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    GLL   AU000000GLL4

GALILEE ENERGY LIMITED

(GLL)
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Galilee Energy : Glenaras Gas Project Drilling Update     15 September 2020

09/17/2020 | 02:40am EDT

ASX/MEDIA ANNOUNCEMENT

Glenaras Gas Project drilling update

15 September 2020

Galilee Energy Limited (ASX:GLL) ("Galilee") is pleased to provide an update on the Glenaras multi- well 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.

There has been considerable field activity since the last update. Each of the five new lease sites have been constructed along with road access and the installation of conductor pipe. The Silver City Rig 25 Schramm T200XD drill rig arrived on site last week and has commenced drilling operations, with the Glenaras 23 well spudding on Monday, 14th September. As at 8am Tuesday 15th September, the surface hole was successfully drilled down to 207m and currently the rig is preparing to run the 9 5/8" casing prior to cementing.

As previously reported, the five Glenaras vertical wells will be drilled with the Silver City Rig 25 drill rig, with the full drilling program extending over 4-5 weeks (6-7 days/well). All five wells will be drilled vertically to just below the R7 coal resulting in a total depth of approximately 1050m.

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

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.

This announcement was released with the authority of the Board.

Directors

Chairman - Ray Shorrocks

Non-Executive Director - Gordon Grieve

Managing Director - Peter Lansom

Non-Executive Director - Stephen Kelemen

Non-Executive Director - Dr David King

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 15 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 06:39:05 UTC


© Publicnow 2020
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Financials
Sales 2020 0,10  0,08  0,08 
Net income 2020 -16,9 M -13,0 M -13,0 M
Net cash 2020 18,0 M 13,8 M 13,8 M
P/E ratio 2020 -8,64x
Yield 2020 -
Capitalization 195 M 150 M 150 M
EV / Sales 2019 -
EV / Sales 2020 1 423 204 786x
Nbr of Employees -
Free-Float 55,9%
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Number of Analysts 1
Average target price 0,83 AUD
Last Close Price 0,66 AUD
Spread / Highest target 25,8%
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Managers and Directors
NameTitle
Peter Barry Lansom Managing Director & Director
Milton Cooper Chief Financial & Commercial Officer
Raymond John Shorrocks Non-Executive Chairman
Gerard Kevin Ryan Chief Operating Officer
David William King Independent Non-Executive Director
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