Galilee Energy : Completes Capital Raising

only	ASX/MEDIA ANNOUNCEMENT

Successful Completion of $11.8 million Placement to Institutional Investors

use	24 February 2022
	Highlights
	❖ Successful completion of A$11.8 million Placement to new and existing institutional and
personal	sophisticated investors.
❖ Funds raised to be applied to drilling and completion of 5 new vertical production wells at
Glenaras to accelerate pressure drawdown and gas production.
	❖ Directors intend to invest a further A$440,000, subject to shareholder approval on the same
	terms as the Placement.
	❖ Directors intend to announce a share purchase plan to raise A$3 million on the same terms as
	the Placement.
	Galilee Energy Limited (ASX:GLL) ("Galilee" or the "Company") is pleased to announce that it has
	successfully completed a well-supported and oversubscribed placement to institutional and
	sophisticated investors to raise approximately A$11.8 million (before costs) ("Placement"), as part of
	an overall Equity Capital Raising of approximately A$15 million.
	The Company has entered into placement subscription agreements with a number of institutions and
	sophisticated investors for the issue of 36,922,568 new fully paid ordinary shares at an issue price of
	A$0.32 per share ("Placement Price") to raise A$11.8 million. The Placement Price represents a:
	• 11.1% discount to the last traded price of A$0.36 on 22 February 2022;
	• 14.1% discount to the 10-day volume weighted average price of A$0.373.
ForParticipants in the Placement will also receive 1 attaching option for every 1 share subscribed for

under the Placement ("Attaching Options"). The Attaching Options will have an exercise price of A$0.48 and expiry period of 18 months from issue.

ASX/MEDIA ANNOUNCEMENT

For personal use only

Funds raised in the Placement will be applied to a new 5-well drilling programme to accelerate pressure drawdown and initiate gas desorption at Glenaras to achieve commercial gas production in support of a material maiden Reserve booking (refer to attached presentation). The Glenaras Project has one of the largest certified uncontracted Contingent Resource* positions on the east coast of Australia (1C: 308 PJ, 2C: 2,508 PJ, 3C: 5,314 PJ). The Company's updated strategy aims to facilitate transformational value uplift and progress Galilee towards becoming a multi-TCF gas development company.

The Placement shares and Attaching Options will be issued within the Company's ASX Listing Rule

7.1 and 7.1A placement capacity:

• 36,922,568 Listed Options ex @ $0.48 under Listing Rule 7.1 capacity;
• 7,384,515 Placement shares under Listing Rule 7.1 capacity; and
• 29,538,053 Placement Shares under Listing Rule 7.1A capacity.

It is expected that the Placement shares will be allotted by Thursday, 3 March 2022.

In addition to the Placement, Galilee intends to issue up to A$440,000 of new shares to certain Galilee directors on the same terms as the Placement ("Director Placement"). The Director Placement is subject to shareholder approval to be sought at an upcoming General Meeting which the Company will call.

The Company also intends to offer eligible shareholders the opportunity to participate in a Share Purchase Plan targeting to raise up to A$3 million ("SPP") on the same terms as the Placement. In the event of oversubscriptions, the Directors may also, at their absolute discretion, increase SPP acceptances by a further $2 million.

All eligible shareholders will have the opportunity to apply for up to $30,000 worth of new shares, details of the SPP will be communicated with shareholders in due course.

Bell Potter Securities Limited, Canaccord Genuity (Australia) Limited and Blue Ocean Equities Pty Ltd acted as Joint Lead Managers and Bookrunners to the Placement.

Commenting on the outcome of the Placement, Managing Director David Casey said "The strong demand for the Placement is a very positive and encouraging endorsement of the Glenaras Gas Project and Galilee's strategy of becoming a significant gas supplier into the east coast gas market. Galilee is particularly delighted to welcome a number of high-qualityinstitutions to the register as well as gratefully acknowledging the continued support of our existing shareholders."

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ASX/MEDIA ANNOUNCEMENT

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For further information contact:

David Casey - Managing Director

Galilee Energy Limited

[phone]

• The details of Contingent Resources referenced to in this release in respect to ATP 2019 were announced to the market on 1 September use2015. In accordance with Listing Rule 5.42, Galilee Energy confirms that it is not aware of any new information or data that materially affects the information in that market announcement reporting the details of the Contingent Resources for ATP 2019 and that all of the
  material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

About Galilee

personal	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 - David Casey
	Non-Executive Director - Stephen Kelemen
	Non-Executive Director - Gordon Grieve
For	Non-Executive Director - Greg Columbus

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onlyGalilee Energy
Equity Raising Presentation
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ersonal	February 2022	ASX: GLL

Important notice and disclaimer

Disclaimer

This presentation (Presentation) has been prepared by Galilee Energy Limited (ABN11 064 957 419) (Galilee Energy or the Company) in relation to the Company's placement (Placement) of new fully paid ordinary shares or other securities in Galilee Energy (New Shares) to certain institutional and sophisticated investors in accordance with section 708A of the Corporations Act 2021 (Cth). The Presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this

onlyinformation and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections, Galilee Energy has provided these projections based upon the information that has been provided to Galilee Energy. None of Galilee Energy or its directors, officers or employees make any representations (express or implied) as to the accuracy or otherwise of any information or opinions in the Presentation and (to the maximum extent permitted by law) no liability or responsibility is accepted by such persons.

Summary information

This Presentation contains summary information about Galilee Energy and its subsidiaries and their activities current as at the date of this Presentation. The information in this Presentation is of general usebackground and does not purport to be complete. It should be read in conjunction with Galilee Energy's oth r periodic and continuous disclosure announcements lodged with the Australian Securities Exchange

(ASX), which are available at www.asx.com.auor the Company's website http://galilee-energy.com.au/.

ASX Releases

Investors are advised that by their nature as visual aids, presentations provide information in a summary form. The key information on detailed Resource statements can be found in Galilee Energy's ASX releases. Resource statements are provided to comply with ASX guidelines but investors are urged to read supporting information in full on the website.

ersonalPast performance

P st performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Restrictions

This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable secu ities laws. Please refer to the section of this document headed "International Selling Restrictions" for more information.

Future performance

This Presentation contains certain "forward-looking statements". Forward looking words such as, "expect", "should", "could ", "may", "plan", "will", "forecast", "estimate", "target" and other similar expressions are intended to identify forward-looking statements within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Such forward-looking statements, opinions and estimates are not guarantees of future performance.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains such statements that are subject to known and unknown risks and uncertainties and other factors, many of which are beyond the control of Galilee Energy, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Such forward-looking statements are relevant at the date of this Presentation and Galilee Energy assumes no obligation to update such information.

Investment risk

An investment in Galilee Energy shares is subject to investment and other known and unknown risks, some of which are beyond the control of Galilee Energy. Galilee Energy does not guarantee any particular rate of return or the performance of Galilee Energy. Persons should have regard to the risks outlined in this Presentation.

Not financial product advice

This Presentation does not provide investment advice or financial product advice. You should obtain professional advice and carry out your own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. Before making an investment decision to acquire shares in the Company, you should consider the appropriateness of available information, including the Company's other periodic and continuous disclosure announcements lodged with ASX, having regard to your own investment objectives, financial position and particular needs, and seek professional advice from your accountant, tax adviser, stockbroker, lawyer, or other professional adviser.

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