ASX/MEDIA ANNOUNCEMENT _____________________________________________________________

Alinta Ener_g_y__H_o__A__-_G__l_e_n_a_r_a_s__G__a_s__P__ro__ject

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25 March 2021

Highlights

❖

Galilee has entered into a Heads of Agreement with Alinta Energy to work towards the supply of natural gas from the Glenaras Gas Project into the east coast domestic market.

❖ Now have multiple near term and longer term gas commercialisation options for the

Glenaras Gas Project.

❖

Galilee Basin has been identified by the Federal Government as a key basin to be unlocked as part of the "gas led economic recovery".

Galilee Energy Limited (ASX:GLL) ("Galilee") is pleased to advise that it has entered into a Heads of Agreement ("HoA") with Alinta Energy to collaborate on domestic gas supply opportunities from the Glenaras Gas Project.

Managing Director Peter Lansom said Galilee is delighted to have entered into the HoA with a customer such as Alinta Energy who have a strong Queensland presence and who support the powering of homes, manufacturing and jobs.

"Galilee is committed to working with potential customers to supply natural gas that will help to support the gas-led recovery and assist in the creation of sustainable employment for Queenslanders.

This agreement with Alinta Energy follows both the Queensland and Federal Government's policy to support the new supply of natural gas into the domestic market and I'm proud that Galilee has the opportunity to help support the supply of natural gas for homes, local manufacturing and to boost regional investment.

This HoA with Alinta Energy is a crucial step towards Galilee becoming a material supplier of gas to the east coast market and provides us with another commercialisation option in addition to those existing options outlined below," Mr Lansom said.

ASX/MEDIA ANNOUNCEMENT

About Alinta Energy

Alinta Energy is a leading Australian utility with an owned and contracted generation portfolio of 3,000MW, over 1 million combined electricity and gas retail customers, and around 800 employees across Australia and New Zealand. Alinta Energy has been supplying energy in Australia for over 20 years.

Alinta Energy's energy portfolio includes power stations, transmission lines and natural gas pipelines in Australia and the Glenbrook power station in New Zealand. Other assets include the 502MW Braemar Power Station, near Dalby in Queensland, and gas fired power stations and a large-scale battery in Western Australia.

Alinta Energy are working to make energy more affordable and are committed to supporting the development of new renewable energy generation, including WA's largest wind farm and the Pilbara's Solar Gas Hybrid Project.

For further information contact:

Peter Lansom

Managing Director Galilee Energy Limited +61 (0) 7 3177 9970

ACN:064 957 419

About Galilee

Galilee Energy is focused on creating a high value exploration and production company building on its core strengths in coal seam gas appraisal and development. Its primary area of focus is Queensland where it is appraising the Galilee Basin and exploring in the Surat and Bowen Basins whilst looking to add further high quality acreage to its portfolio.

This announcement was released with the authority of the Board.

Directors

Chairman - Ray Shorrocks

Managing Director - Peter Lansom

Non-Executive Director - Dr David King

Non-Executive Director - Stephen Kelemen

Non-Executive Director - Gordon Grieve

Non-Executive Director - Greg Columbus

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Pathway to commercialisation and a lower carbon future

25 March 2021

ASX: GLL

  • • East coast supply fundamentals remain tight - nothing has emerged to change that.

  • • Import LNG and natural gas piped from WA/NT will be more expensive gas.

  • • Given the existing challenges in NSW and Victoria, only Queensland natural gas is likely to solve the problem.

  • • Reserves are not being replaced via new exploration and appraisal drilling.

  • • The Australian Government recognises that natural gas is critical in supporting Australian manufacturing and jobs.

Australian East Coast Dynamics

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Galilee Energy Limited published this content on 25 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2021 00:06:03 UTC.