What Happened to Glenaras?The Managing Director's Presentation...

What Happened to Glenaras?

The Managing Director's Presentation at the AGM was only 6 days ago put it pretty clearly.

http://galilee-energy.com.au/wp/wp-content/uploads/2019/11/AGM-Presentation.1.pdf

All wells are now near maximum drawdown.

Water rates are back on decline and the aggregate gas rate for the pilot is rapidly recovering to pre-shut in levels

Produced gas now being utilised as generator fuel providing significant opex savings.

IMO

Unlike Conventional gas fields where $100M goes absolutely no where nasties and heavies and removing Nitrogen the Glenaras gas is good enough to run electrical generators on as is which significantly reduces the Cost of processing the gas.

The 200TJ/day pipe to Wallumbilla is something most gas producers would give their right hand for and by the way the 200 TJ/day is more than twice the capacity if the new Northern gas pipeline.

As you can see "I have done a few calculations on the back of a cigarette packet" and have off my own bat and costed a large scale drainage model which you can see laid out in the top right hand corner of the screen snapshot.

My key numbers were confirmed at the AGM during question time.



I apologise for the joined words in my recent AGM presentation but it was fine on the preview.

Regards

OGP