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

GALILEE ENERGY LIMITED

(GLL)
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Galilee Energy Limited : - Glenaras Drilling Update

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09/24/2020 | 11:25am EDT

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 23 vertical well was spudded on 14th 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 29m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 23 well has been cased and suspended for future production in what is a successful first step in the five well pilot enhancement programme.

Glenaras 21 was spudded 22nd September and as at 8am today, surface casing has been cemented to 205 metres and the rig is running in hole to commence drilling to planned total depth. Further operational updates will be provided to the market throughout the drilling programme.

Contact:

Tel: +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.

(C) 2020 Electronic News Publishing, source ENP Newswire


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All news about GALILEE ENERGY LIMITED
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10/01GALILEE ENERGY LIMITED : is pleased to provide an update on the drilling operati..
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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 193 M 138 M 137 M
EV / Sales 2021 192x
EV / Sales 2022 109x
Nbr of Employees -
Free-Float 60,1%
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Number of Analysts 1
Average target price 0,83 AUD
Last Close Price 0,71 AUD
Spread / Highest target 16,9%
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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
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