Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Galilee Energy Limited    GLL   AU000000GLL4

GALILEE ENERGY LIMITED

(GLL)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/21
0.74 AUD   -1.33%
10/19GALILEE ENERGY : Glenaras Drilling Update     20 October 2020
PU
10/13GALILEE ENERGY LIMITED : - Glenaras Drilling Update
AQ
10/12GALILEE ENERGY : Glenaras Drilling Update     13 October 2020
PU
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Galilee Energy : Glenaras Drilling Update     26 August 2020

share with twitter share with LinkedIn share with facebook
09/16/2020 | 10:15pm EDT

ASX/MEDIA ANNOUNCEMENT

_____________________________________________________________

Glenaras Drilling Update

26 August 2020

Highlights

  • Drilling contract signed with Silver City Rig 25 Schramm T200XD secured and mobilising shortly.
  • All drilling, completion and surface facility long lead items have been ordered.
  • Commencement of vertical drilling programme on track for mid-September.

Galilee Energy Limited (ASX:GLL) ("Galilee") is pleased to provide an update on the Glenaras multilateral pilot programme ("Pilot") in the Galilee Basin in Queensland. The Pilot is part of the Glenaras Gas Project ("Project") located in ATP 2019, which is 100% owned and operated by Galilee. The Permit covers an area of approximately 4000 km2.

As previously reported, the Schlumberger predictive modelling has confirmed that additional drawdown is required in the Pilot area to achieve the requisite pressure drawdown and commercial gas flow. Five new vertical wells will be drilled located around the perimeter of the Pilot, with Glenaras 17A to be utilised as a producer in order to achieve this objective (see Figure 1).

The new vertical wells drilled around the current Pilot will exploit the significant existing pressure depletion already created by the Pilot and greatly accelerate this depletion without any disruption, as there will be no requirement to shut-in the Pilot while conducting the drilling programme.

The Company has now signed a drilling rig contract with Silver City and Rig 25 Schramm T200XD drill rig will shortly commence the necessary pre-departure inspections with mobilisation of the first loads over the coming weeks. Landowner approval has been received for the new well locations and civil construction works are progressing with lease pads now under construction. Drilling is expected to commence in mid-September. All five wells will be drilled vertically to just below the R7 coal, resulting in a total depth of approximately 1050m. All necessary long lead items have been ordered with several items already in storage at site. Drilling is expected to take 5 to 6 weeks.

ASX/MEDIA ANNOUNCEMENT

Once drilling operations are complete, a workover rig (currently stacked at Glenaras) will then complete the wells (including Glenaras 17A) with a combination of ESP's and rod pumps.

Planning is underway to construct the gas and water flowlines and power reticulation network for the six new producing wells in parallel with operation of the drilling and workover rigs. All long lead items for the surface facilities and pipeline work have been ordered.

The Company will provide further updates to the market once drilling has commenced.

Figure 1. Glenaras Location Map.

2

ASX/MEDIA ANNOUNCEMENT

This announcement was released with the authority of the Board.

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 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 Basin and exploring in the Surat and Bowen Basins 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

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Galilee Energy Limited published this content on 26 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 02:14:03 UTC


share with twitter share with LinkedIn share with facebook
All news about GALILEE ENERGY LIMITED
10/19GALILEE ENERGY : Glenaras Drilling Update     20 October 2020
PU
10/13GALILEE ENERGY LIMITED : - Glenaras Drilling Update
AQ
10/12GALILEE ENERGY : Glenaras Drilling Update     13 October 2020
PU
10/07GALILEE ENERGY LIMITED : - Glenaras Drilling Update
AQ
10/05GALILEE ENERGY : Date of 2020 Annual General Meeting     05 October 2020
PU
10/05GALILEE ENERGY : Glenaras Drilling Update     06 October 2020
PU
10/01GALILEE ENERGY LIMITED : is pleased to provide an update on the drilling operati..
AQ
09/30GALILEE ENERGY : Glenaras Drilling Update     30 September 2020
PU
09/24GALILEE ENERGY : Consolidated Financial Statements for year ended 30 June 2020  ..
PU
09/24GALILEE ENERGY LIMITED : - Glenaras Drilling Update
AQ
More news
Financials
Sales 2021 1,00 M 0,71 M 0,71 M
Net income 2021 - - -
Net cash 2021 1,00 M 0,71 M 0,71 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 201 M 143 M 143 M
EV / Sales 2021 200x
EV / Sales 2022 113x
Nbr of Employees -
Free-Float 60,1%
Chart GALILEE ENERGY LIMITED
Duration : Period :
Galilee Energy Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GALILEE ENERGY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 0,83 AUD
Last Close Price 0,74 AUD
Spread / Highest target 12,2%
Spread / Average Target 12,2%
Spread / Lowest Target 12,2%
EPS Revisions
Managers
NameTitle
Peter Barry Lansom Managing Director & Director
Raymond John Shorrocks Non-Executive Chairman
Gerard Ryan General Manager-Operations
Milton Cooper Chief Financial Officer
David William King Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GALILEE ENERGY LIMITED7.25%144
CNOOC LIMITED-43.29%41 824
CONOCOPHILLIPS-52.88%34 944
EOG RESOURCES, INC.-58.07%21 124
CANADIAN NATURAL RESOURCES LIMITED-45.52%20 589
ECOPETROL S.A.-44.43%20 315