May 21, 2022

Galilee Energy (ASX:GLL) secures rig for Glenaras gas drilling program – The Market Herald

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  • Galilee Energy (GLL) secures a rig for Glenaras’ upcoming multi-well pilot drilling program in Queensland
  • Following a successful fundraising of $11.8 million, the company has now signed a drilling contract with Silver City for Platform 23
  • All landowner and environmental approvals have been received for the new wellsites and civil construction work is progressing with rental blocks currently under construction
  • Drilling at the site is expected to begin in mid-April for five new vertical production wells
  • On the market, the Galilee was down 6.45% and trading at 29 cents

Galilee Energy (GLL) has secured a rig for its planned coal seam gas drilling program at the Glenaras multi-well pilot in Queensland’s Galilee Basin.

After a successful fundraising of $11.8 million, the company has now signed a drilling contract with Silver City for Platform 23.

All landowner and environmental approvals have been received for the new wellsites and civil construction work is progressing with lease blocks currently under construction.

Drilling at the site is expected to begin in mid-April and planning is underway to build power, gas and water gathering systems for the five new production wells.

The Glenaras 16 and 21 wells are back in service, following the maintenance and replacement of surface equipment. The wells are producing an average gas flow of approximately 50 million standard cubic feet per day, with pilot water production returning at approximately 17,000 barrels of water per day.

“This is an exciting time for Galilee as we prepare to drill these new wells and unlock the significant TCF potential of the Glenaras gas resource,” said Managing Director and CEO David Casey.

“Success at Glenaras will be transformational for Galilee as he seeks to become material
gas producer in the East Coast gas markets at attractive prices, creating jobs and investment in regional areas and meeting the growing demand for gas as the world shifts to low-carbon energy alternatives.

In the market, Galilee was down 6.45% to 29 cents at the close of trade.