 20.5% year to date, including the session's moves.
