Document date: Fri 27 Jun 2003 Published: Fri 27 Jun 2003 14:38:38 Document No: 153508 Document part: A Market Flag: N Classification: Progress Report EASTERN CORPORATION LIMITED 2003-06-27 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++ An increase in gas casing pressure in well number 4 has been observed. This occurrence remains consistent with the expected performance of Galilee Energy Ltd's management team.
Steps will now be taken to steadily reduce the water level in well number 4 and factors that could impact on this process include pump performance and capacity.
Galilee management wishes to emphasise that at this stage while there are some promising initial signs, it is much too early to reliably predict that a sustainable gas flow (in any significant quantities) will occur. This can only be identified more specifically over the next few weeks.
D K Barwick CHAIRMAN
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