ASX/MEDIA ANNOUNCEMENT

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Glenaras Drilling Update

13 October 2020

Highlights

  • Glenaras 20, the fourth well in the five well Glenaras programme, has reached total depth on time and within budget, with all Betts Creek coal seams intersected on prognosis.
  • Net coal for the Betts Creek Beds is 25m, which is within expectations.
  • Glenaras 22 spudded 11th October and is drilling ahead at 330 metres.

Galilee Energy Limited (ASX:GLL) ("Galilee") is pleased to provide an update on the drilling operations at its 100% owned and operated Glenaras multi-well pilot programme ("Pilot") located in the Galilee Basin.

The Glenaras 20 vertical well was spudded on 28th September 2020. This well was successfully drilled through to planned total depth, intersecting the full Betts Creek coal section. All coals were encountered on prognosis with excellent development throughout all targeted seams.

A total of 25m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 20 well has been cased and suspended for future production in what is a further successful step in the five well pilot enhancement programme.

Glenaras 22 was spudded 11th October and as at 8am today, surface casing has been cemented to 208 metres and the rig is drilling ahead in the 8 ½" hole section at 330 metres.

Further operational updates will be provided to the market throughout the drilling programme.

ASX/MEDIA ANNOUNCEMENT

Figure 1 - New vertical well locations

This announcement was released with the authority of the Board.

For further information contact:

Galilee Energy Limited +61 (0) 7 3177 9970

About Galilee

Galilee Energy is focused on creating a mid-tier 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 and Surat Basins, exploring in the Bowen Basin, whilst looking to add further high quality acreage to its portfolio.

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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Disclaimer

Galilee Energy Limited published this content on 13 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2020 23:29:05 UTC